BidaskClub Upgrades Lakeland Financial (NASDAQ:LKFN) to Hold

BidaskClub upgraded shares of Lakeland Financial (NASDAQ:LKFN) from a sell rating to a hold rating in a research report report published on Saturday, BidAskClub reports.

Other equities analysts have also issued research reports about the stock. Boenning Scattergood reiterated a hold rating on shares of Lakeland Financial in a research report on Thursday, May 2nd. Zacks Investment Research lowered shares of Lakeland Financial from a hold rating to a sell rating in a research report on Tuesday, August 13th. Finally, ValuEngine upgraded shares of Lakeland Financial from a sell rating to a hold rating in a research report on Thursday, August 1st.

Shares of LKFN opened at $43.37 on Friday. The firm has a 50-day moving average price of $44.68 and a 200 day moving average price of $46.14. The firm has a market capitalization of $1.13 billion, a PE ratio of 13.86, a P/E/G ratio of 1.36 and a beta of 0.94. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. Lakeland Financial has a 52-week low of $37.79 and a 52-week high of $51.25.

Lakeland Financial (NASDAQ:LKFN) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.04. The firm had revenue of $50.00 million during the quarter, compared to analyst estimates of $49.78 million. Lakeland Financial had a net margin of 33.35% and a return on equity of 16.03%. On average, equities analysts expect that Lakeland Financial will post 3.25 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Thursday, July 25th were given a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, July 24th. This represents a $1.20 dividend on an annualized basis and a yield of 2.77%. Lakeland Financial’s dividend payout ratio is presently 38.34%.

In other Lakeland Financial news, insider Kristin Pruitt sold 1,600 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $46.00, for a total value of $73,600.00. Following the completion of the sale, the insider now directly owns 7,494 shares of the company’s stock, valued at approximately $344,724. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director M Scott Welch purchased 10,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was acquired at an average cost of $42.51 per share, with a total value of $425,100.00. Following the completion of the acquisition, the director now directly owns 1,907 shares in the company, valued at approximately $81,066.57. The disclosure for this purchase can be found here. Corporate insiders own 4.60% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Lakeland Financial in the 1st quarter valued at about $35,000. Bank of Montreal Can lifted its holdings in Lakeland Financial by 316.7% in the 1st quarter. Bank of Montreal Can now owns 1,425 shares of the financial services provider’s stock valued at $64,000 after acquiring an additional 1,083 shares during the last quarter. Advisor Group Inc. lifted its holdings in Lakeland Financial by 101.3% in the 2nd quarter. Advisor Group Inc. now owns 1,600 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 805 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Lakeland Financial in the 1st quarter valued at about $109,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in Lakeland Financial by 30.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 2,444 shares of the financial services provider’s stock valued at $114,000 after acquiring an additional 573 shares during the last quarter. 74.28% of the stock is owned by institutional investors.

Lakeland Financial Company Profile

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.

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