AlphaQuest LLC Raises Holdings in Lakeland Financial Corporation $LKFN

AlphaQuest LLC increased its position in shares of Lakeland Financial Corporation (NASDAQ:LKFN) by 181.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,545 shares of the financial services provider’s stock after purchasing an additional 20,992 shares during the quarter. AlphaQuest LLC’s holdings in Lakeland Financial were worth $1,857,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Osaic Holdings Inc. increased its position in shares of Lakeland Financial by 186.0% during the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 305 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Lakeland Financial by 1,212.5% during the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 582 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of Lakeland Financial by 118.9% during the fourth quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 541 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Lakeland Financial during the first quarter worth approximately $215,000. Finally, Jump Financial LLC purchased a new stake in shares of Lakeland Financial during the second quarter worth approximately $226,000. 81.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Steven D. Ross sold 1,281 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $62.50, for a total value of $80,062.50. Following the transaction, the director owned 27,001 shares of the company’s stock, valued at $1,687,562.50. This represents a 4.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director M Scott Welch purchased 10,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was acquired at an average cost of $57.95 per share, for a total transaction of $579,500.00. Following the purchase, the director owned 49,000 shares in the company, valued at approximately $2,839,550. The trade was a 25.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have acquired 25,000 shares of company stock valued at $1,419,050 and have sold 3,436 shares valued at $212,593. Corporate insiders own 3.00% of the company’s stock.

Lakeland Financial Stock Down 0.8%

Shares of NASDAQ:LKFN opened at $60.22 on Thursday. Lakeland Financial Corporation has a 52-week low of $54.36 and a 52-week high of $69.40. The business has a fifty day moving average of $59.21 and a two-hundred day moving average of $59.02. The stock has a market cap of $1.50 billion, a P/E ratio of 14.10 and a beta of 0.74.

Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.04 EPS for the quarter, beating the consensus estimate of $1.01 by $0.03. Lakeland Financial had a return on equity of 14.79% and a net margin of 25.81%.The business had revenue of $69.71 million for the quarter, compared to analyst estimates of $70.42 million. During the same quarter in the prior year, the company posted $0.78 EPS. On average, equities analysts anticipate that Lakeland Financial Corporation will post 4.3 earnings per share for the current year.

Lakeland Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Saturday, April 25th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, April 24th. Lakeland Financial’s dividend payout ratio is 48.71%.

Analyst Ratings Changes

Several analysts recently commented on the company. Hovde Group boosted their price target on Lakeland Financial from $63.00 to $66.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Lakeland Financial in a research report on Tuesday, April 21st. Finally, Wall Street Zen upgraded Lakeland Financial from a “sell” rating to a “hold” rating in a research report on Sunday, April 19th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Lakeland Financial has a consensus rating of “Hold” and an average target price of $66.50.

About Lakeland Financial

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.