Lakeland Financial Co. (LKFN) Expected to Post Earnings of $0.55 Per Share
Wall Street analysts predict that Lakeland Financial Co. (NASDAQ:LKFN) will announce earnings of $0.55 per share for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Lakeland Financial’s earnings. The lowest EPS estimate is $0.53 and the highest is $0.57. Lakeland Financial posted earnings of $0.51 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 7.8%. The firm is expected to announce its next earnings results on Monday, July 24th.
According to Zacks, analysts expect that Lakeland Financial will report full-year earnings of $2.26 per share for the current year, with EPS estimates ranging from $2.23 to $2.32. For the next fiscal year, analysts anticipate that the business will post earnings of $2.44 per share, with EPS estimates ranging from $2.38 to $2.56. Zacks’ EPS averages are a mean average based on a survey of research analysts that that provide coverage for Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last posted its earnings results on Tuesday, April 25th. The financial services provider reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.04. The company had revenue of $40.32 million for the quarter, compared to analyst estimates of $40.29 million. Lakeland Financial had a return on equity of 12.47% and a net margin of 30.31%.
A number of brokerages have recently issued reports on LKFN. Zacks Investment Research lowered Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Friday, April 28th. Keefe, Bruyette & Woods set a $43.00 target price on Lakeland Financial and gave the stock a “hold” rating in a research report on Tuesday, April 18th.
In other news, EVP Michael E. Gavin sold 3,000 shares of the business’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $45.94, for a total transaction of $137,820.00. Following the sale, the executive vice president now directly owns 3,400 shares of the company’s stock, valued at $156,196. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Kubacki sold 17,656 shares of the business’s stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $42.80, for a total value of $755,676.80. Following the sale, the director now directly owns 235,601 shares in the company, valued at $10,083,722.80. The disclosure for this sale can be found here. Insiders have sold 22,334 shares of company stock worth $969,678 over the last ninety days. 4.90% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the company. Comerica Bank raised its stake in shares of Lakeland Financial by 0.5% in the first quarter. Comerica Bank now owns 12,100 shares of the financial services provider’s stock worth $567,000 after buying an additional 62 shares during the period. Parametric Portfolio Associates LLC raised its stake in shares of Lakeland Financial by 4.2% in the first quarter. Parametric Portfolio Associates LLC now owns 20,562 shares of the financial services provider’s stock worth $887,000 after buying an additional 836 shares during the period. Dynamic Technology Lab Private Ltd raised its stake in shares of Lakeland Financial by 17.5% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 7,078 shares of the financial services provider’s stock worth $335,000 after buying an additional 1,052 shares during the period. US Bancorp DE raised its stake in shares of Lakeland Financial by 25.5% in the third quarter. US Bancorp DE now owns 5,874 shares of the financial services provider’s stock worth $208,000 after buying an additional 1,192 shares during the period. Finally, Swiss National Bank raised its stake in shares of Lakeland Financial by 3.5% in the first quarter. Swiss National Bank now owns 41,250 shares of the financial services provider’s stock worth $1,779,000 after buying an additional 1,400 shares during the period. 66.27% of the stock is currently owned by institutional investors.
Shares of Lakeland Financial (NASDAQ:LKFN) opened at 45.82 on Tuesday. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 21.41 and a beta of 0.77. Lakeland Financial has a 12-month low of $29.64 and a 12-month high of $48.88. The firm has a 50-day moving average price of $43.72 and a 200 day moving average price of $43.59.
The business also recently announced a quarterly dividend, which was paid on Friday, May 5th. Stockholders of record on Tuesday, April 25th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, April 21st. This is a positive change from Lakeland Financial’s previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.92%. Lakeland Financial’s payout ratio is 37.01%.
Lakeland Financial Company Profile
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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