Lakeland Financial Corporation (NASDAQ:LKFN) to Issue Quarterly Dividend of $0.52

Lakeland Financial Corporation (NASDAQ:LKFN) announced a quarterly dividend on Tuesday, April 14th. Stockholders of record on Saturday, April 25th will be given a dividend of 0.52 per share by the financial services provider on Tuesday, May 5th. This represents a c) dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, April 24th.

Lakeland Financial has increased its dividend by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 14 years. Lakeland Financial has a payout ratio of 51.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lakeland Financial to earn $3.90 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 53.3%.

Lakeland Financial Stock Down 0.9%

Shares of NASDAQ:LKFN traded down $0.52 during midday trading on Wednesday, reaching $60.24. The company’s stock had a trading volume of 42,781 shares, compared to its average volume of 178,663. The firm has a 50 day moving average of $58.80 and a 200-day moving average of $59.17. The firm has a market capitalization of $1.52 billion, a P/E ratio of 15.03 and a beta of 0.72. Lakeland Financial has a 12-month low of $50.00 and a 12-month high of $69.40.

Lakeland Financial (NASDAQ:LKFN) last released its earnings results on Monday, January 26th. The financial services provider reported $1.07 earnings per share 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 firm had revenue of $69.80 million for the quarter, compared to the consensus estimate of $69.45 million. During the same period in the prior year, the firm earned $0.94 EPS. On average, research analysts predict that Lakeland Financial will post 3.7 EPS for the current year.

Insider Buying and Selling

In other news, Director M Scott Welch bought 10,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were bought 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 in the company, valued at approximately $11,921,097.38. The trade was a 4.95% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bradley J. Toothaker sold 5,685 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $58.36, for a total transaction of $331,776.60. Following the sale, the director owned 20,178 shares in the company, valued at approximately $1,177,588.08. The trade was a 21.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have acquired 25,000 shares of company stock worth $1,419,050. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LKFN. Osaic Holdings Inc. increased its holdings in Lakeland Financial by 186.0% in the 2nd quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 305 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of 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 buying an additional 582 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in shares of 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 buying an additional 210 shares in the last quarter. Global Retirement Partners LLC lifted its position in shares of Lakeland Financial by 118.9% during the 4th quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider’s stock valued at $57,000 after buying an additional 541 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Lakeland Financial by 80.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider’s stock valued at $107,000 after buying an additional 747 shares in the last quarter. Institutional investors own 81.15% of the company’s stock.

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.