Lakeland Financial Co. (NASDAQ:LKFN) announced a quarterly dividend on Thursday, January 10th, Wall Street Journal reports. Stockholders of record on Friday, January 25th will be paid a dividend of 0.26 per share by the financial services provider on Tuesday, February 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Thursday, January 24th.
Lakeland Financial has raised its dividend by an average of 1.9% annually over the last three years and has increased its dividend every year for the last 7 years. Lakeland Financial has a dividend payout ratio of 34.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Lakeland Financial to earn $3.28 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 31.7%.
Shares of Lakeland Financial stock traded down $0.05 on Thursday, reaching $42.86. 50,653 shares of the company were exchanged, compared to its average volume of 92,136. The firm has a market capitalization of $1.06 billion, a PE ratio of 17.93, a price-to-earnings-growth ratio of 1.28 and a beta of 0.87. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. Lakeland Financial has a fifty-two week low of $37.79 and a fifty-two week high of $51.76.
LKFN has been the topic of a number of recent analyst reports. BidaskClub lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Friday, December 7th. Zacks Investment Research lowered Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Boenning Scattergood reissued a “hold” rating on shares of Lakeland Financial in a research report on Friday, October 26th. Finally, ValuEngine raised Lakeland Financial from a “sell” rating to a “hold” rating in a research report on Monday, November 26th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $47.50.
In other news, Director M Scott Welch bought 2,000 shares of the stock in a transaction on Wednesday, October 31st. The shares were purchased at an average price of $43.61 per share, for a total transaction of $87,220.00. Following the completion of the purchase, the director now directly owns 136,448 shares of the company’s stock, valued at approximately $5,950,497.28. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Kevin L. Deardorff bought 5,582 shares of the stock in a transaction on Friday, December 14th. The stock was purchased at an average price of $41.47 per share, for a total transaction of $231,485.54. Following the purchase, the insider now directly owns 42,015 shares of the company’s stock, valued at $1,742,362.05. The disclosure for this purchase can be found here. Insiders have purchased 32,456 shares of company stock worth $1,376,023 over the last three months. 4.40% of the stock is owned by insiders.
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Lakeland Financial Company Profile
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.
Further Reading: What is the Quick Ratio?
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