Synovus Financial Corp Buys Shares of 11,069 Lakeland Financial Co. (NASDAQ:LKFN)

Synovus Financial Corp bought a new stake in shares of Lakeland Financial Co. (NASDAQ:LKFN) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 11,069 shares of the financial services provider’s stock, valued at approximately $493,000.

Other hedge funds have also made changes to their positions in the company. BKD Wealth Advisors LLC boosted its position in shares of Lakeland Financial by 16.6% in the second quarter. BKD Wealth Advisors LLC now owns 51,530 shares of the financial services provider’s stock worth $2,413,000 after purchasing an additional 7,324 shares during the period. Cetera Advisors LLC bought a new position in shares of Lakeland Financial in the second quarter worth approximately $468,000. D. E. Shaw & Co. Inc. boosted its position in shares of Lakeland Financial by 11.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 16,155 shares of the financial services provider’s stock worth $757,000 after purchasing an additional 1,655 shares during the period. Comerica Bank boosted its position in shares of Lakeland Financial by 6.2% in the second quarter. Comerica Bank now owns 18,634 shares of the financial services provider’s stock worth $827,000 after purchasing an additional 1,080 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Lakeland Financial by 95.7% in the second quarter. Acadian Asset Management LLC now owns 58,627 shares of the financial services provider’s stock worth $2,747,000 after purchasing an additional 28,675 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:LKFN traded down $0.11 during midday trading on Friday, reaching $47.05. 99,400 shares of the company were exchanged, compared to its average volume of 73,616. The stock has a market cap of $1.21 billion, a PE ratio of 15.03 and a beta of 0.93. Lakeland Financial Co. has a one year low of $37.79 and a one year high of $49.20. The business’s fifty day moving average is $44.73 and its two-hundred day moving average is $45.13. The company has a current ratio of 0.96, a quick ratio of 0.98 and a debt-to-equity ratio of 0.05.

Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings results on Friday, October 25th. The financial services provider reported $0.83 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.05. The company had revenue of $50.31 million for the quarter, compared to the consensus estimate of $48.43 million. Lakeland Financial had a net margin of 33.08% and a return on equity of 15.57%. As a group, sell-side analysts expect that Lakeland Financial Co. will post 3.29 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Thursday, October 24th. Lakeland Financial’s dividend payout ratio (DPR) is 38.34%.

A number of research firms have weighed in on LKFN. ValuEngine upgraded shares of Lakeland Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. BidaskClub upgraded shares of Lakeland Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Zacks Investment Research upgraded shares of Lakeland Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th.

In other Lakeland Financial news, Director Michael L. Kubacki sold 10,944 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $43.23, for a total transaction of $473,109.12. Following the transaction, the director now owns 204,934 shares of the company’s stock, valued at approximately $8,859,296.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin L. Deardorff sold 3,870 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $43.96, for a total transaction of $170,125.20. Following the transaction, the executive vice president now directly owns 50,535 shares in the company, valued at approximately $2,221,518.60. The disclosure for this sale can be found here. Insiders have sold a total of 15,314 shares of company stock worth $664,749 in the last three months. Insiders own 4.60% of the company’s stock.

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

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