Sippican Capital Advisors Buys 2,114 Shares of Lakeland Financial Corporation $LKFN

Sippican Capital Advisors raised its stake in shares of Lakeland Financial Corporation (NASDAQ:LKFN) by 9.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,724 shares of the financial services provider’s stock after acquiring an additional 2,114 shares during the period. Sippican Capital Advisors owned about 0.09% of Lakeland Financial worth $1,458,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its stake in Lakeland Financial by 5.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 999,033 shares of the financial services provider’s stock valued at $59,383,000 after acquiring an additional 52,753 shares in the last quarter. Northern Trust Corp lifted its stake in Lakeland Financial by 2.3% during the 1st quarter. Northern Trust Corp now owns 476,997 shares of the financial services provider’s stock valued at $28,353,000 after acquiring an additional 10,728 shares in the last quarter. Raymond James Financial Inc. lifted its stake in Lakeland Financial by 4.1% during the 1st quarter. Raymond James Financial Inc. now owns 349,868 shares of the financial services provider’s stock valued at $20,796,000 after acquiring an additional 13,759 shares in the last quarter. Millennium Management LLC lifted its stake in Lakeland Financial by 327.9% during the 1st quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider’s stock valued at $11,848,000 after acquiring an additional 152,738 shares in the last quarter. Finally, Timucuan Asset Management Inc. FL lifted its stake in Lakeland Financial by 5.7% during the 1st quarter. Timucuan Asset Management Inc. FL now owns 199,111 shares of the financial services provider’s stock valued at $11,835,000 after acquiring an additional 10,650 shares in the last quarter. 81.15% of the stock is currently owned by institutional investors.

Insider Transactions at Lakeland Financial

In other news, EVP Eric H. Ottinger sold 4,635 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $67.07, for a total value of $310,869.45. Following the sale, the executive vice president directly owned 32,282 shares of the company’s stock, valued at approximately $2,165,153.74. This represents a 12.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Lisa M. O’neill sold 2,500 shares of the stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $66.72, for a total transaction of $166,800.00. Following the completion of the sale, the chief financial officer directly owned 34,366 shares in the company, valued at approximately $2,292,899.52. The trade was a 6.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,435 shares of company stock worth $497,769. Insiders own 3.00% of the company’s stock.

Lakeland Financial Stock Performance

Shares of LKFN opened at $61.05 on Friday. The business has a 50-day moving average of $64.67 and a 200 day moving average of $61.47. Lakeland Financial Corporation has a fifty-two week low of $50.00 and a fifty-two week high of $78.61. The firm has a market cap of $1.56 billion, a P/E ratio of 16.63 and a beta of 0.59.

Lakeland Financial (NASDAQ:LKFN) last posted its earnings results on Friday, July 25th. The financial services provider reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.11. Lakeland Financial had a return on equity of 13.57% and a net margin of 22.55%.The business had revenue of $63.36 million during the quarter, compared to analyst estimates of $67.02 million. During the same quarter in the previous year, the firm earned $0.87 EPS. As a group, research analysts predict that Lakeland Financial Corporation will post 3.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on LKFN shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $68.00 target price (up from $65.00) on shares of Lakeland Financial in a research note on Monday, July 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Lakeland Financial in a research note on Wednesday. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Lakeland Financial has an average rating of “Hold” and a consensus price target of $70.00.

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 the United States. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits.