Analysts expect Lakeland Financial Co. (NASDAQ:LKFN) to post $48.43 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Lakeland Financial’s earnings, with the highest sales estimate coming in at $49.00 million and the lowest estimate coming in at $48.10 million. Lakeland Financial reported sales of $48.36 million in the same quarter last year, which would indicate a positive year over year growth rate of 0.1%. The business is expected to announce its next earnings results before the market opens on Friday, October 25th.
On average, analysts expect that Lakeland Financial will report full year sales of $196.91 million for the current fiscal year, with estimates ranging from $196.10 million to $198.19 million. For the next year, analysts anticipate that the company will report sales of $201.55 million, with estimates ranging from $197.90 million to $205.41 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.04. Lakeland Financial had a return on equity of 16.03% and a net margin of 33.35%. The firm had revenue of $50.00 million for the quarter, compared to analyst estimates of $49.78 million.
Several brokerages have recently issued reports on LKFN. ValuEngine upgraded shares of Lakeland Financial from a “sell” rating to a “hold” rating in a report on Monday, October 7th. Zacks Investment Research upgraded shares of Lakeland Financial from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, BidaskClub upgraded shares of Lakeland Financial from a “sell” rating to a “hold” rating in a report on Friday.
Shares of Lakeland Financial stock traded up $0.20 during trading hours on Friday, hitting $44.27. The company had a trading volume of 42,817 shares, compared to its average volume of 62,171. The company’s 50-day moving average is $43.65 and its two-hundred day moving average is $45.23. Lakeland Financial has a twelve month low of $37.79 and a twelve month high of $49.20. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $1.13 billion, a P/E ratio of 14.14, a price-to-earnings-growth ratio of 1.36 and a beta of 0.94.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date is Thursday, October 24th. Lakeland Financial’s dividend payout ratio is currently 38.34%.
In related news, EVP Kevin L. Deardorff sold 3,870 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $43.96, for a total transaction of $170,125.20. Following the completion of the sale, the executive vice president now owns 50,535 shares in the company, valued at approximately $2,221,518.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Kristin Pruitt sold 1,600 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $46.00, for a total transaction of $73,600.00. Following the sale, the insider now owns 7,494 shares of the company’s stock, valued at approximately $344,724. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 11,000 shares of company stock valued at $468,290 and have sold 16,914 shares valued at $738,349. 4.60% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of LKFN. BlackRock Inc. lifted its holdings in Lakeland Financial by 0.9% in the second quarter. BlackRock Inc. now owns 1,843,217 shares of the financial services provider’s stock worth $86,318,000 after purchasing an additional 17,028 shares during the period. Vanguard Group Inc. raised its holdings in Lakeland Financial by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 1,193,513 shares of the financial services provider’s stock worth $55,892,000 after buying an additional 14,008 shares during the period. Victory Capital Management Inc. raised its holdings in Lakeland Financial by 6.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,021,829 shares of the financial services provider’s stock worth $47,852,000 after buying an additional 62,656 shares during the period. Northern Trust Corp raised its holdings in Lakeland Financial by 0.5% during the 2nd quarter. Northern Trust Corp now owns 689,515 shares of the financial services provider’s stock worth $32,290,000 after buying an additional 3,251 shares during the period. Finally, Copeland Capital Management LLC raised its holdings in Lakeland Financial by 115.1% during the 2nd quarter. Copeland Capital Management LLC now owns 332,287 shares of the financial services provider’s stock worth $15,561,000 after buying an additional 177,839 shares during the period. Hedge funds and other institutional investors own 74.74% of the company’s stock.
About Lakeland Financial
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.
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