Lakeland Financial (NASDAQ:LKFN) Upgraded to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Lakeland Financial (NASDAQ:LKFN) from a sell rating to a hold rating in a research note issued to investors on Sunday.

Several other equities research analysts also recently weighed in on LKFN. Weiss Ratings reissued a “hold (c)” rating on shares of Lakeland Financial in a research report on Thursday, January 22nd. Hovde Group cut shares of Lakeland Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Finally, Stephens set a $66.00 price target on Lakeland Financial in a research note on Tuesday, January 27th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $68.00.

Lakeland Financial Stock Performance

Lakeland Financial stock opened at $61.32 on Friday. Lakeland Financial has a 52 week low of $50.00 and a 52 week high of $69.40. The stock has a market cap of $1.55 billion, a P/E ratio of 15.29 and a beta of 0.72. The stock has a 50 day moving average of $58.67 and a 200-day moving average of $59.09.

Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Monday, January 26th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.02. Lakeland Financial had a net margin of 24.51% and a return on equity of 14.19%. The business had revenue of $69.80 million during the quarter, compared to analyst estimates of $69.45 million. During the same quarter in the previous year, the firm earned $0.94 earnings per share. As a group, equities analysts predict that Lakeland Financial will post 3.7 earnings per share for the current fiscal year.

Lakeland Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Saturday, April 25th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, April 24th. This represents a $2.08 annualized dividend and a yield of 3.4%. Lakeland Financial’s payout ratio is presently 51.87%.

Insiders Place Their Bets

In related news, Director Bradley J. Toothaker sold 5,685 shares of the business’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $58.36, for a total transaction of $331,776.60. Following the completion of the sale, the director owned 20,178 shares of the company’s stock, valued at $1,177,588.08. This represents a 21.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director M Scott Welch acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average price of $56.23 per share, for a total transaction of $562,300.00. Following the purchase, the director owned 212,006 shares of the company’s stock, valued at $11,921,097.38. This trade represents a 4.95% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 25,000 shares of company stock worth $1,419,050 over the last three months. 3.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lakeland Financial

Several institutional investors have recently made changes to their positions in the stock. Osaic Holdings Inc. raised its position in shares of Lakeland Financial by 186.0% during the 2nd quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 305 shares during the period. EverSource Wealth Advisors LLC boosted its position in Lakeland Financial by 1,212.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 582 shares during the period. Rockefeller Capital Management L.P. boosted its position in Lakeland Financial by 40.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 210 shares during the period. Global Retirement Partners LLC grew its stake in Lakeland Financial by 118.9% during the 4th quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider’s stock worth $57,000 after buying an additional 541 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Lakeland Financial by 80.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider’s stock worth $107,000 after buying an additional 747 shares during the last quarter. 81.15% of the stock is owned by institutional investors.

About Lakeland Financial

Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.

Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.