Lakeland Financial (NASDAQ:LKFN) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Lakeland Financial (NASDAQ:LKFN) from a sell rating to a hold rating in a report issued on Saturday morning.

Several other analysts have also recently weighed in on LKFN. Weiss Ratings cut shares of Lakeland Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday. Hovde Group lifted their price target on shares of Lakeland Financial from $63.00 to $66.00 and gave the company a “market perform” rating in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $66.50.

Lakeland Financial Trading Up 0.1%

Shares of LKFN stock opened at $62.65 on Friday. Lakeland Financial has a twelve month low of $54.36 and a twelve month high of $69.40. The company’s 50-day moving average price is $61.14 and its 200-day moving average price is $59.95. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 14.37 and a beta of 0.73.

Lakeland Financial (NASDAQ:LKFN) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. The firm had revenue of $70.87 million during the quarter, compared to analysts’ expectations of $72.11 million. During the same period last year, the business earned $1.04 earnings per share. As a group, equities research analysts predict that Lakeland Financial will post 4.37 EPS for the current year.

Lakeland Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Saturday, July 25th will be paid 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 is Friday, July 24th. Lakeland Financial’s dividend payout ratio is 47.71%.

Insider Buying and Selling at Lakeland Financial

In other news, Director Bradley J. Toothaker sold 5,900 shares of Lakeland Financial stock in a transaction on Friday, May 29th. The stock was sold at an average price of $60.62, for a total value of $357,658.00. Following the completion of the sale, the director directly owned 14,278 shares of the company’s stock, valued at approximately $865,532.36. The trade was a 29.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven D. Ross sold 1,281 shares of Lakeland Financial stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $62.50, for a total value of $80,062.50. Following the completion of the sale, the director directly owned 27,001 shares of the company’s stock, valued at $1,687,562.50. The trade was a 4.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 7,450 shares of company stock valued at $454,713. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Lakeland Financial

Several institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. boosted its stake in shares of Lakeland Financial by 186.0% in the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 305 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Lakeland Financial by 1,212.5% in the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 582 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in 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 worth $42,000 after buying an additional 210 shares during the period. Global Retirement Partners LLC increased its stake in Lakeland Financial by 118.9% during the 4th quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider’s stock worth $57,000 after buying an additional 541 shares during the period. Finally, Summit Securities Group LLC acquired a new stake in Lakeland Financial during the 1st quarter worth approximately $86,000. 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.