Aptus Capital Advisors LLC Acquires 20,193 Shares of Lakeland Financial Corporation $LKFN

Aptus Capital Advisors LLC raised its holdings in Lakeland Financial Corporation (NASDAQ:LKFN) by 15.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 153,038 shares of the financial services provider’s stock after acquiring an additional 20,193 shares during the quarter. Aptus Capital Advisors LLC’s holdings in Lakeland Financial were worth $9,825,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Boston Trust Walden Corp acquired a new stake in shares of Lakeland Financial in the third quarter valued at about $23,968,000. First Trust Advisors LP boosted its position in Lakeland Financial by 403.6% during the second quarter. First Trust Advisors LP now owns 383,525 shares of the financial services provider’s stock valued at $23,568,000 after purchasing an additional 307,371 shares during the last quarter. Millennium Management LLC boosted its position in Lakeland Financial by 327.9% during the first quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider’s stock valued at $11,848,000 after purchasing an additional 152,738 shares during the last quarter. Jane Street Group LLC bought a new position in Lakeland Financial in the first quarter valued at approximately $6,500,000. Finally, ProShare Advisors LLC grew its stake in Lakeland Financial by 1,699.4% in the second quarter. ProShare Advisors LLC now owns 105,663 shares of the financial services provider’s stock valued at $6,493,000 after purchasing an additional 99,791 shares in the last quarter. 81.15% of the stock is currently owned by institutional investors and hedge funds.

Lakeland Financial Trading Down 1.3%

NASDAQ LKFN opened at $56.88 on Friday. The firm’s 50 day simple moving average is $59.35 and its 200 day simple moving average is $60.86. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 14.18 and a beta of 0.73. Lakeland Financial Corporation has a 1 year low of $50.00 and a 1 year high of $69.40.

Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings data on Monday, January 26th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.05 by $0.02. The business had revenue of $69.80 million during the quarter, compared to the consensus estimate of $69.45 million. Lakeland Financial had a net margin of 24.51% and a return on equity of 14.19%. During the same period in the previous year, the business earned $0.94 earnings per share. On average, equities research analysts forecast that Lakeland Financial Corporation will post 3.7 earnings per share for the current year.

Lakeland Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Sunday, January 25th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.7%. This is an increase from Lakeland Financial’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, January 23rd. Lakeland Financial’s dividend payout ratio (DPR) is currently 51.87%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on LKFN shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lakeland Financial in a research report on Thursday, January 22nd. Hovde Group cut Lakeland Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Wall Street Zen downgraded Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Finally, Stephens set a $66.00 price target on Lakeland Financial in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Lakeland Financial presently has an average rating of “Hold” and an average target price of $68.00.

Insider Activity at Lakeland Financial

In related news, Director Bradley J. Toothaker sold 5,685 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $58.36, for a total value of $331,776.60. Following the completion of the transaction, the director owned 20,178 shares of the company’s stock, valued at $1,177,588.08. This represents a 21.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director M Scott Welch bought 10,000 shares of the business’s stock in a transaction on Friday, February 27th. The stock was bought at an average price of $57.95 per share, for a total transaction of $579,500.00. Following the transaction, the director directly owned 49,000 shares of the company’s stock, valued at approximately $2,839,550. This represents a 25.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 3.00% of the company’s stock.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.

Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.