Lakeland Financial (NASDAQ:LKFN) Stock: Insider Robert Bartels, Jr. Acquires 1,918 Shares

Lakeland Financial Corporation (NASDAQ:LKFN) Director Robert Bartels, Jr. acquired 1,918 shares of the company’s stock in a transaction that occurred on Friday, November 6th. The shares were acquired at an average cost of $61.09 per share, for a total transaction of $117,170.62. Following the purchase, the director directly owned 30,376 shares in the company, valued at $1,855,669.84. This trade represents a 6.74% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Lakeland Financial Trading Down 0.2%

LKFN stock opened at $62.09 on Wednesday. Lakeland Financial Corporation has a 1-year low of $54.36 and a 1-year high of $64.55. The firm has a market cap of $1.53 billion, a PE ratio of 13.91 and a beta of 0.77. The business’s 50-day moving average price is $59.44 and its two-hundred day moving average price is $59.98.

Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings results on Monday, October 26th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.05. The company had revenue of $73.00 million during the quarter, compared to the consensus estimate of $73.74 million. Lakeland Financial had a return on equity of 15.07% and a net margin of 26.51%. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.03 earnings per share. On average, analysts forecast that Lakeland Financial Corporation will post 4.41 earnings per share for the current year.

Lakeland Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Sunday, October 25th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Friday, October 23rd. Lakeland Financial’s payout ratio is 46.53%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC bought a new position in shares of Lakeland Financial during the second quarter worth about $38,000. Sterling Capital Management LLC grew its stake in shares of Lakeland Financial by 176.3% during the 3rd quarter. Sterling Capital Management LLC now owns 688 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 439 shares in the last quarter. Allworth Financial LP bought a new position in shares of Lakeland Financial during the 2nd quarter worth approximately $41,000. Integrated Wealth Concepts LLC bought a new position in shares of Lakeland Financial during the 2nd quarter worth approximately $41,000. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of Lakeland Financial by 40.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 210 shares during the last quarter. 81.15% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on LKFN shares. Keefe, Bruyette & Woods increased their target price on Lakeland Financial from $63.00 to $64.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 27th. Stephens raised their target price on shares of Lakeland Financial from $66.00 to $67.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 28th. Raymond James Financial reaffirmed a “market perform” rating on shares of Lakeland Financial in a research note on Tuesday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Lakeland Financial in a research report on Tuesday, October 27th. Finally, Wall Street Zen lowered shares of Lakeland Financial from a “hold” rating to a “sell” rating in a report on Sunday, August 9th. Five equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $65.67.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana, and the parent company of Lake City Bank. The bank traces its history to 1872 and serves individuals, businesses and organizations across northern and central Indiana. Lake City Bank offers personal and business banking services, including deposit accounts, lending, mortgage financing and digital banking. Its business services include commercial loans, treasury management and other cash-management solutions.