Lakeland Financial (NASDAQ:LKFN) Posts Earnings Results, Beats Expectations By $0.05 EPS

Lakeland Financial (NASDAQ:LKFN) announced its earnings results on Monday. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05, FiscalAI reports. Lakeland Financial had a return on equity of 14.79% and a net margin of 25.81%.The firm had revenue of $70.87 million for the quarter, compared to the consensus estimate of $72.11 million.

Lakeland Financial Stock Performance

LKFN stock opened at $61.11 on Monday. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 14.31 and a beta of 0.73. The business’s 50-day moving average is $60.75 and its 200 day moving average is $59.75. Lakeland Financial has a 12-month low of $54.36 and a 12-month high of $69.40.

Lakeland Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Saturday, July 25th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, July 24th. This represents a $2.08 dividend on an annualized basis and a yield of 3.4%. Lakeland Financial’s dividend payout ratio (DPR) is currently 48.71%.

Insider Activity at Lakeland Financial

In other Lakeland Financial news, Director Steven D. Ross sold 1,281 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $62.50, for a total value of $80,062.50. Following the transaction, the director owned 27,001 shares in the company, valued at approximately $1,687,562.50. This trade represents a 4.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bradley J. Toothaker sold 5,900 shares of the company’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $60.62, for a total transaction of $357,658.00. Following the sale, the director directly owned 14,278 shares of the company’s stock, valued at $865,532.36. The trade was a 29.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 9,336 shares of company stock valued at $570,251. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Lakeland Financial

Institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. grew its holdings in shares of Lakeland Financial by 186.0% in the second 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 during the period. EverSource Wealth Advisors LLC grew its stake in shares of Lakeland Financial by 1,212.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $39,000 after buying an additional 582 shares during the period. State of Wyoming grew its stake in shares of Lakeland Financial by 16.7% in the 4th quarter. State of Wyoming now owns 2,431 shares of the financial services provider’s stock valued at $139,000 after buying an additional 348 shares during the period. Jump Financial LLC acquired a new stake in shares of Lakeland Financial during the 4th quarter worth approximately $215,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Lakeland Financial during the 1st quarter worth approximately $215,000. Hedge funds and other institutional investors own 81.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on LKFN. Hovde Group boosted their price target on Lakeland Financial from $63.00 to $66.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 28th. Weiss Ratings upgraded shares of Lakeland Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, July 13th. Finally, Wall Street Zen lowered shares of Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Sunday, July 12th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.50.

About Lakeland Financial

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.