Fmr LLC decreased its holdings in Lakeland Financial Corporation (NASDAQ:LKFN) by 2.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,779,615 shares of the financial services provider’s stock after selling 48,600 shares during the quarter. Fmr LLC owned 7.11% of Lakeland Financial Corporation worth $81,649,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Lakeland Financial Corporation in the 1st quarter valued at $102,000. BNP Paribas Arbitrage SA raised its stake in shares of Lakeland Financial Corporation by 1,811.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,154 shares of the financial services provider’s stock valued at $145,000 after buying an additional 2,989 shares in the last quarter. Airain ltd acquired a new position in shares of Lakeland Financial Corporation in the 2nd quarter valued at $229,000. Prudential Financial Inc. raised its stake in shares of Lakeland Financial Corporation by 1.5% in the 1st quarter. Prudential Financial Inc. now owns 5,272 shares of the financial services provider’s stock valued at $228,000 after buying an additional 80 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Lakeland Financial Corporation by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 5,932 shares of the financial services provider’s stock valued at $272,000 after buying an additional 156 shares in the last quarter. Institutional investors own 69.31% of the company’s stock.
In other Lakeland Financial Corporation news, Director M Scott Welch bought 5,557 shares of the stock in a transaction on Thursday, September 7th. The stock was purchased at an average price of $41.83 per share, with a total value of $232,449.31. Following the completion of the purchase, the director now owns 112,148 shares in the company, valued at $4,691,150.84. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Eric H. Ottinger sold 1,899 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $46.28, for a total value of $87,885.72. Following the transaction, the insider now directly owns 21,500 shares of the company’s stock, valued at approximately $995,020. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 10,613 shares of company stock valued at $447,131 and sold 3,149 shares valued at $142,334. 5.00% of the stock is owned by insiders.
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A number of equities analysts have recently issued reports on LKFN shares. ValuEngine upgraded shares of Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research cut shares of Lakeland Financial Corporation from a “buy” rating to a “hold” rating in a research note on Saturday, September 23rd. Finally, BidaskClub cut shares of Lakeland Financial Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $48.00.
Lakeland Financial Corporation (NASDAQ:LKFN) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.05. The business had revenue of $42.61 million during the quarter, compared to the consensus estimate of $41.86 million. Lakeland Financial Corporation had a return on equity of 13.06% and a net margin of 30.72%.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Investors of record on Wednesday, October 25th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Tuesday, October 24th. Lakeland Financial Corporation’s dividend payout ratio (DPR) is presently 39.46%.
About Lakeland Financial Corporation
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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