Lakeland Financial Co. to Issue Quarterly Dividend of $0.34 (NASDAQ:LKFN)

Lakeland Financial Co. (NASDAQ:LKFN) declared a quarterly dividend on Tuesday, October 12th, Zacks reports. Investors of record on Monday, October 25th will be given a dividend of 0.34 per share by the financial services provider on Friday, November 5th. This represents a $1.36 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Friday, October 22nd.

Lakeland Financial has increased its dividend by 90.5% over the last three years and has raised its dividend annually for the last 1 consecutive years. Lakeland Financial has a dividend payout ratio of 35.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Lakeland Financial to earn $3.40 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 38.8%.

LKFN opened at $73.82 on Thursday. Lakeland Financial has a 12 month low of $43.54 and a 12 month high of $77.05. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 19.90 and a beta of 0.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.90 and a quick ratio of 0.90. The business has a fifty day moving average price of $68.63 and a 200 day moving average price of $65.22.

Lakeland Financial (NASDAQ:LKFN) last released its earnings results on Sunday, July 25th. The financial services provider reported $0.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.09. Lakeland Financial had a return on equity of 14.44% and a net margin of 39.42%. The firm had revenue of $55.00 million during the quarter, compared to analysts’ expectations of $54.25 million. On average, research analysts anticipate that Lakeland Financial will post 3.72 earnings per share for the current year.

In other news, SVP Jonathan P. Steiner sold 3,000 shares of the business’s stock in a transaction dated Monday, August 16th. The stock was sold at an average price of $70.39, for a total value of $211,170.00. Following the completion of the sale, the senior vice president now directly owns 2,000 shares of the company’s stock, valued at approximately $140,780. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kristin Pruitt sold 375 shares of the company’s stock in a transaction that occurred on Friday, September 3rd. The shares were sold at an average price of $68.00, for a total value of $25,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,625 shares of company stock valued at $471,423. Insiders own 4.40% of the company’s stock.

Several research analysts have recently issued reports on the company. Zacks Investment Research raised Lakeland Financial from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Thursday, September 30th. Stephens reaffirmed an “equal weight” rating and set a $58.91 price objective (down from $70.00) on shares of Lakeland Financial in a research report on Tuesday, July 27th.

About Lakeland Financial

Lakeland Financial Corp. is a bank holding company, which engages in the provision of banking products and services. It offers commercial and consumer banking, trust and wealth management, brokerage, and treasury management commercial services. The company was founded on February 8, 1983 and is headquartered in Warsaw, IN.

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Dividend History for Lakeland Financial (NASDAQ:LKFN)

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