Lakeland Financial (NASDAQ:LKFN) Price Target Raised to $64.00

Lakeland Financial (NASDAQ:LKFN) had its target price boosted by Keefe, Bruyette & Woods from $63.00 to $64.00 in a research report released on Tuesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on the company. Weiss Ratings lowered Lakeland Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Wall Street Zen downgraded shares of Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Sunday, August 9th. Five equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat, Lakeland Financial has an average rating of “Hold” and an average price target of $65.67.

Lakeland Financial Stock Performance

NASDAQ:LKFN opened at $61.02 on Tuesday. The stock’s fifty day moving average price is $59.14 and its two-hundred day moving average price is $59.88. Lakeland Financial has a 52-week low of $54.36 and a 52-week high of $64.55. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 13.51 and a beta of 0.77.

Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings data on Monday, October 26th. The financial services provider reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.05. The firm had revenue of $73.00 million for the quarter, compared to analyst estimates of $73.74 million. Lakeland Financial had a return on equity of 15.07% and a net margin of 26.51%. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the company earned $1.03 EPS. On average, equities analysts predict that Lakeland Financial will post 4.41 EPS for the current fiscal year.

Lakeland Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Sunday, October 25th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, October 23rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.4%. Lakeland Financial’s dividend payout ratio is 46.53%.

Hedge Funds Weigh In On Lakeland Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new position in Lakeland Financial during the second quarter worth $38,000. Allworth Financial LP acquired a new stake in shares of Lakeland Financial during the 2nd quarter worth about $41,000. Integrated Wealth Concepts LLC bought a new stake in shares of Lakeland Financial during the second quarter worth approximately $41,000. Sterling Capital Management LLC increased its position in Lakeland Financial by 176.3% during the 3rd quarter. Sterling Capital Management LLC now owns 688 shares of the financial services provider’s stock worth $40,000 after buying an additional 439 shares during the period. Finally, Rockefeller Capital Management L.P. raised its stake in Lakeland Financial by 40.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 210 shares in the last quarter. Institutional investors and hedge funds own 81.15% of the company’s stock.

About Lakeland Financial

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Through its principal subsidiary, Lake City Bank, the company provides banking and financial services to businesses, individuals, families and nonprofit organizations.

Lake City Bank’s services include commercial and consumer lending, residential mortgages, deposit accounts, treasury management, online and mobile banking, trust and investment management, and other wealth management services. Its commercial banking activities serve companies across a range of industries, while its consumer offerings include personal checking, savings, home lending and other credit products.

Founded in 1872, Lake City Bank has a long history of serving communities in Indiana.