Lakeland Financial (NASDAQ:LKFN) Posts Earnings Results, Beats Expectations By $0.05 EPS

Lakeland Financial (NASDAQ:LKFN) issued its quarterly earnings results on Monday. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05, FiscalAI reports. The company had revenue of $70.87 million during the quarter, compared to the consensus estimate of $72.11 million. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. During the same quarter in the prior year, the firm posted $1.04 EPS.

Lakeland Financial Stock Performance

Lakeland Financial stock opened at $63.70 on Wednesday. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of 14.61 and a beta of 0.73. Lakeland Financial has a 52-week low of $54.36 and a 52-week high of $69.40. The firm has a 50 day moving average price of $60.97 and a two-hundred day moving average price of $59.85.

Lakeland Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Saturday, July 25th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Friday, July 24th. Lakeland Financial’s dividend payout ratio is currently 47.71%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Hovde Group raised their price objective on Lakeland Financial from $63.00 to $66.00 and gave the company a “market perform” rating in a research note on Tuesday, April 28th. Weiss Ratings raised shares of Lakeland Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, July 13th. Finally, Wall Street Zen downgraded shares of Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $66.50.

Insider Activity

In related news, Director Steven D. Ross sold 1,281 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $62.50, for a total transaction of $80,062.50. Following the transaction, the director directly owned 27,001 shares of the company’s stock, valued at $1,687,562.50. This represents a 4.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Eric H. Ottinger sold 2,136 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $61.49, for a total transaction of $131,342.64. Following the completion of the sale, the executive vice president owned 33,257 shares of the company’s stock, valued at $2,044,972.93. The trade was a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 9,336 shares of company stock valued at $570,251 in the last ninety days. 3.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lakeland Financial

Institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its stake in Lakeland Financial by 3.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 9,960 shares of the financial services provider’s stock valued at $611,000 after acquiring an additional 292 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in Lakeland Financial by 186.0% during the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 305 shares during the period. State of Wyoming lifted its holdings in Lakeland Financial by 16.7% during the fourth quarter. State of Wyoming now owns 2,431 shares of the financial services provider’s stock worth $139,000 after acquiring an additional 348 shares during the period. Snowden Capital Advisors LLC boosted its position in Lakeland Financial by 4.2% in the second quarter. Snowden Capital Advisors LLC now owns 8,697 shares of the financial services provider’s stock worth $534,000 after purchasing an additional 354 shares during the last quarter. Finally, California State Teachers Retirement System grew its stake in Lakeland Financial by 2.0% in the 2nd quarter. California State Teachers Retirement System now owns 23,574 shares of the financial services provider’s stock valued at $1,449,000 after purchasing an additional 464 shares during the period. 81.15% of the stock is owned by institutional investors and hedge funds.

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.