Zacks: Brokerages Expect Lakeland Financial Co. (LKFN) Will Post Earnings of $0.74 Per Share

Equities analysts expect Lakeland Financial Co. (NASDAQ:LKFN) to report $0.74 earnings per share for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Lakeland Financial’s earnings, with the highest EPS estimate coming in at $0.75 and the lowest estimate coming in at $0.74. Lakeland Financial posted earnings per share of $0.60 during the same quarter last year, which would indicate a positive year-over-year growth rate of 23.3%. The business is expected to announce its next earnings results on Tuesday, July 24th.

According to Zacks, analysts expect that Lakeland Financial will report full year earnings of $3.00 per share for the current fiscal year, with EPS estimates ranging from $2.97 to $3.02. For the next financial year, analysts forecast that the business will post earnings of $3.21 per share, with EPS estimates ranging from $3.15 to $3.29. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that cover Lakeland Financial.

Lakeland Financial (NASDAQ:LKFN) last released its quarterly earnings data on Wednesday, April 25th. The financial services provider reported $0.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.01. Lakeland Financial had a net margin of 28.94% and a return on equity of 14.09%. The business had revenue of $46.10 million for the quarter, compared to the consensus estimate of $45.57 million.

A number of equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Saturday, March 31st. BidaskClub downgraded shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Saturday, April 28th. Finally, Boenning Scattergood assumed coverage on shares of Lakeland Financial in a research note on Friday, June 8th. They issued a “neutral” rating on the stock. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $51.50.

In other Lakeland Financial news, Director Steven D. Ross sold 9,320 shares of the stock in a transaction that occurred on Wednesday, May 2nd. The shares were sold at an average price of $48.00, for a total transaction of $447,360.00. Following the transaction, the director now directly owns 28,001 shares in the company, valued at $1,344,048. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kevin L. Deardorff sold 5,350 shares of the stock in a transaction that occurred on Wednesday, May 9th. The shares were sold at an average price of $49.00, for a total transaction of $262,150.00. Following the transaction, the insider now owns 42,015 shares in the company, valued at $2,058,735. The disclosure for this sale can be found here. Insiders have sold 15,870 shares of company stock worth $767,710 over the last quarter. Company insiders own 4.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of LKFN. Millennium Management LLC grew its position in Lakeland Financial by 244.8% during the first quarter. Millennium Management LLC now owns 326,463 shares of the financial services provider’s stock valued at $15,092,000 after acquiring an additional 231,781 shares during the last quarter. BlackRock Inc. grew its position in Lakeland Financial by 12.2% during the first quarter. BlackRock Inc. now owns 1,899,704 shares of the financial services provider’s stock valued at $87,823,000 after acquiring an additional 206,682 shares during the last quarter. Segall Bryant & Hamill LLC grew its position in Lakeland Financial by 89.4% during the fourth quarter. Segall Bryant & Hamill LLC now owns 377,646 shares of the financial services provider’s stock valued at $18,312,000 after acquiring an additional 178,286 shares during the last quarter. Neuberger Berman Group LLC grew its position in Lakeland Financial by 9.3% during the first quarter. Neuberger Berman Group LLC now owns 1,086,450 shares of the financial services provider’s stock valued at $50,227,000 after acquiring an additional 92,780 shares during the last quarter. Finally, Motley Fool Asset Management LLC bought a new position in Lakeland Financial during the first quarter valued at approximately $2,774,000. Institutional investors and hedge funds own 72.55% of the company’s stock.

LKFN traded up $0.13 on Friday, reaching $49.40. The company had a trading volume of 54,700 shares, compared to its average volume of 88,933. The company has a market capitalization of $1.26 billion, a P/E ratio of 20.67, a P/E/G ratio of 1.66 and a beta of 0.86. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.95 and a quick ratio of 0.95. Lakeland Financial has a 52-week low of $41.30 and a 52-week high of $52.43.

About Lakeland Financial

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.

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