Citadel Advisors LLC Grows Stake in Lakeland Financial Corporation (LKFN)
Citadel Advisors LLC raised its holdings in shares of Lakeland Financial Corporation (NASDAQ:LKFN) by 124.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,135 shares of the financial services provider’s stock after buying an additional 11,172 shares during the quarter. Citadel Advisors LLC owned about 0.08% of Lakeland Financial Corporation worth $924,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in LKFN. Neuberger Berman Group LLC purchased a new stake in shares of Lakeland Financial Corporation during the second quarter worth $16,070,000. Bank of New York Mellon Corp grew its holdings in shares of Lakeland Financial Corporation by 51.3% during 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 in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Lakeland Financial Corporation by 12.5% during the first quarter. Goldman Sachs Group Inc. now owns 806,256 shares of the financial services provider’s stock worth $34,766,000 after buying an additional 89,271 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Lakeland Financial Corporation by 3.5% during 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 in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Lakeland Financial Corporation by 1.7% during the second quarter. Franklin Resources Inc. now owns 1,948,115 shares of the financial services provider’s stock worth $89,380,000 after buying an additional 31,765 shares in the last quarter. 69.31% of the stock is owned by institutional investors and hedge funds.
Shares of Lakeland Financial Corporation (NASDAQ:LKFN) opened at 48.49 on Friday. Lakeland Financial Corporation has a 12-month low of $33.98 and a 12-month high of $49.22. The stock’s 50 day moving average is $45.01 and its 200-day moving average is $44.79. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 21.74 and a beta of 0.86.
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 for the quarter, beating 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 business had revenue of $42.61 million during the quarter, compared to analysts’ expectations of $41.86 million. Equities analysts anticipate that Lakeland Financial Corporation will post $2.37 EPS for the current fiscal year.
A number of equities research analysts have recently issued reports on LKFN shares. Zacks Investment Research raised shares of Lakeland Financial Corporation from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Monday, September 4th. ValuEngine raised shares of Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, BidaskClub lowered shares of Lakeland Financial Corporation from a “sell” rating to a “strong sell” rating in a report on Monday, August 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $48.00.
In other news, insider Eric H. Ottinger sold 1,899 shares of the firm’s stock in a transaction 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 $995,020. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director M Scott Welch purchased 5,557 shares of the company’s stock in a transaction dated Thursday, September 7th. The stock was purchased at an average price of $41.83 per share, with a total value of $232,449.31. Following the transaction, the director now owns 112,148 shares of the company’s stock, valued at $4,691,150.84. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 10,613 shares of company stock valued at $447,131 and sold 3,149 shares valued at $142,334. Company insiders own 5.00% 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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