Lakeland Financial Corp. (lkfn) To Go Ex-Dividend on October 21st
Lakeland Financial Corp. (NASDAQ:lkfn) declared a quarterly dividend on Wednesday, October 12th. Shareholders of record on Tuesday, October 25th will be paid a dividend of 0.19 per share by the financial services provider on Monday, November 7th. This represents a $0.76 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Friday, October 21st.
Lakeland Financial Corp. (NASDAQ:LKFN) opened at 34.41 on Friday. The company has a market capitalization of $856.60 million, a PE ratio of 17.80 and a beta of 0.82. Lakeland Financial Corp. has a 52 week low of $26.53 and a 52 week high of $37.74. The firm’s 50-day moving average price is $35.49 and its 200 day moving average price is $33.07.
Lakeland Financial Corp. (NASDAQ:LKFN) last announced its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.05. Lakeland Financial Corp. had a return on equity of 12.19% and a net margin of 30.35%. Equities research analysts expect that Lakeland Financial Corp. will post $2.00 earnings per share for the current fiscal year.
In other news, Director Charles E. Niemier purchased 554 shares of Lakeland Financial Corp. stock in a transaction that occurred on Friday, August 5th. The shares were bought at an average cost of $52.99 per share, with a total value of $29,356.46. Following the completion of the purchase, the director now directly owns 144,361 shares in the company, valued at $7,649,689.39. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Emily E. Pichon sold 1,000 shares of the company’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $35.55, for a total value of $35,550.00. Following the completion of the sale, the director now directly owns 12,875 shares in the company, valued at $457,706.25. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Lakeland Financial Corp. by 748.4% in the second quarter. BlackRock Inc. now owns 5,455 shares of the financial services provider’s stock valued at $257,000 after buying an additional 4,812 shares during the last quarter. Citadel Advisors LLC bought a new stake in Lakeland Financial Corp. during the second quarter worth approximately $304,000. BlackRock Advisors LLC boosted its stake in Lakeland Financial Corp. by 2.4% in the second quarter. BlackRock Advisors LLC now owns 8,197 shares of the financial services provider’s stock worth $385,000 after buying an additional 193 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Lakeland Financial Corp. by 13.6% in the second quarter. Parametric Portfolio Associates LLC now owns 11,831 shares of the financial services provider’s stock worth $556,000 after buying an additional 1,415 shares in the last quarter. Finally, Ativo Capital Management LLC boosted its stake in Lakeland Financial Corp. by 68.9% in the second quarter. Ativo Capital Management LLC now owns 17,888 shares of the financial services provider’s stock worth $841,000 after buying an additional 7,299 shares in the last quarter. 44.53% of the stock is currently owned by institutional investors.
LKFN has been the topic of several research analyst reports. DA Davidson initiated coverage on Lakeland Financial Corp. in a research note on Thursday, July 21st. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods boosted their target price on Lakeland Financial Corp. from $45.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday, July 27th. Finally, Zacks Investment Research raised Lakeland Financial Corp. from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Monday, September 26th. Six equities research analysts have rated the stock with a hold rating, The company currently has a consensus rating of “Hold” and an average target price of $39.33.
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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