Lakeland Financial (LKFN) Cut to Hold at Zacks Investment Research
Lakeland Financial (NASDAQ:LKFN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “
Several other research analysts have also recently weighed in on the stock. BidaskClub cut shares of Lakeland Financial from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, December 12th. ValuEngine cut shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Thursday, November 16th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $50.00 price target on shares of Lakeland Financial in a research report on Friday, December 22nd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Lakeland Financial currently has a consensus rating of “Buy” and a consensus target price of $52.00.
Lakeland Financial (NASDAQ:LKFN) last announced its earnings results on Wednesday, October 25th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.02. The company had revenue of $44.12 million for the quarter, compared to analysts’ expectations of $43.91 million. Lakeland Financial had a net margin of 30.67% and a return on equity of 13.33%. sell-side analysts predict that Lakeland Financial will post 2.39 EPS for the current year.
Hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA boosted its position in shares of Lakeland Financial by 1,811.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,154 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 2,989 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Lakeland Financial in the 3rd quarter valued at about $208,000. Dynamic Technology Lab Private Ltd purchased a new stake in Lakeland Financial in the 2nd quarter valued at about $234,000. Prudential Financial Inc. raised its holdings in Lakeland Financial by 4.4% in the 2nd quarter. Prudential Financial Inc. now owns 5,502 shares of the financial services provider’s stock valued at $252,000 after buying an additional 230 shares during the period. Finally, Legal & General Group Plc raised its holdings in Lakeland Financial by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 5,932 shares of the financial services provider’s stock valued at $272,000 after buying an additional 156 shares during the period. 69.91% of the stock is currently owned by hedge funds and other institutional investors.
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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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