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

Lakeland Financial (NASDAQ:LKFN) announced its quarterly earnings data on Monday. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.05, FiscalAI reports. The company had revenue of $73.00 million for the quarter, compared to analysts’ expectations of $73.74 million. Lakeland Financial had a return on equity of 14.67% and a net margin of 26.04%.

Lakeland Financial Price Performance

NASDAQ:LKFN opened at $58.39 on Monday. The company’s 50 day moving average price is $59.15 and its 200-day moving average price is $60.31. Lakeland Financial has a 52 week low of $54.36 and a 52 week high of $64.55. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 13.39 and a beta of 0.77.

Lakeland Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Sunday, October 25th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 23rd. This represents a $2.08 annualized dividend and a yield of 3.6%. Lakeland Financial’s payout ratio is 47.71%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Wall Street Zen downgraded Lakeland Financial from a “hold” rating to a “sell” rating in a report on Sunday, August 9th. Weiss Ratings lowered Lakeland Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $66.50.

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.