Lakeland Financial (NASDAQ:LKFN) Downgraded by Wall Street Zen to Sell

Lakeland Financial (NASDAQ:LKFN) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Sunday.

LKFN has been the subject of a number of other research reports. Hovde Group increased their target price on Lakeland Financial from $63.00 to $66.00 and gave the company a “market perform” rating in a report on Tuesday, April 28th. Weiss Ratings raised Lakeland Financial from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $66.50.

Lakeland Financial Stock Up 0.9%

Shares of Lakeland Financial stock traded up $0.55 during trading on Friday, hitting $60.40. The stock had a trading volume of 140,744 shares, compared to its average volume of 254,765. The stock has a 50 day simple moving average of $60.47 and a 200 day simple moving average of $59.50. The company has a market capitalization of $1.50 billion, a PE ratio of 14.15 and a beta of 0.73. Lakeland Financial has a 1 year low of $54.36 and a 1 year high of $69.40.

Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.04 EPS for the quarter, beating the consensus estimate of $1.01 by $0.03. Lakeland Financial had a net margin of 25.81% and a return on equity of 14.79%. The business had revenue of $69.71 million during the quarter, compared to the consensus estimate of $70.42 million. During the same quarter in the prior year, the firm earned $0.78 EPS. As a group, equities analysts expect that Lakeland Financial will post 4.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Bradley J. Toothaker sold 5,900 shares of the business’s stock in a transaction that occurred 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 owned 14,278 shares of the company’s stock, valued at approximately $865,532.36. The trade was a 29.24% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Eric H. Ottinger sold 2,136 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $61.49, for a total value of $131,342.64. Following the completion of the transaction, the executive vice president owned 33,257 shares in the company, valued at $2,044,972.93. This represents a 6.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,336 shares of company stock valued at $570,251 in the last three months. Insiders own 3.00% of the company’s stock.

Institutional Trading of Lakeland Financial

Large investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. raised its holdings in shares of Lakeland Financial by 186.0% during the 2nd 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 in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in 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 worth $39,000 after purchasing an additional 582 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in Lakeland Financial by 40.5% during the fourth 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 last quarter. Global Retirement Partners LLC increased its position in Lakeland Financial by 118.9% during the fourth 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 last quarter. Finally, Summit Securities Group LLC bought a new position in Lakeland Financial during the first quarter valued at about $86,000. 81.15% of the stock is owned by institutional investors.

Lakeland Financial Company Profile

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.