Lakeland Financial (NASDAQ:LKFN) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Lakeland Financial (NASDAQ:LKFN) from a hold rating to a sell rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “

Other research analysts have also issued research reports about the stock. Boenning Scattergood reiterated a hold rating on shares of American Water Works in a research note on Thursday, May 2nd. BidaskClub upgraded shares of Misonix from a buy rating to a strong-buy rating in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The company currently has an average rating of Hold and an average price target of $52.50.



NASDAQ LKFN opened at $45.99 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 1.38 and a beta of 0.95. The stock’s 50 day moving average price is $45.83. Lakeland Financial has a 52 week low of $37.79 and a 52 week high of $51.25.

Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.81 by $0.03. The firm had revenue of $49.73 million during the quarter, compared to analyst estimates of $49.25 million. Lakeland Financial had a net margin of 33.75% and a return on equity of 16.34%. Analysts anticipate that Lakeland Financial will post 3.28 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Thursday, July 25th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, July 24th. This represents a $1.20 annualized dividend and a dividend yield of 2.61%. Lakeland Financial’s dividend payout ratio (DPR) is presently 38.34%.

In other Lakeland Financial news, insider Batty Jill A. De sold 4,200 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $48.00, for a total transaction of $201,600.00. Following the sale, the insider now owns 6,186 shares of the company’s stock, valued at approximately $296,928. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in LKFN. Segall Bryant & Hamill LLC grew its position in Lakeland Financial by 53.5% during the 4th quarter. Segall Bryant & Hamill LLC now owns 510,786 shares of the financial services provider’s stock worth $20,513,000 after purchasing an additional 178,109 shares during the last quarter. Copeland Capital Management LLC purchased a new stake in Lakeland Financial during the 1st quarter worth approximately $6,984,000. Timucuan Asset Management Inc. FL purchased a new stake in Lakeland Financial during the 1st quarter worth approximately $6,538,000. BTIM Corp. grew its position in Lakeland Financial by 24.8% during the 1st quarter. BTIM Corp. now owns 372,254 shares of the financial services provider’s stock worth $16,834,000 after purchasing an additional 73,891 shares during the last quarter. Finally, Stifel Financial Corp grew its position in Lakeland Financial by 29.8% during the 4th quarter. Stifel Financial Corp now owns 223,749 shares of the financial services provider’s stock worth $8,977,000 after purchasing an additional 51,416 shares during the last quarter. 73.51% of the stock is currently owned by institutional investors.

About Lakeland Financial

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.

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