Wall Street analysts forecast that Lakeland Financial Co. (NASDAQ:LKFN) will post sales of $46.96 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Lakeland Financial’s earnings. The highest sales estimate is $47.40 million and the lowest is $46.40 million. Lakeland Financial reported sales of $42.61 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 10.2%. The company is expected to announce its next quarterly earnings results on Tuesday, July 24th.
On average, analysts expect that Lakeland Financial will report full-year sales of $190.35 million for the current year, with estimates ranging from $188.40 million to $191.50 million. For the next fiscal year, analysts anticipate that the firm will report sales of $203.88 million per share, with estimates ranging from $199.00 million to $208.02 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings results on Wednesday, April 25th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.01. The firm had revenue of $46.10 million for the quarter, compared to analyst estimates of $45.57 million. Lakeland Financial had a net margin of 28.94% and a return on equity of 14.09%.
Several research analysts have issued reports on LKFN shares. Zacks Investment Research upgraded shares of Lakeland Financial from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a research report on Saturday, April 7th. BidaskClub upgraded shares of Lakeland Financial from a “hold” rating to a “buy” rating in a research report on Saturday, April 7th. Finally, Boenning Scattergood started coverage on shares of Lakeland Financial in a research report on Friday, June 8th. They issued a “neutral” rating on the stock. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Lakeland Financial presently has an average rating of “Hold” and an average target price of $51.50.
In other Lakeland Financial news, Director Steven D. Ross sold 9,320 shares of Lakeland Financial stock in a transaction that occurred on Wednesday, May 2nd. The shares were sold at an average price of $48.00, for a total transaction of $447,360.00. Following the transaction, the director now directly owns 28,001 shares in the company, valued at approximately $1,344,048. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Kevin L. Deardorff sold 5,350 shares of Lakeland Financial stock in a transaction that occurred on Wednesday, May 9th. The stock was sold at an average price of $49.00, for a total transaction of $262,150.00. Following the transaction, the insider now owns 42,015 shares in the company, valued at $2,058,735. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,870 shares of company stock worth $767,710. 4.40% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of LKFN. Millennium Management LLC grew its position in Lakeland Financial by 244.8% during the 1st quarter. Millennium Management LLC now owns 326,463 shares of the financial services provider’s stock worth $15,092,000 after purchasing an additional 231,781 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Lakeland Financial by 12.2% in the 1st quarter. BlackRock Inc. now owns 1,899,704 shares of the financial services provider’s stock valued at $87,823,000 after purchasing an additional 206,682 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Lakeland Financial by 89.4% in the 4th quarter. Segall Bryant & Hamill LLC now owns 377,646 shares of the financial services provider’s stock valued at $18,312,000 after purchasing an additional 178,286 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in shares of Lakeland Financial by 9.3% in the 1st quarter. Neuberger Berman Group LLC now owns 1,086,450 shares of the financial services provider’s stock valued at $50,227,000 after purchasing an additional 92,780 shares during the last quarter. Finally, Motley Fool Asset Management LLC acquired a new stake in shares of Lakeland Financial in the 1st quarter valued at $2,774,000. Hedge funds and other institutional investors own 72.55% of the company’s stock.
Lakeland Financial stock traded up $0.13 during mid-day trading on Monday, hitting $49.40. The company’s stock had a trading volume of 54,700 shares, compared to its average volume of 88,933. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 20.67, a price-to-earnings-growth ratio of 1.66 and a beta of 0.86. Lakeland Financial has a twelve month low of $41.30 and a twelve month high of $52.43.
Lakeland Financial Company Profile
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.
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