Indiana Trust & Investment Management CO purchased a new position in shares of Lakeland Financial Co. (NASDAQ:LKFN) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,069 shares of the financial services provider’s stock, valued at approximately $212,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. US Bancorp DE increased its holdings in shares of Lakeland Financial by 6.9% during the 4th quarter. US Bancorp DE now owns 2,667 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 172 shares in the last quarter. Synovus Financial Corp increased its holdings in shares of Lakeland Financial by 1.4% during the 4th quarter. Synovus Financial Corp now owns 14,285 shares of the financial services provider’s stock valued at $772,000 after purchasing an additional 193 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Lakeland Financial by 3.9% during the 3rd quarter. Sei Investments Co. now owns 7,045 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 266 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of Lakeland Financial during the 4th quarter valued at approximately $25,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Lakeland Financial by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 14,538 shares of the financial services provider’s stock valued at $779,000 after purchasing an additional 519 shares in the last quarter. 73.75% of the stock is owned by institutional investors.
In other Lakeland Financial news, Director Michael L. Kubacki sold 50,490 shares of Lakeland Financial stock in a transaction on Friday, January 29th. The shares were sold at an average price of $59.12, for a total transaction of $2,984,968.80. Following the sale, the director now owns 181,725 shares of the company’s stock, valued at approximately $10,743,582. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kristin Pruitt sold 1,800 shares of Lakeland Financial stock in a transaction on Friday, February 5th. The stock was sold at an average price of $62.10, for a total transaction of $111,780.00. Following the sale, the executive vice president now directly owns 7,614 shares in the company, valued at approximately $472,829.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,418 shares of company stock worth $5,735,529. 4.80% of the stock is currently owned by corporate insiders.
Lakeland Financial (NASDAQ:LKFN) last released its quarterly earnings results on Sunday, January 24th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.16. Lakeland Financial had a net margin of 33.90% and a return on equity of 13.31%. The firm had revenue of $56.50 million for the quarter, compared to analysts’ expectations of $52.25 million. Analysts anticipate that Lakeland Financial Co. will post 3.12 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, February 5th. Investors of record on Monday, January 25th were paid a $0.34 dividend. The ex-dividend date was Friday, January 22nd. This represents a $1.36 dividend on an annualized basis and a yield of 2.00%. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.30. Lakeland Financial’s dividend payout ratio (DPR) is currently 40.24%.
Separately, Zacks Investment Research lowered shares of Lakeland Financial from a “buy” rating to a “sell” rating in a report on Wednesday.
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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