Lakeland Financial Corp. (LKFN) Lowered to Hold at Zacks Investment Research
Lakeland Financial Corp. (NASDAQ:LKFN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “
LKFN has been the topic of several other research reports. DA Davidson initiated coverage on Lakeland Financial Corp. in a research report on Thursday, July 21st. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods boosted their target price on Lakeland Financial Corp. from $45.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, July 27th. Six research analysts have rated the stock with a hold rating, Lakeland Financial Corp. currently has an average rating of “Hold” and a consensus price target of $39.33.
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Shares of Lakeland Financial Corp. (NASDAQ:LKFN) opened at 35.18 on Wednesday. Lakeland Financial Corp. has a 12 month low of $26.53 and a 12 month high of $37.74. The company has a 50-day moving average price of $35.56 and a 200-day moving average price of $33.02. The stock has a market cap of $875.77 million, a price-to-earnings ratio of 18.20 and a beta of 0.82.
Lakeland Financial Corp. (NASDAQ:LKFN) last released its quarterly earnings results on Monday, July 25th. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. Lakeland Financial Corp. had a return on equity of 12.19% and a net margin of 30.35%. On average, analysts expect that Lakeland Financial Corp. will post $2.00 EPS for the current fiscal year.
In related news, Director Emily E. Pichon sold 1,000 shares of Lakeland Financial Corp. stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $35.55, for a total value of $35,550.00. Following the sale, the director now directly owns 12,875 shares in the company, valued at $457,706.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Kevin L. Deardorff sold 4,263 shares of Lakeland Financial Corp. stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $35.24, for a total value of $150,228.12. Following the completion of the sale, the insider now owns 43,324 shares in the company, valued at $1,526,737.76. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.
Several hedge funds have recently bought and sold shares of LKFN. Royal Bank of Canada increased its stake in Lakeland Financial Corp. by 2,657.0% in the second quarter. Royal Bank of Canada now owns 2,564 shares of the financial services provider’s stock worth $121,000 after buying an additional 2,471 shares during the period. BlackRock Inc. increased its stake in Lakeland Financial Corp. by 748.4% in the second quarter. BlackRock Inc. now owns 5,455 shares of the financial services provider’s stock worth $257,000 after buying an additional 4,812 shares during the period. Teacher Retirement System of Texas increased its stake in Lakeland Financial Corp. by 5.4% in the second quarter. Teacher Retirement System of Texas now owns 5,579 shares of the financial services provider’s stock worth $262,000 after buying an additional 287 shares during the period. Citadel Advisors LLC acquired a new stake in Lakeland Financial Corp. during the second quarter worth $304,000. Finally, UBS Asset Management Americas Inc. increased its stake in Lakeland Financial Corp. by 6.1% in the second quarter. UBS Asset Management Americas Inc. now owns 6,984 shares of the financial services provider’s stock worth $328,000 after buying an additional 404 shares during the period. Hedge funds and other institutional investors own 44.53% of the company’s stock.
Lakeland Financial Corp. Company Profile
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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