Victory Capital Management Inc. Boosts Holdings in Lakeland Financial Co. (LKFN)
Victory Capital Management Inc. raised its position in Lakeland Financial Co. (NASDAQ:LKFN) by 0.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 961,009 shares of the financial services provider’s stock after purchasing an additional 7,688 shares during the period. Victory Capital Management Inc.’s holdings in Lakeland Financial were worth $44,668,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of LKFN. Principal Financial Group Inc. grew its holdings in Lakeland Financial by 71.8% in the 1st quarter. Principal Financial Group Inc. now owns 14,783 shares of the financial services provider’s stock worth $683,000 after acquiring an additional 6,176 shares during the last quarter. Alps Advisors Inc. bought a new stake in Lakeland Financial in the 2nd quarter worth $520,000. Massachusetts Financial Services Co. MA grew its holdings in Lakeland Financial by 14.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 379,786 shares of the financial services provider’s stock worth $18,302,000 after acquiring an additional 48,807 shares during the last quarter. John W. Rosenthal Capital Management Inc. grew its holdings in Lakeland Financial by 1.5% in the 2nd quarter. John W. Rosenthal Capital Management Inc. now owns 125,000 shares of the financial services provider’s stock worth $6,024,000 after acquiring an additional 1,826 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in Lakeland Financial by 5.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 135,320 shares of the financial services provider’s stock worth $6,522,000 after acquiring an additional 7,332 shares during the last quarter. 72.19% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on LKFN shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $51.00 price target on shares of Lakeland Financial in a report on Thursday, July 26th. Boenning Scattergood reissued a “hold” rating on shares of Lakeland Financial in a report on Thursday, July 26th. BidaskClub lowered shares of Lakeland Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 30th. ValuEngine lowered shares of Lakeland Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Finally, Zacks Investment Research raised shares of Lakeland Financial from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Wednesday, October 31st. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock presently has an average rating of “Hold” and an average target price of $49.00.
Lakeland Financial (NASDAQ:LKFN) last announced its earnings results on Thursday, October 25th. The financial services provider reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The firm had revenue of $48.36 million for the quarter, compared to analyst estimates of $48.60 million. Lakeland Financial had a net margin of 30.88% and a return on equity of 15.54%. Research analysts expect that Lakeland Financial Co. will post 3.08 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Thursday, October 25th were paid a dividend of $0.26 per share. This is a positive change from Lakeland Financial’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Wednesday, October 24th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. Lakeland Financial’s payout ratio is presently 43.51%.
In related news, Director M Scott Welch bought 8,000 shares of the business’s stock in a transaction dated Monday, October 29th. The shares were purchased at an average price of $42.25 per share, with a total value of $338,000.00. Following the purchase, the director now owns 136,448 shares of the company’s stock, valued at approximately $5,764,928. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Emily E. Pichon sold 500 shares of Lakeland Financial stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $50.85, for a total transaction of $25,425.00. Following the sale, the director now directly owns 15,363 shares in the company, valued at approximately $781,208.55. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 10,124 shares of company stock worth $430,613 and have sold 2,600 shares worth $128,298. Insiders own 4.40% of the company’s stock.
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Lakeland Financial Profile
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.
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