50,763 Lakeland Financial Corporation $LKFN Shares Bought by ProShare Advisors LLC

ProShare Advisors LLC increased its position in shares of Lakeland Financial Corporation (NASDAQ:LKFN) by 44.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 163,890 shares of the financial services provider’s stock after acquiring an additional 50,763 shares during the period. ProShare Advisors LLC’s holdings in Lakeland Financial were worth $9,450,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in LKFN. Global Retirement Partners LLC bought a new stake in shares of Lakeland Financial in the 2nd quarter worth approximately $38,000. Sterling Capital Management LLC raised its position in shares of Lakeland Financial by 176.3% during the third quarter. Sterling Capital Management LLC now owns 688 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 439 shares during the period. Allworth Financial LP acquired a new position in shares of Lakeland Financial in the 2nd quarter valued at $41,000. Integrated Wealth Concepts LLC purchased a new position in Lakeland Financial in the 2nd quarter worth about $41,000. Finally, Rockefeller Capital Management L.P. increased 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 own 81.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on LKFN. Keefe, Bruyette & Woods lifted their target price on shares of Lakeland Financial from $63.00 to $64.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Lakeland Financial in a research note on Tuesday, October 27th. Stephens increased their target price on Lakeland Financial from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Wednesday, October 28th. Raymond James Financial reaffirmed a “market perform” rating on shares of Lakeland Financial in a research note on Tuesday, October 27th. Finally, Wall Street Zen lowered shares of Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Sunday, August 9th. Five equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $65.67.

Lakeland Financial Price Performance

Shares of NASDAQ:LKFN opened at $61.26 on Wednesday. Lakeland Financial Corporation has a fifty-two week low of $54.36 and a fifty-two week high of $64.55. The business has a 50-day moving average of $59.18 and a two-hundred day moving average of $59.93. The stock has a market capitalization of $1.51 billion, a P/E ratio of 13.83 and a beta of 0.77.

Lakeland Financial (NASDAQ:LKFN) last released its quarterly earnings results on Monday, October 26th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.05. The company had revenue of $73.00 million during the quarter, compared to the consensus estimate of $73.74 million. Lakeland Financial had a return on equity of 15.07% and a net margin of 26.51%. The firm’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.03 EPS. As a group, research analysts expect that Lakeland Financial Corporation will post 4.41 EPS for the current fiscal year.

Lakeland Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Sunday, October 25th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.4%. The ex-dividend date is Friday, October 23rd. Lakeland Financial’s dividend payout ratio (DPR) is 46.53%.

Lakeland Financial Profile

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.