Lakeland Financial Corp. (lkfn) Plans $0.19 Quarterly Dividend
Lakeland Financial Corp. (NASDAQ:lkfn) announced a quarterly dividend on Wednesday, October 12th. Stockholders of record on Tuesday, October 25th will be paid a dividend of 0.19 per share by the financial services provider on Monday, November 7th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Friday, October 21st.
Shares of Lakeland Financial Corp. (NASDAQ:LKFN) opened at 35.28 on Thursday. The company has a market cap of $878.26 million, a price-to-earnings ratio of 18.25 and a beta of 0.82. Lakeland Financial Corp. has a 52 week low of $26.53 and a 52 week high of $37.74. The stock’s 50 day moving average is $35.56 and its 200-day moving average is $33.03.
Lakeland Financial Corp. (NASDAQ:LKFN) last released its quarterly earnings results on Monday, July 25th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.05. Lakeland Financial Corp. had a net margin of 30.35% and a return on equity of 12.19%. On average, equities analysts anticipate that Lakeland Financial Corp. will post $2.00 earnings per share for the current year.
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A number of equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their price target on shares of Lakeland Financial Corp. from $45.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday, July 27th. Zacks Investment Research raised shares of Lakeland Financial Corp. from a “hold” rating to a “buy” rating and set a $39.00 price target on the stock in a research note on Monday, September 26th. Finally, DA Davidson assumed coverage on shares of Lakeland Financial Corp. in a research note on Thursday, July 21st. They set a “neutral” rating on the stock. Six analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and an average target price of $39.33.
In other news, Director Charles E. Niemier bought 554 shares of Lakeland Financial Corp. stock in a transaction dated Friday, August 5th. The shares were acquired at an average price of $52.99 per share, with a total value of $29,356.46. Following the completion of the purchase, the director now owns 144,361 shares in the company, valued at approximately $7,649,689.39. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Emily E. Pichon sold 1,000 shares of the stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $35.55, for a total transaction of $35,550.00. Following the completion of the sale, the director now directly owns 12,875 shares in the company, valued at approximately $457,706.25. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in LKFN. BlackRock Inc. increased its stake in shares of Lakeland Financial Corp. by 748.4% in the second quarter. BlackRock Inc. now owns 5,455 shares of the financial services provider’s stock valued at $257,000 after buying an additional 4,812 shares in the last quarter. Citadel Advisors LLC bought a new position in Lakeland Financial Corp. during the second quarter worth approximately $304,000. BlackRock Advisors LLC boosted its position in Lakeland Financial Corp. by 2.4% in the second quarter. BlackRock Advisors LLC now owns 8,197 shares of the financial services provider’s stock worth $385,000 after buying an additional 193 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in Lakeland Financial Corp. by 13.6% in the second quarter. Parametric Portfolio Associates LLC now owns 11,831 shares of the financial services provider’s stock worth $556,000 after buying an additional 1,415 shares during the last quarter. Finally, Ativo Capital Management LLC boosted its position in Lakeland Financial Corp. by 68.9% in the second quarter. Ativo Capital Management LLC now owns 17,888 shares of the financial services provider’s stock worth $841,000 after buying an additional 7,299 shares during the last quarter. 44.53% of the stock is currently owned by institutional investors and hedge funds.
About Lakeland Financial Corp.
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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