Fmr LLC lowered its position in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 9.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 841,334 shares of the financial services provider’s stock after selling 88,695 shares during the quarter. Fmr LLC owned 3.33% of Lakeland Financial worth $40,544,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of LKFN. A.R.T. Advisors LLC purchased a new position in Lakeland Financial during the first quarter valued at approximately $282,000. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Lakeland Financial by 45.3% in the first quarter. Dynamic Technology Lab Private Ltd now owns 6,260 shares of the financial services provider’s stock worth $290,000 after buying an additional 1,951 shares in the last quarter. Xact Kapitalforvaltning AB lifted its holdings in shares of Lakeland Financial by 60.0% in the first quarter. Xact Kapitalforvaltning AB now owns 8,530 shares of the financial services provider’s stock worth $394,000 after buying an additional 3,200 shares in the last quarter. Barclays PLC lifted its holdings in shares of Lakeland Financial by 89.3% in the first quarter. Barclays PLC now owns 11,216 shares of the financial services provider’s stock worth $519,000 after buying an additional 5,290 shares in the last quarter. Finally, Alps Advisors Inc. purchased a new position in shares of Lakeland Financial in the second quarter worth $520,000. 71.92% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Batty Jill A. De sold 1,800 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $48.81, for a total value of $87,858.00. Following the sale, the insider now owns 10,386 shares in the company, valued at $506,940.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Emily E. Pichon sold 500 shares of the business’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $50.85, for a total transaction of $25,425.00. Following the completion of the sale, the director now owns 15,363 shares in the company, valued at approximately $781,208.55. The disclosure for this sale can be found here. Insiders sold 2,600 shares of company stock worth $128,298 in the last three months. Insiders own 4.40% of the company’s stock.
Several equities analysts have recently commented on LKFN shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $51.00 target price on shares of Lakeland Financial in a report on Thursday, July 26th. Boenning Scattergood reissued a “hold” rating on shares of Lakeland Financial in a report on Thursday, July 26th. BidaskClub downgraded shares of Lakeland Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 30th. Finally, Zacks Investment Research raised shares of Lakeland Financial from a “hold” rating to a “buy” rating and set a $56.00 target price on the stock in a report on Wednesday, June 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $53.50.
LKFN stock opened at $46.63 on Thursday. Lakeland Financial Co. has a one year low of $45.01 and a one year high of $52.43. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $1.20 billion, a PE ratio of 19.51, a P/E/G ratio of 1.55 and a beta of 0.76.
Lakeland Financial (NASDAQ:LKFN) last released its earnings results on Wednesday, July 25th. The financial services provider reported $0.78 EPS for the quarter, topping the consensus estimate of $0.74 by $0.04. Lakeland Financial had a net margin of 29.95% and a return on equity of 14.83%. The firm had revenue of $47.23 million for the quarter, compared to the consensus estimate of $47.05 million. equities research analysts predict that Lakeland Financial Co. will post 3.06 EPS for the current year.
Lakeland Financial 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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