Teachers Advisors LLC increased its stake in Lakeland Financial Corporation (NASDAQ:LKFN) by 1.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,747 shares of the financial services provider’s stock after buying an additional 1,048 shares during the quarter. Teachers Advisors LLC owned about 0.23% of Lakeland Financial Corporation worth $2,695,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of LKFN. SG Americas Securities LLC bought a new stake in Lakeland Financial Corporation in the first quarter worth $102,000. BNP Paribas Arbitrage SA lifted its position in Lakeland Financial Corporation by 1,811.5% in the second quarter. BNP Paribas Arbitrage SA now owns 3,154 shares of the financial services provider’s stock worth $145,000 after buying an additional 2,989 shares during the last quarter. Prudential Financial Inc. lifted its position in Lakeland Financial Corporation by 1.5% in the first quarter. Prudential Financial Inc. now owns 5,272 shares of the financial services provider’s stock worth $228,000 after buying an additional 80 shares during the last quarter. Airain ltd bought a new stake in Lakeland Financial Corporation in the second quarter worth $229,000. Finally, PNC Financial Services Group Inc. lifted its position in Lakeland Financial Corporation by 3.3% in the first quarter. PNC Financial Services Group Inc. now owns 6,200 shares of the financial services provider’s stock worth $267,000 after buying an additional 200 shares during the last quarter. Institutional investors own 69.31% of the company’s stock.
Shares of Lakeland Financial Corporation (NASDAQ LKFN) opened at 48.61 on Thursday. Lakeland Financial Corporation has a 52-week low of $33.98 and a 52-week high of $49.48. The stock’s 50 day moving average price is $46.23 and its 200 day moving average price is $45.20. The company has a market capitalization of $1.22 billion, a P/E ratio of 21.80 and a beta of 0.86.
Lakeland Financial Corporation (NASDAQ:LKFN) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. The business had revenue of $42.61 million during the quarter, compared to analysts’ expectations of $41.86 million. Lakeland Financial Corporation had a return on equity of 13.06% and a net margin of 30.72%. On average, equities research analysts forecast that Lakeland Financial Corporation will post $2.37 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Stockholders of record on Wednesday, October 25th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Tuesday, October 24th. Lakeland Financial Corporation’s dividend payout ratio is presently 39.46%.
LKFN has been the subject of a number of analyst reports. BidaskClub downgraded Lakeland Financial Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Zacks Investment Research downgraded Lakeland Financial Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 25th. Finally, ValuEngine upgraded Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Lakeland Financial Corporation presently has a consensus rating of “Hold” and an average price target of $48.00.
In other Lakeland Financial Corporation news, Director M Scott Welch purchased 5,557 shares of the stock in a transaction dated Thursday, September 7th. The stock was acquired at an average cost of $41.83 per share, for a total transaction of $232,449.31. Following the acquisition, the director now owns 112,148 shares in the company, valued at approximately $4,691,150.84. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Eric H. Ottinger sold 1,899 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $46.28, for a total value of $87,885.72. Following the transaction, the insider now owns 21,500 shares of the company’s stock, valued at $995,020. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 10,613 shares of company stock valued at $447,131 and have sold 3,149 shares valued at $142,334. Corporate insiders own 5.00% of the company’s stock.
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Lakeland Financial Corporation Profile
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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