Lakeland Financial (NASDAQ:LKFN) Trading Down 5.4%

Lakeland Financial Co. (NASDAQ:LKFNGet Rating)’s share price was down 5.4% during mid-day trading on Wednesday . The company traded as low as $69.24 and last traded at $69.36. Approximately 60,779 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 91,642 shares. The stock had previously closed at $73.35.

Analysts Set New Price Targets

Separately, StockNews.com started coverage on shares of Lakeland Financial in a report on Wednesday, October 12th. They set a “hold” rating for the company.

Lakeland Financial Price Performance

The stock has a market capitalization of $1.75 billion, a PE ratio of 18.43 and a beta of 0.76. The company has a 50 day moving average price of $74.77 and a 200-day moving average price of $75.64.

Lakeland Financial (NASDAQ:LKFNGet Rating) last issued its quarterly earnings data on Tuesday, October 25th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.02 by $0.09. The business had revenue of $62.66 million during the quarter, compared to analyst estimates of $61.85 million. Lakeland Financial had a net margin of 40.28% and a return on equity of 17.06%. As a group, equities analysts anticipate that Lakeland Financial Co. will post 4.17 earnings per share for the current year.

Lakeland Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 6th. Shareholders of record on Wednesday, January 25th will be given a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 2.66%. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, January 24th. Lakeland Financial’s payout ratio is presently 40.20%.

Insider Transactions at Lakeland Financial

In related news, CAO Brok A. Lahrman sold 312 shares of the company’s stock in a transaction on Friday, October 28th. The stock was sold at an average price of $82.03, for a total value of $25,593.36. Following the sale, the chief accounting officer now directly owns 588 shares of the company’s stock, valued at $48,233.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Brok A. Lahrman sold 312 shares of Lakeland Financial stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $82.03, for a total transaction of $25,593.36. Following the completion of the transaction, the chief accounting officer now directly owns 588 shares in the company, valued at $48,233.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Blake Augsburger sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $82.31, for a total value of $329,240.00. Following the transaction, the director now directly owns 14,313 shares of the company’s stock, valued at approximately $1,178,103.03. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,832 shares of company stock valued at $4,289,014. Corporate insiders own 4.00% of the company’s stock.

Institutional Trading of Lakeland Financial

A number of institutional investors and hedge funds have recently bought and sold shares of LKFN. Aptus Capital Advisors LLC increased its holdings in shares of Lakeland Financial by 6.1% in the 3rd quarter. Aptus Capital Advisors LLC now owns 41,056 shares of the financial services provider’s stock worth $2,989,000 after purchasing an additional 2,370 shares in the last quarter. Boston Trust Walden Corp raised its holdings in shares of Lakeland Financial by 0.8% during the second quarter. Boston Trust Walden Corp now owns 372,479 shares of the financial services provider’s stock valued at $24,740,000 after purchasing an additional 3,021 shares during the last quarter. First Horizon Advisors Inc. lifted its position in Lakeland Financial by 2,390.2% during the second quarter. First Horizon Advisors Inc. now owns 1,519 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 1,458 shares during the period. Mutual of America Capital Management LLC grew its position in Lakeland Financial by 16.8% in the 2nd quarter. Mutual of America Capital Management LLC now owns 4,257 shares of the financial services provider’s stock worth $283,000 after purchasing an additional 611 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC raised its stake in Lakeland Financial by 14.9% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,097,813 shares of the financial services provider’s stock valued at $72,917,000 after buying an additional 142,591 shares during the last quarter. 80.45% of the stock is currently owned by institutional investors.

About Lakeland Financial

(Get Rating)

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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