Victory Capital Management Inc. raised its position in Lakeland Financial Co. (NASDAQ:LKFN) by 0.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 961,009 shares of the financial services provider’s stock after buying an additional 7,688 shares during the quarter. Victory Capital Management Inc. owned approximately 3.80% of Lakeland Financial worth $44,668,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. United Services Automobile Association purchased a new stake in shares of Lakeland Financial during the second quarter worth approximately $202,000. BlueMountain Capital Management LLC raised its stake in shares of Lakeland Financial by 52.0% during the second quarter. BlueMountain Capital Management LLC now owns 10,369 shares of the financial services provider’s stock worth $500,000 after purchasing an additional 3,547 shares during the last quarter. Xact Kapitalforvaltning AB raised its stake in shares of Lakeland Financial by 22.4% during the third quarter. Xact Kapitalforvaltning AB now owns 10,930 shares of the financial services provider’s stock worth $508,000 after purchasing an additional 2,000 shares during the last quarter. Alps Advisors Inc. purchased a new stake in shares of Lakeland Financial during the second quarter worth approximately $520,000. Finally, MetLife Investment Advisors LLC raised its stake in shares of Lakeland Financial by 13.6% during the second quarter. MetLife Investment Advisors LLC now owns 11,384 shares of the financial services provider’s stock worth $549,000 after purchasing an additional 1,361 shares during the last quarter. Institutional investors own 72.19% of the company’s stock.
In related news, insider Batty Jill A. De sold 1,800 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $48.81, for a total transaction of $87,858.00. Following the transaction, the insider now owns 10,386 shares of the company’s stock, valued at $506,940.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Emily E. Pichon sold 500 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $50.85, for a total value of $25,425.00. Following the transaction, the director now directly owns 15,363 shares in the company, valued at approximately $781,208.55. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 10,124 shares of company stock worth $430,613 and have sold 2,600 shares worth $128,298. Corporate insiders own 4.40% of the company’s stock.
LKFN has been the subject of several analyst reports. Keefe, Bruyette & Woods restated a “hold” rating and set a $51.00 price target on shares of Lakeland Financial in a research note on Thursday, July 26th. Boenning Scattergood restated a “hold” rating on shares of Lakeland Financial in a research note on Thursday, July 26th. BidaskClub cut Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 30th. ValuEngine cut Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Finally, Zacks Investment Research upgraded Lakeland Financial from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Wednesday, October 31st. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Lakeland Financial has a consensus rating of “Hold” and a consensus target price of $49.00.
Lakeland Financial stock opened at $44.25 on Friday. Lakeland Financial Co. has a 12 month low of $39.41 and a 12 month high of $52.43. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.99. The company has a market cap of $1.12 billion, a PE ratio of 18.51, a P/E/G ratio of 1.44 and a beta of 0.76.
Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.02. Lakeland Financial had a return on equity of 15.54% and a net margin of 30.88%. The firm had revenue of $48.36 million for the quarter, compared to analyst estimates of $48.60 million. As a group, sell-side analysts anticipate that Lakeland Financial Co. will post 3.08 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Investors of record on Thursday, October 25th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend was Wednesday, October 24th. This is a positive change from Lakeland Financial’s previous quarterly dividend of $0.10. Lakeland Financial’s dividend payout ratio is currently 43.51%.
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About Lakeland Financial
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.
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