Lakeland Financial Corporation (LKFN) Rating Increased to Buy at ValuEngine
Lakeland Financial Corporation (NASDAQ:LKFN) was upgraded by investment analysts at ValuEngine from a “hold” rating to a “buy” rating in a report issued on Friday.
A number of other research analysts have also recently commented on the company. BidaskClub cut Lakeland Financial Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Zacks Investment Research upgraded Lakeland Financial Corporation from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a research note on Tuesday, June 27th. Finally, DA Davidson upgraded Lakeland Financial Corporation from a “neutral” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Thursday, May 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $47.00.
Lakeland Financial Corporation (LKFN) traded up 0.14% during midday trading on Friday, hitting $43.52. The stock had a trading volume of 77,315 shares. The stock has a market capitalization of $1.09 billion, a PE ratio of 19.52 and a beta of 0.83. The stock’s 50-day moving average is $44.95 and its 200-day moving average is $44.76. 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 results on Tuesday, July 25th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 business had revenue of $42.61 million during the quarter, compared to the consensus estimate of $41.86 million. On average, equities research analysts anticipate that Lakeland Financial Corporation will post $2.37 EPS for the current fiscal year.
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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 completion of the transaction, the insider now owns 21,500 shares in the company, valued at approximately $995,020. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 5.00% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Neuberger Berman Group LLC bought a new position in Lakeland Financial Corporation during the second quarter worth $16,070,000. Goldman Sachs Group Inc. raised its stake in Lakeland Financial Corporation by 13.2% in the second quarter. Goldman Sachs Group Inc. now owns 912,929 shares of the financial services provider’s stock worth $41,885,000 after buying an additional 106,673 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Lakeland Financial Corporation by 51.3% in the first quarter. Bank of New York Mellon Corp now owns 290,127 shares of the financial services provider’s stock worth $12,510,000 after buying an additional 98,331 shares during the last quarter. Stifel Financial Corp raised its stake in Lakeland Financial Corporation by 15.9% in the second quarter. Stifel Financial Corp now owns 299,715 shares of the financial services provider’s stock worth $13,755,000 after buying an additional 41,061 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Lakeland Financial Corporation by 3.5% in the first quarter. Vanguard Group Inc. now owns 1,055,655 shares of the financial services provider’s stock worth $45,519,000 after buying an additional 35,653 shares during the last quarter. 69.31% of the stock is owned by institutional investors.
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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