California Public Employees Retirement System Boosts Position in Lakeland Financial Co. (NASDAQ:LKFN)

California Public Employees Retirement System increased its position in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 8.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,059 shares of the financial services provider’s stock after acquiring an additional 3,584 shares during the period. California Public Employees Retirement System’s holdings in Lakeland Financial were worth $2,038,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Uncommon Cents Investing LLC lifted its stake in Lakeland Financial by 1.2% during the 1st quarter. Uncommon Cents Investing LLC now owns 24,514 shares of the financial services provider’s stock worth $1,109,000 after acquiring an additional 295 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Lakeland Financial by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 11,070 shares of the financial services provider’s stock worth $445,000 after acquiring an additional 420 shares in the last quarter. Legal & General Group Plc lifted its stake in Lakeland Financial by 13.8% during the 4th quarter. Legal & General Group Plc now owns 4,356 shares of the financial services provider’s stock worth $175,000 after acquiring an additional 529 shares in the last quarter. Comerica Bank lifted its stake in Lakeland Financial by 3.2% during the 1st quarter. Comerica Bank now owns 17,554 shares of the financial services provider’s stock worth $831,000 after acquiring an additional 549 shares in the last quarter. Finally, Virginia Retirement Systems ET AL lifted its stake in Lakeland Financial by 4.2% during the 4th quarter. Virginia Retirement Systems ET AL now owns 17,500 shares of the financial services provider’s stock worth $703,000 after acquiring an additional 700 shares in the last quarter. 73.51% of the stock is currently owned by hedge funds and other institutional investors.

In other news, insider Eric H. Ottinger sold 2,276 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $47.90, for a total value of $109,020.40. Following the transaction, the insider now owns 27,900 shares in the company, valued at approximately $1,336,410. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Batty Jill A. De sold 4,200 shares of the stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $48.00, for a total value of $201,600.00. Following the completion of the transaction, the insider now owns 6,186 shares in the company, valued at approximately $296,928. The disclosure for this sale can be found here. 4.60% of the stock is owned by corporate insiders.

Several equities analysts recently issued reports on LKFN shares. BidaskClub lowered Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Thursday, February 14th. Zacks Investment Research upgraded Lakeland Financial from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a report on Wednesday, February 27th. Finally, Boenning Scattergood restated a “hold” rating on shares of Lakeland Financial in a report on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and a consensus target price of $52.50.

Shares of NASDAQ LKFN opened at $45.70 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.06. Lakeland Financial Co. has a 1-year low of $37.79 and a 1-year high of $51.25. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of 14.60, a P/E/G ratio of 1.38 and a beta of 0.96.

Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.03. Lakeland Financial had a return on equity of 16.34% and a net margin of 33.75%. The company had revenue of $49.73 million for the quarter, compared to the consensus estimate of $49.25 million. On average, research analysts expect that Lakeland Financial Co. will post 3.29 earnings per share for the current fiscal year.

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Lakeland Financial Profile

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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Institutional Ownership by Quarter for Lakeland Financial (NASDAQ:LKFN)

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