Lakeland Financial Corporation $LKFN Shares Acquired by 1ST Source Bank

1ST Source Bank increased its holdings in Lakeland Financial Corporation (NASDAQ:LKFN) by 19.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,434 shares of the financial services provider’s stock after purchasing an additional 9,690 shares during the period. 1ST Source Bank owned 0.23% of Lakeland Financial worth $3,353,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. First Trust Advisors LP lifted its holdings in shares of Lakeland Financial by 403.6% during the 2nd quarter. First Trust Advisors LP now owns 383,525 shares of the financial services provider’s stock worth $23,568,000 after acquiring an additional 307,371 shares during the period. Millennium Management LLC raised its position in shares of Lakeland Financial by 327.9% in the 1st quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider’s stock worth $11,848,000 after buying an additional 152,738 shares during the period. Bank of America Corp DE raised its position in shares of Lakeland Financial by 68.8% in the 3rd quarter. Bank of America Corp DE now owns 321,031 shares of the financial services provider’s stock worth $20,610,000 after buying an additional 130,897 shares during the period. Jane Street Group LLC acquired a new position in Lakeland Financial in the first quarter valued at $6,500,000. Finally, Tudor Investment Corp ET AL acquired a new stake in Lakeland Financial during the 4th quarter worth approximately $5,416,000. 81.15% of the stock is currently owned by institutional investors and hedge funds.

Lakeland Financial Stock Down 0.3%

Lakeland Financial stock opened at $60.56 on Wednesday. The firm has a 50-day moving average price of $60.44 and a two-hundred day moving average price of $59.52. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 14.18 and a beta of 0.73. Lakeland Financial Corporation has a 52-week low of $54.36 and a 52-week high of $69.40.

Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.03. The business had revenue of $69.71 million during the quarter, compared to the consensus estimate of $70.42 million. Lakeland Financial had a return on equity of 14.79% and a net margin of 25.81%.During the same period in the previous year, the firm posted $0.78 earnings per share. Research analysts expect that Lakeland Financial Corporation will post 4.3 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Eric H. Ottinger sold 2,136 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $61.49, for a total transaction of $131,342.64. Following the completion of the transaction, the executive vice president owned 33,257 shares in the company, valued at approximately $2,044,972.93. This trade represents a 6.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Bradley J. Toothaker sold 5,900 shares of Lakeland Financial stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $60.62, for a total transaction of $357,658.00. Following the completion of the transaction, the director directly owned 14,278 shares in the company, valued at $865,532.36. This represents a 29.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,336 shares of company stock valued at $570,251 over the last quarter. Corporate insiders own 3.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on LKFN. Hovde Group boosted their price objective on shares of Lakeland Financial from $63.00 to $66.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 28th. Weiss Ratings raised shares of Lakeland Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Finally, Wall Street Zen lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Sunday. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Lakeland Financial 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.