Lakeland Financial (NASDAQ:LKFN) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Lakeland Financial (NASDAQ:LKFN) issued its quarterly earnings data on Monday. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05, FiscalAI reports. Lakeland Financial had a return on equity of 14.79% and a net margin of 25.81%.The company had revenue of $70.87 million for the quarter, compared to analysts’ expectations of $72.11 million.

Lakeland Financial Stock Performance

LKFN opened at $61.11 on Monday. The stock’s 50 day moving average price is $60.75 and its 200-day moving average price is $59.75. Lakeland Financial has a one year low of $54.36 and a one year high of $69.40. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 14.31 and a beta of 0.73.

Lakeland Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Saturday, July 25th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, July 24th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.4%. Lakeland Financial’s dividend payout ratio is currently 48.71%.

Insider Buying and Selling

In other Lakeland Financial news, Director Steven D. Ross sold 1,281 shares of the stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $62.50, for a total value of $80,062.50. Following the sale, the director owned 27,001 shares in the company, valued at $1,687,562.50. This trade represents a 4.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bradley J. Toothaker sold 5,900 shares of Lakeland Financial stock in a transaction on Friday, May 29th. The stock was sold at an average price of $60.62, for a total value of $357,658.00. Following the sale, the director owned 14,278 shares of the company’s stock, valued at approximately $865,532.36. This trade represents a 29.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 9,336 shares of company stock valued at $570,251. Insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in LKFN. First Trust Advisors LP grew its holdings in Lakeland Financial by 403.6% during the 2nd quarter. First Trust Advisors LP now owns 383,525 shares of the financial services provider’s stock worth $23,568,000 after acquiring an additional 307,371 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Lakeland Financial by 327.9% in the 1st quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider’s stock valued at $11,848,000 after purchasing an additional 152,738 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Lakeland Financial by 68.8% in the 3rd quarter. Bank of America Corp DE now owns 321,031 shares of the financial services provider’s stock worth $20,610,000 after purchasing an additional 130,897 shares during the period. Jane Street Group LLC bought a new position in shares of Lakeland Financial during the first quarter valued at approximately $6,500,000. Finally, Tudor Investment Corp ET AL purchased a new position in Lakeland Financial during the fourth quarter valued at approximately $5,416,000. Hedge funds and other institutional investors own 81.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on LKFN. Weiss Ratings upgraded Lakeland Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, July 13th. Wall Street Zen downgraded Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Sunday, July 12th. Finally, Hovde Group lifted their price objective on shares of Lakeland Financial from $63.00 to $66.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 28th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.50.

About Lakeland Financial

Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.

Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.