Clean Yield Group boosted its holdings in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 3,417.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,760 shares of the financial services provider’s stock after acquiring an additional 51,260 shares during the period. Clean Yield Group owned 0.21% of Lakeland Financial worth $2,320,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC grew its stake in Lakeland Financial by 3,133.3% during the 3rd quarter. CWM LLC now owns 679 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 658 shares in the last quarter. Advisor Group Inc. grew its stake in Lakeland Financial by 101.3% during the 2nd quarter. Advisor Group Inc. now owns 1,600 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 805 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Lakeland Financial by 30.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,444 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 573 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Lakeland Financial by 144.7% in the 2nd quarter. Bank of Montreal Can now owns 3,487 shares of the financial services provider’s stock valued at $164,000 after buying an additional 2,062 shares during the period. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Lakeland Financial in the 2nd quarter valued at approximately $200,000. 74.74% of the stock is owned by institutional investors.
Shares of Lakeland Financial stock traded down $0.57 during mid-day trading on Thursday, hitting $45.41. The stock had a trading volume of 10,235 shares, compared to its average volume of 59,966. The firm has a 50-day moving average of $43.93 and a two-hundred day moving average of $45.20. Lakeland Financial Co. has a 12-month low of $37.79 and a 12-month high of $49.20. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The firm has a market cap of $1.17 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be paid a $0.30 dividend. The ex-dividend date is Thursday, October 24th. This represents a $1.20 annualized dividend and a dividend yield of 2.64%. Lakeland Financial’s dividend payout ratio (DPR) is 38.34%.
In other news, insider Kristin Pruitt sold 1,600 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $46.00, for a total value of $73,600.00. Following the transaction, the insider now directly owns 7,494 shares in the company, valued at approximately $344,724. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael L. Kubacki sold 10,944 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $43.23, for a total transaction of $473,109.12. Following the completion of the transaction, the director now owns 204,934 shares in the company, valued at $8,859,296.82. The disclosure for this sale can be found here. In the last three months, insiders bought 11,000 shares of company stock valued at $468,290 and sold 16,914 shares valued at $738,349. Corporate insiders own 4.60% of the company’s stock.
Several analysts have recently weighed in on LKFN shares. BidaskClub raised shares of Lakeland Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. ValuEngine cut shares of Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Zacks Investment Research cut shares of Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Tuesday.
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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