Lakeland Financial Corp. (NASDAQ:LKFN) Receives $35.50 Consensus Price Target from Analysts
Lakeland Financial Corp. (NASDAQ:LKFN) has earned a consensus recommendation of “Hold” from the six analysts that are presently covering the firm. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $35.50.
LKFN has been the subject of several research analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of Lakeland Financial Corp. from $48.00 to $32.00 and set a “market perform” rating for the company in a report on Tuesday, August 9th. DA Davidson assumed coverage on shares of Lakeland Financial Corp. in a report on Thursday, July 21st. They issued a “neutral” rating for the company. Zacks Investment Research raised shares of Lakeland Financial Corp. from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a report on Monday, September 26th. Finally, Stephens downgraded shares of Lakeland Financial Corp. from an “overweight” rating to an “equal weight” rating in a report on Monday, June 13th.
Lakeland Financial Corp. (NASDAQ:LKFN) opened at 35.42 on Wednesday. The stock has a 50 day moving average of $35.55 and a 200 day moving average of $32.75. Lakeland Financial Corp. has a one year low of $26.53 and a one year high of $37.74. The firm has a market capitalization of $881.75 million, a price-to-earnings ratio of 18.32 and a beta of 0.82.
Lakeland Financial Corp. (NASDAQ:LKFN) last posted its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. Lakeland Financial Corp. had a net margin of 30.35% and a return on equity of 12.19%. Analysts forecast that Lakeland Financial Corp. will post $2.00 earnings per share for the current year.
In related news, Director Charles E. Niemier acquired 554 shares of the business’s stock in a transaction on Friday, August 5th. The shares were purchased at an average price of $52.99 per share, for a total transaction of $29,356.46. Following the acquisition, the director now owns 144,361 shares in the company, valued at $7,649,689.39. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kevin L. Deardorff sold 4,263 shares of the business’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $35.24, for a total value of $150,228.12. Following the sale, the insider now owns 43,324 shares in the company, valued at approximately $1,526,737.76. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of LKFN. Glenmede Trust Co. NA increased its stake in Lakeland Financial Corp. by 3.8% in the first quarter. Glenmede Trust Co. NA now owns 370,856 shares of the financial services provider’s stock valued at $16,976,000 after buying an additional 13,516 shares during the last quarter. Commonwealth Equity Services Inc bought a new stake in Lakeland Financial Corp. during the first quarter valued at about $1,147,000. Virginia Retirement System bought a new stake in Lakeland Financial Corp. during the first quarter valued at about $449,000. Ngam Advisors L.P. increased its stake in Lakeland Financial Corp. by 29.9% in the first quarter. Ngam Advisors L.P. now owns 66,533 shares of the financial services provider’s stock valued at $3,046,000 after buying an additional 15,306 shares during the last quarter. Finally, Teachers Advisors Inc. increased its stake in Lakeland Financial Corp. by 0.4% in the first quarter. Teachers Advisors Inc. now owns 32,454 shares of the financial services provider’s stock valued at $1,486,000 after buying an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 44.53% of the company’s stock.
About Lakeland Financial Corp.
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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