Zacks Investment Research lowered shares of Lakeland Financial Corporation (NASDAQ:LKFN) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “

A number of other research analysts have also recently issued reports on the stock. BidaskClub cut shares of Lakeland Financial Corporation from a hold rating to a sell rating in a research note on Wednesday, July 19th. DA Davidson upgraded shares of Lakeland Financial Corporation from a neutral rating to a buy rating and set a $49.00 target price on the stock in a research report on Thursday, May 18th.

Shares of Lakeland Financial Corporation (NASDAQ LKFN) opened at 43.71 on Friday. The stock has a 50 day moving average price of $45.34 and a 200-day moving average price of $44.77. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 19.60 and a beta of 0.83. Lakeland Financial Corporation has a 1-year low of $33.98 and a 1-year high of $48.88.

Lakeland Financial Corporation (NASDAQ:LKFN) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. The business had revenue of $42.61 million for the quarter, compared to analysts’ expectations of $41.86 million. Lakeland Financial Corporation had a net margin of 30.72% and a return on equity of 13.06%. On average, equities research analysts expect that Lakeland Financial Corporation will post $2.37 earnings per share for the current fiscal year.

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The firm also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Tuesday, July 25th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, July 21st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.01%. Lakeland Financial Corporation’s dividend payout ratio (DPR) is presently 39.46%.

In related news, insider Eric H. Ottinger sold 1,899 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $46.28, for a total value of $87,885.72. Following the transaction, the insider now owns 21,500 shares in the company, valued at $995,020. The transaction was disclosed in a document filed with the SEC, which is available through this link. 5.00% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in Lakeland Financial Corporation during the first quarter valued at $102,000. BNP Paribas Arbitrage SA increased its stake in Lakeland Financial Corporation by 1,811.5% in the second quarter. BNP Paribas Arbitrage SA now owns 3,154 shares of the financial services provider’s stock valued at $145,000 after buying an additional 2,989 shares during the period. Motley Fool Wealth Management LLC bought a new stake in Lakeland Financial Corporation during the first quarter valued at $225,000. Prudential Financial Inc. increased its stake in Lakeland Financial Corporation by 1.5% in the first quarter. Prudential Financial Inc. now owns 5,272 shares of the financial services provider’s stock valued at $228,000 after buying an additional 80 shares during the period. Finally, Airain ltd bought a new stake in Lakeland Financial Corporation during the second quarter valued at $229,000. Institutional investors and hedge funds own 69.31% of the company’s stock.

About Lakeland Financial Corporation

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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