Lakeland Financial (NASDAQ:LKFN) Director Robert Bartels, Jr. Purchases 1,918 Shares of Company Stock

Lakeland Financial Corporation (NASDAQ:LKFN) Director Robert Bartels, Jr. acquired 1,918 shares of the business’s stock in a transaction on Friday, November 6th. The shares were bought at an average cost of $61.09 per share, with a total value of $117,170.62. Following the completion of the acquisition, the director owned 30,376 shares in the company, valued at approximately $1,855,669.84. This represents a 6.74% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Lakeland Financial Trading Up 2.3%

Shares of NASDAQ:LKFN traded up $1.42 during midday trading on Monday, reaching $62.57. 69,436 shares of the company were exchanged, compared to its average volume of 189,840. The business’s fifty day moving average is $59.33 and its two-hundred day moving average is $59.97. Lakeland Financial Corporation has a one year low of $54.36 and a one year high of $64.55. The stock has a market cap of $1.55 billion, a PE ratio of 14.00 and a beta of 0.77.

Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings results on Monday, October 26th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.05. The company had revenue of $73.00 million for the quarter, compared to the consensus estimate of $73.74 million. Lakeland Financial had a net margin of 26.51% and a return on equity of 15.07%. Lakeland Financial’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 EPS. As a group, sell-side analysts expect that Lakeland Financial Corporation will post 4.41 EPS for the current year.

Lakeland Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Sunday, October 25th were given a dividend of $0.52 per share. The ex-dividend date was Friday, October 23rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. Lakeland Financial’s dividend payout ratio (DPR) is presently 46.53%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Lakeland Financial in a research report on Tuesday, October 27th. Raymond James Financial restated a “market perform” rating on shares of Lakeland Financial in a report on Tuesday, October 27th. Wall Street Zen downgraded Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Sunday, August 9th. Stephens upped their price objective on Lakeland Financial from $66.00 to $67.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 28th. Finally, Keefe, Bruyette & Woods upped their price objective on Lakeland Financial from $63.00 to $64.00 and gave the stock a “market perform” rating in a report on Tuesday, October 27th. Five equities research analysts have rated the stock with a Hold rating. According to MarketBeat.com, Lakeland Financial has a consensus rating of “Hold” and a consensus target price of $65.67.

Hedge Funds Weigh In On Lakeland Financial

A number of institutional investors and hedge funds have recently made changes to their positions in LKFN. BlackRock Inc. purchased a new stake in shares of Lakeland Financial in the second quarter valued at $224,600,000. Neumeier Poma Investment Counsel LLC bought a new stake in shares of Lakeland Financial in the 2nd quarter worth about $30,699,466. Bank of America Corp DE boosted its stake in shares of Lakeland Financial by 4.8% during the 1st quarter. Bank of America Corp DE now owns 321,410 shares of the financial services provider’s stock worth $18,443,000 after purchasing an additional 14,584 shares during the period. NFJ Investment Group LLC purchased a new position in shares of Lakeland Financial during the 2nd quarter worth about $14,365,000. Finally, Bank of New York Mellon Corp bought a new position in Lakeland Financial during the 2nd quarter valued at about $12,857,000. 81.15% of the stock is owned by hedge funds and other institutional investors.

About Lakeland Financial

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.