23,691 Shares in Lakeland Financial Corporation $LKFN Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new position in Lakeland Financial Corporation (NASDAQ:LKFN) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 23,691 shares of the financial services provider’s stock, valued at approximately $1,366,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Lakeland Financial in the 2nd quarter valued at $224,600,000. Neumeier Poma Investment Counsel LLC bought a new position in Lakeland Financial in the 2nd quarter worth $30,699,466. Bank of America Corp DE lifted its position in Lakeland Financial by 4.8% during the 1st quarter. Bank of America Corp DE now owns 321,410 shares of the financial services provider’s stock worth $18,443,000 after acquiring an additional 14,584 shares during the last quarter. NFJ Investment Group LLC acquired a new position in Lakeland Financial during the 2nd quarter worth $14,365,000. Finally, Bank of New York Mellon Corp bought a new stake in Lakeland Financial during the second quarter valued at about $12,857,000. 81.15% of the stock is owned by institutional investors.

Lakeland Financial Stock Down 0.4%

Shares of LKFN opened at $61.15 on Friday. The stock’s 50-day moving average price is $59.33 and its 200 day moving average price is $59.97. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 13.68 and a beta of 0.77. Lakeland Financial Corporation has a 12-month low of $54.36 and a 12-month high of $64.55.

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

Lakeland Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Sunday, October 25th were issued a $0.52 dividend. The ex-dividend date of this dividend was 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 presently 46.53%.

Analyst Upgrades and Downgrades

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

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.