Lakeland Financial Corporation (LKFN) To Go Ex-Dividend on October 23rd

Lakeland Financial Corporation (NASDAQ:LKFN) announced a quarterly dividend on Tuesday, October 13th. Investors of record on Sunday, October 25th will be paid a dividend of $0.52 per share by the financial services provider on Thursday, November 5th. This represents a $2.08 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Friday, October 23rd.

Lakeland Financial has increased its dividend by an average of 0.1% annually over the last three years and has increased its dividend every year for the last 14 years. Lakeland Financial has a dividend payout ratio of 51.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Lakeland Financial to earn $4.50 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 46.2%.

Lakeland Financial Stock Up 1.9%

Lakeland Financial stock opened at $58.66 on Wednesday. Lakeland Financial has a 52-week low of $54.36 and a 52-week high of $64.55. The firm has a market cap of $1.46 billion, a PE ratio of 13.46 and a beta of 0.77. The company’s 50 day moving average is $59.38 and its two-hundred day moving average is $60.31.

Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. The business had revenue of $70.87 million during the quarter, compared to the consensus estimate of $72.11 million. During the same quarter in the previous year, the firm posted $1.04 earnings per share. On average, equities research analysts anticipate that Lakeland Financial will post 4.37 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

LKFN has been the subject of a number of recent research reports. Wall Street Zen lowered Lakeland Financial from a “hold” rating to a “sell” rating in a report on Sunday, August 9th. Weiss Ratings cut Lakeland Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Lakeland Financial currently has a consensus rating of “Hold” and an average target price of $66.50.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Through its principal subsidiary, Lake City Bank, the company provides banking and financial services to businesses, individuals, families and nonprofit organizations.

Lake City Bank’s services include commercial and consumer lending, residential mortgages, deposit accounts, treasury management, online and mobile banking, trust and investment management, and other wealth management services. Its commercial banking activities serve companies across a range of industries, while its consumer offerings include personal checking, savings, home lending and other credit products.

Founded in 1872, Lake City Bank has a long history of serving communities in Indiana.