Lakeland Financial Corporation (LKFN) Position Lowered by GSA Capital Partners LLP
GSA Capital Partners LLP reduced its stake in Lakeland Financial Corporation (NASDAQ:LKFN) by 60.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,197 shares of the financial services provider’s stock after selling 25,075 shares during the quarter. GSA Capital Partners LLP owned about 0.06% of Lakeland Financial Corporation worth $743,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of LKFN. Franklin Resources Inc. lifted its stake in Lakeland Financial Corporation by 1.7% in the second quarter. Franklin Resources Inc. now owns 1,948,115 shares of the financial services provider’s stock valued at $89,380,000 after buying an additional 31,765 shares during the period. Vanguard Group Inc. lifted 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 valued at $45,519,000 after buying an additional 35,653 shares during the period. Dimensional Fund Advisors LP lifted its stake in Lakeland Financial Corporation by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,020,218 shares of the financial services provider’s stock valued at $43,992,000 after buying an additional 28,198 shares during the period. Goldman Sachs Group Inc. lifted its stake in Lakeland Financial Corporation by 12.5% in the first quarter. Goldman Sachs Group Inc. now owns 806,256 shares of the financial services provider’s stock valued at $34,766,000 after buying an additional 89,271 shares during the period. Finally, Columbia Wanger Asset Management LLC lifted its stake in Lakeland Financial Corporation by 2.7% in the first quarter. Columbia Wanger Asset Management LLC now owns 583,598 shares of the financial services provider’s stock valued at $25,165,000 after buying an additional 15,506 shares during the period. 69.31% of the stock is currently owned by institutional investors.
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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. Also, Director M Scott Welch bought 5,557 shares of the 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 purchase, the director now owns 112,148 shares in the company, 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.
Shares of Lakeland Financial Corporation (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 price is $45.01 and its 200 day moving average price is $44.79. The company has a market cap of $1.21 billion, a P/E ratio of 21.74 and a beta of 0.86.
Lakeland Financial Corporation (NASDAQ:LKFN) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.05. The company had revenue of $42.61 million during the quarter, compared to analysts’ expectations of $41.86 million. Lakeland Financial Corporation had a return on equity of 13.06% and a net margin of 30.72%. On average, analysts forecast that Lakeland Financial Corporation will post $2.37 EPS for the current year.
Several equities analysts have issued reports on LKFN shares. Zacks Investment Research raised Lakeland Financial Corporation from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Monday, September 4th. ValuEngine raised Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, BidaskClub raised Lakeland Financial Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 9th. One equities research 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. The company presently has a consensus rating of “Hold” and an average price target of $48.00.
Lakeland Financial Corporation 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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