Insider Selling: Lakeland Financial Co. (LKFN) EVP Sells 2,500 Shares of Stock
Lakeland Financial Co. (NASDAQ:LKFN) EVP Michael E. Gavin sold 2,500 shares of Lakeland Financial stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $42.93, for a total transaction of $107,325.00. Following the completion of the sale, the executive vice president now directly owns 2,018 shares of the company’s stock, valued at approximately $86,632.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of Lakeland Financial Co. (NASDAQ:LKFN) traded up 0.39% during midday trading on Monday, hitting $43.27. 43,398 shares of the stock were exchanged. The firm’s 50-day moving average is $44.17 and its 200-day moving average is $44.19. Lakeland Financial Co. has a 12 month low of $29.64 and a 12 month high of $48.88. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 20.22 and a beta of 0.77.
Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings results on Tuesday, April 25th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.04. The business had revenue of $40.32 million during the quarter, compared to analysts’ expectations of $40.29 million. Lakeland Financial had a net margin of 30.31% and a return on equity of 12.47%. Equities research analysts predict that Lakeland Financial Co. will post $2.27 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, May 5th. Shareholders of record on Tuesday, April 25th were issued a $0.22 dividend. The ex-dividend date was Friday, April 21st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.03%. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.19. Lakeland Financial’s dividend payout ratio (DPR) is currently 37.01%.
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A number of research firms have commented on LKFN. Zacks Investment Research downgraded shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Friday, April 28th. DA Davidson raised shares of Lakeland Financial from a “neutral” rating to a “buy” rating and set a $49.00 target price for the company in a research report on Thursday. Finally, Keefe, Bruyette & Woods set a $43.00 target price on shares of Lakeland Financial and gave the stock a “hold” rating in a research report on Tuesday, April 18th.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in Lakeland Financial by 47.0% in the third quarter. Bank of New York Mellon Corp now owns 178,106 shares of the financial services provider’s stock worth $6,308,000 after buying an additional 56,976 shares in the last quarter. UBS Asset Management Americas Inc. raised its stake in Lakeland Financial by 50.0% in the third quarter. UBS Asset Management Americas Inc. now owns 10,476 shares of the financial services provider’s stock worth $371,000 after buying an additional 3,492 shares during the last quarter. Swiss National Bank raised its stake in Lakeland Financial by 46.0% in the third quarter. Swiss National Bank now owns 39,850 shares of the financial services provider’s stock worth $1,411,000 after buying an additional 12,550 shares during the last quarter. BlackRock Investment Management LLC raised its stake in Lakeland Financial by 48.9% in the third quarter. BlackRock Investment Management LLC now owns 104,409 shares of the financial services provider’s stock worth $3,698,000 after buying an additional 34,303 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Lakeland Financial by 43.4% in the third quarter. BlackRock Inc. now owns 7,824 shares of the financial services provider’s stock worth $277,000 after buying an additional 2,369 shares during the last quarter. 66.27% of the stock is owned by institutional investors and hedge funds.
Lakeland Financial 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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