Lakeland Financial Corporation (LKFN) Director Acquires $232,449.31 in Stock
Lakeland Financial Corporation (NASDAQ:LKFN) Director M Scott Welch purchased 5,557 shares of the business’s stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $41.83 per share, for a total transaction of $232,449.31. Following the completion of the transaction, the director now directly owns 112,148 shares in the company, valued at $4,691,150.84. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
M Scott Welch also recently made the following trade(s):
- On Wednesday, September 6th, M Scott Welch purchased 4,443 shares of Lakeland Financial Corporation stock. The stock was purchased at an average price of $42.30 per share, for a total transaction of $187,938.90.
Lakeland Financial Corporation (NASDAQ:LKFN) traded up 1.25% during mid-day trading on Friday, reaching $42.13. The company had a trading volume of 43,293 shares. Lakeland Financial Corporation has a one year low of $33.98 and a one year high of $48.88. The firm has a market capitalization of $1.05 billion, a P/E ratio of 18.89 and a beta of 0.84. The firm’s 50-day moving average is $44.66 and its 200-day moving average is $44.68.
Lakeland Financial Corporation (NASDAQ:LKFN) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.05. Lakeland Financial Corporation had a return on equity of 13.06% and a net margin of 30.72%. The firm had revenue of $42.61 million for the quarter, compared to analyst estimates of $41.86 million. On average, equities research analysts anticipate that Lakeland Financial Corporation will post $2.37 earnings per share for the current fiscal year.
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A number of institutional investors and hedge funds have recently modified their holdings of LKFN. Neuberger Berman Group LLC acquired a new position in Lakeland Financial Corporation in the second quarter valued at approximately $16,070,000. Goldman Sachs Group Inc. lifted its stake in Lakeland Financial Corporation 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 during the period. Bank of New York Mellon Corp lifted its stake in Lakeland Financial Corporation 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 during the period. Stifel Financial Corp lifted its stake in Lakeland Financial Corporation 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 during the period. Finally, Vanguard Group Inc. lifted its stake in Lakeland Financial Corporation 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 during the period. 69.31% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently weighed in on LKFN. Zacks Investment Research upgraded shares of Lakeland Financial Corporation from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Monday. ValuEngine upgraded shares of Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub downgraded shares of Lakeland Financial Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, August 14th. Finally, DA Davidson upgraded shares of Lakeland Financial Corporation from a “neutral” rating to a “buy” rating and set a $49.00 price target on the stock in a research report on Thursday, May 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Lakeland Financial Corporation presently has an average rating of “Hold” and a consensus target price of $47.00.
Lakeland Financial Corporation 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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