Zacks Investment Research Downgrades Lakeland Financial Co. (LKFN) to Hold
Lakeland Financial Co. (NASDAQ:LKFN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “
Other equities analysts have also issued reports about the stock. DA Davidson upgraded shares of Lakeland Financial from a “neutral” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Thursday, May 18th. BidaskClub upgraded shares of Lakeland Financial from a “sell” rating to a “hold” rating in a report on Friday, June 9th.
Lakeland Financial (NASDAQ:LKFN) traded up 0.07% on Friday, hitting $44.06. The stock had a trading volume of 68,826 shares. Lakeland Financial has a 52-week low of $33.98 and a 52-week high of $48.88. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 19.76 and a beta of 0.83. The company’s 50 day moving average price is $45.34 and its 200 day moving average price is $44.77.
Lakeland Financial (NASDAQ:LKFN) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.05. The company had revenue of $42.61 million for the quarter, compared to analyst estimates of $41.86 million. Lakeland Financial had a net margin of 36.06% and a return on equity of 13.89%. Analysts expect that Lakeland Financial will post $2.37 EPS for the current year.
WARNING: “Zacks Investment Research Downgrades Lakeland Financial Co. (LKFN) to Hold” was originally published by American Banking News and is the property of of American Banking News. If you are accessing this article on another domain, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this article can be accessed at https://www.americanbankingnews.com/2017/08/27/zacks-investment-research-downgrades-lakeland-financial-co-lkfn-to-hold.html.
In other news, insider Eric H. Ottinger sold 1,899 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $46.28, for a total value of $87,885.72. Following the transaction, the insider now directly owns 21,500 shares in the company, valued at approximately $995,020. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Batty Jill A. De sold 600 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $42.61, for a total transaction of $25,566.00. Following the completion of the transaction, the insider now owns 9,232 shares in the company, valued at $393,375.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,949 shares of company stock worth $133,252. Company insiders own 5.00% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Neuberger Berman Group LLC bought a new position in shares of Lakeland Financial during the second quarter valued at approximately $16,070,000. Goldman Sachs Group Inc. raised its position in shares of Lakeland Financial by 13.2% in the second quarter. Goldman Sachs Group Inc. now owns 912,929 shares of the financial services provider’s stock valued at $41,885,000 after buying an additional 106,673 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Lakeland Financial by 51.3% in the first quarter. Bank of New York Mellon Corp now owns 290,127 shares of the financial services provider’s stock valued at $12,510,000 after buying an additional 98,331 shares in the last quarter. Stifel Financial Corp raised its position in shares of Lakeland Financial by 15.9% in the second quarter. Stifel Financial Corp now owns 299,715 shares of the financial services provider’s stock valued at $13,755,000 after buying an additional 41,061 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Lakeland Financial by 3.5% in the first quarter. Vanguard Group Inc. now owns 1,055,655 shares of the financial services provider’s stock valued at $45,519,000 after buying an additional 35,653 shares in the last quarter. Hedge funds and other institutional investors own 70.76% of the company’s stock.
About Lakeland Financial
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Lakeland Financial Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lakeland Financial Co. and related companies with MarketBeat.com's FREE daily email newsletter.