Lakeland Financial Corporation (LKFN) Cut to “Hold” at Zacks Investment Research
Lakeland Financial Corporation (NASDAQ:LKFN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Saturday.
According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “
Several other equities analysts have also recently weighed in on LKFN. BidaskClub cut Lakeland Financial Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. ValuEngine upgraded Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Lakeland Financial Corporation has a consensus rating of “Hold” and a consensus price target of $47.00.
Shares of Lakeland Financial Corporation (NASDAQ:LKFN) opened at 46.26 on Friday. The firm’s 50-day moving average is $44.26 and its 200 day moving average is $44.55. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 20.74 and a beta of 0.84. 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 quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.60 earnings per share for the quarter, beating the 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 for the quarter, compared to analysts’ expectations of $41.86 million. On average, equities research analysts anticipate that Lakeland Financial Corporation will post $2.37 earnings per share for the current year.
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In other news, insider Batty Jill A. De sold 800 shares of Lakeland Financial Corporation stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $43.31, for a total transaction of $34,648.00. Following the sale, the insider now directly owns 8,132 shares in the company, valued at approximately $352,196.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Scott Welch bought 5,557 shares of the stock in a transaction dated Thursday, September 7th. The shares were acquired at an average price of $41.83 per share, for a total transaction of $232,449.31. Following the completion of the purchase, the director now directly owns 112,148 shares in the company, valued at $4,691,150.84. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 10,613 shares of company stock worth $447,131 and have sold 3,149 shares worth $142,334. Insiders own 5.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Lakeland Financial Corporation during the 1st quarter worth $102,000. BNP Paribas Arbitrage SA raised its stake in shares of Lakeland Financial Corporation by 1,811.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,154 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 2,989 shares during the period. Airain ltd bought a new stake in shares of Lakeland Financial Corporation during the 2nd quarter worth $229,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Lakeland Financial Corporation during the 2nd quarter worth $234,000. Finally, Motley Fool Wealth Management LLC bought a new stake in shares of Lakeland Financial Corporation during the 1st quarter worth $225,000. Institutional investors 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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