Lakeland Financial Corporation (LKFN) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Lakeland Financial Corporation (NASDAQ:LKFN) from a hold rating to a buy rating in a research report released on Saturday. They currently have $49.00 price target on the financial services provider’s stock.
According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “
Other equities analysts also recently issued research reports about the company. DA Davidson upgraded Lakeland Financial Corporation from a neutral rating to a buy rating and set a $49.00 price target on the stock in a research report on Thursday, May 18th. BidaskClub upgraded Lakeland Financial Corporation from a sell rating to a hold rating in a research report on Friday, June 9th.
Shares of Lakeland Financial Corporation (NASDAQ LKFN) opened at 43.71 on Friday. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 19.60 and a beta of 0.83. The firm’s 50-day moving average is $45.34 and its 200-day moving average is $44.77. Lakeland Financial Corporation has a 52 week low of $33.98 and a 52 week high of $48.88.
Lakeland Financial Corporation (NASDAQ:LKFN) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. Lakeland Financial Corporation had a return on equity of 13.06% and a net margin of 30.72%. The firm had revenue of $42.61 million for the quarter, compared to the consensus estimate of $41.86 million. Equities research analysts predict that Lakeland Financial Corporation will post $2.37 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Tuesday, July 25th were given a $0.22 dividend. The ex-dividend date of this dividend was Friday, July 21st. This represents a $0.88 annualized dividend and a dividend yield of 2.01%. Lakeland Financial Corporation’s dividend payout ratio (DPR) is presently 39.46%.
In other news, insider Eric H. Ottinger sold 1,899 shares of the firm’s stock in a transaction that occurred on Tuesday, August 8th. The stock was 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 accessible through this hyperlink. Company insiders own 5.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in LKFN. Dynamic Technology Lab Private Ltd purchased a new position in Lakeland Financial Corporation during the second quarter valued at $234,000. Susquehanna International Group LLP purchased a new position in Lakeland Financial Corporation during the second quarter valued at $478,000. CS Mckee LP increased its position in Lakeland Financial Corporation by 0.3% in the second quarter. CS Mckee LP now owns 35,325 shares of the financial services provider’s stock valued at $1,621,000 after buying an additional 100 shares during the period. The Manufacturers Life Insurance Company increased its position in Lakeland Financial Corporation by 1.3% in the second quarter. The Manufacturers Life Insurance Company now owns 18,419 shares of the financial services provider’s stock valued at $845,000 after buying an additional 236 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Lakeland Financial Corporation by 47.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 21,429 shares of the financial services provider’s stock valued at $983,000 after buying an additional 6,900 shares during the period. Institutional investors and hedge funds own 69.31% of the company’s stock.
Lakeland Financial Corporation 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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