Swiss National Bank Sells 1,800 Shares of Lakeland Financial Corporation (LKFN)
Swiss National Bank decreased its stake in Lakeland Financial Corporation (NASDAQ:LKFN) by 4.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,450 shares of the financial services provider’s stock after selling 1,800 shares during the period. Swiss National Bank owned 0.16% of Lakeland Financial Corporation worth $1,810,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in shares of Lakeland Financial Corporation in the first quarter valued at about $102,000. BNP Paribas Arbitrage SA increased its stake in shares of Lakeland Financial Corporation by 1,811.5% in the second quarter. BNP Paribas Arbitrage SA now owns 3,154 shares of the financial services provider’s stock valued at $145,000 after buying an additional 2,989 shares during the period. Airain ltd acquired a new stake in shares of Lakeland Financial Corporation in the second quarter valued at about $229,000. Prudential Financial Inc. increased its stake in shares of Lakeland Financial Corporation by 1.5% in the first quarter. Prudential Financial Inc. now owns 5,272 shares of the financial services provider’s stock valued at $228,000 after buying an additional 80 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Lakeland Financial Corporation by 2.7% in the second quarter. Legal & General Group Plc now owns 5,932 shares of the financial services provider’s stock valued at $272,000 after buying an additional 156 shares during the period. 69.31% of the stock is owned by institutional investors.
LKFN has been the subject of several recent research reports. ValuEngine raised Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research lowered Lakeland Financial Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, September 23rd. Finally, BidaskClub lowered Lakeland Financial Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $48.00.
Shares of Lakeland Financial Corporation (NASDAQ LKFN) opened at 48.63 on Friday. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 21.81 and a beta of 0.86. Lakeland Financial Corporation has a 12 month low of $33.98 and a 12 month high of $49.22. The company’s 50 day moving average price is $45.16 and its 200 day moving average price is $44.82.
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, 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 company had revenue of $42.61 million for the quarter, compared to the consensus estimate of $41.86 million. On average, equities analysts expect that Lakeland Financial Corporation will post $2.37 EPS for the current fiscal year.
In other news, Director M Scott Welch bought 5,557 shares of Lakeland Financial Corporation stock in a transaction on Thursday, September 7th. The shares were purchased at an average price of $41.83 per share, for a total transaction of $232,449.31. Following the acquisition, the director now owns 112,148 shares of the company’s stock, valued at $4,691,150.84. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric H. Ottinger sold 1,899 shares of the company’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 approximately $995,020. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 10,613 shares of company stock worth $447,131 and have sold 3,149 shares worth $142,334. 5.00% of the stock is owned by insiders.
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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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