Michael E. Gavin Sells 3,000 Shares of Lakeland Financial Co. (NASDAQ:LKFN) Stock

Lakeland Financial Co. (NASDAQ:LKFN) EVP Michael E. Gavin sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 12th. The shares were sold at an average price of $72.54, for a total value of $217,620.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Lakeland Financial stock opened at $64.57 on Friday. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 17.40 and a beta of 0.85. The stock has a fifty day simple moving average of $65.30 and a two-hundred day simple moving average of $65.47. Lakeland Financial Co. has a 12 month low of $39.38 and a 12 month high of $77.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11.

Lakeland Financial (NASDAQ:LKFN) last posted its earnings results on Sunday, July 25th. The financial services provider reported $0.95 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.09. Lakeland Financial had a return on equity of 14.44% and a net margin of 39.42%. The business had revenue of $55.00 million during the quarter, compared to analyst estimates of $54.25 million. On average, equities research analysts forecast that Lakeland Financial Co. will post 3.72 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 5th. Investors of record on Friday, July 23rd were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Thursday, July 22nd. Lakeland Financial’s payout ratio is currently 41.21%.

Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in shares of Lakeland Financial by 5.5% in the first quarter. BlackRock Inc. now owns 1,940,399 shares of the financial services provider’s stock worth $134,255,000 after acquiring an additional 101,555 shares during the period. Neuberger Berman Group LLC grew its holdings in shares of Lakeland Financial by 71.8% in the first quarter. Neuberger Berman Group LLC now owns 1,597,074 shares of the financial services provider’s stock worth $110,502,000 after acquiring an additional 667,271 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Lakeland Financial by 3.2% in the second quarter. Victory Capital Management Inc. now owns 1,320,672 shares of the financial services provider’s stock worth $81,406,000 after acquiring an additional 41,380 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Lakeland Financial by 13.2% in the first quarter. Ameriprise Financial Inc. now owns 840,180 shares of the financial services provider’s stock worth $58,126,000 after acquiring an additional 97,919 shares during the period. Finally, State Street Corp grew its holdings in shares of Lakeland Financial by 13.7% in the second quarter. State Street Corp now owns 764,284 shares of the financial services provider’s stock worth $47,110,000 after acquiring an additional 92,038 shares during the period. 74.09% of the stock is owned by institutional investors.

A number of research analysts have issued reports on LKFN shares. Zacks Investment Research cut Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Saturday, September 11th. Stephens reissued an “equal weight” rating and issued a $58.91 target price (down previously from $70.00) on shares of Lakeland Financial in a report on Tuesday, July 27th.

About Lakeland Financial

Lakeland Financial Corp. is a bank holding company, which engages in the provision of banking products and services. It offers commercial and consumer banking, trust and wealth management, brokerage, and treasury management commercial services. The company was founded on February 8, 1983 and is headquartered in Warsaw, IN.

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