Lakeland Financial Corporation (LKFN) Expected to Announce Quarterly Sales of $44.64 Million
Wall Street analysts expect Lakeland Financial Corporation (NASDAQ:LKFN) to report sales of $44.64 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Lakeland Financial’s earnings. The highest sales estimate is $45.01 million and the lowest is $43.90 million. Lakeland Financial reported sales of $39.64 million in the same quarter last year, which indicates a positive year-over-year growth rate of 12.6%. The firm is expected to report its next earnings results on Wednesday, January 24th.
On average, analysts expect that Lakeland Financial will report full year sales of $44.64 million for the current fiscal year, with estimates ranging from $170.90 million to $174.30 million. For the next year, analysts anticipate that the firm will report sales of $186.82 million per share, with estimates ranging from $184.56 million to $190.80 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that cover Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last released its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.02. Lakeland Financial had a net margin of 30.67% and a return on equity of 13.33%. The company had revenue of $44.12 million during the quarter, compared to analyst estimates of $43.91 million.
In related news, Director M Scott Welch bought 5,557 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was acquired at an average cost of $41.83 per share, for a total transaction of $232,449.31. Following the completion of the transaction, the director now directly owns 112,148 shares in the company, valued at approximately $4,691,150.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought 10,113 shares of company stock valued at $425,381 over the last 90 days. 5.00% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN lifted its position in Lakeland Financial by 7.6% during the second quarter. Wells Fargo & Company MN now owns 79,494 shares of the financial services provider’s stock valued at $3,647,000 after purchasing an additional 5,634 shares during the last quarter. Franklin Resources Inc. lifted its position in Lakeland Financial by 1.7% during 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 purchasing an additional 31,765 shares during the last quarter. Vanguard Group Inc. lifted its position in Lakeland Financial by 2.4% during the second quarter. Vanguard Group Inc. now owns 1,081,120 shares of the financial services provider’s stock valued at $49,602,000 after purchasing an additional 25,465 shares during the last quarter. Menta Capital LLC bought a new stake in Lakeland Financial during the second quarter valued at approximately $1,051,000. Finally, Stifel Financial Corp lifted its position in Lakeland Financial by 15.9% during the second quarter. Stifel Financial Corp now owns 299,715 shares of the financial services provider’s stock valued at $13,755,000 after purchasing an additional 41,061 shares during the last quarter. Institutional investors and hedge funds own 69.98% of the company’s stock.
Lakeland Financial (LKFN) opened at $50.76 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.95 and a quick ratio of 0.95. Lakeland Financial has a 1 year low of $39.68 and a 1 year high of $52.43. The company has a market cap of $1,273.85, a P/E ratio of 21.79, a PEG ratio of 2.12 and a beta of 0.83.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 6th. Stockholders of record on Wednesday, October 25th were given a $0.22 dividend. The ex-dividend date was Tuesday, October 24th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.73%. Lakeland Financial’s dividend payout ratio (DPR) is currently 37.93%.
Lakeland Financial 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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