Lakeland Financial Co. (NASDAQ:LKFN) announced a quarterly dividend on Tuesday, October 8th, Zacks reports. Investors of record on Friday, October 25th will be given a dividend of 0.30 per share by the financial services provider on Tuesday, November 5th. This represents a $1.20 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend is Thursday, October 24th.
Lakeland Financial has raised its dividend by an average of 1.9% per year over the last three years and has increased its dividend every year for the last 7 years. Lakeland Financial has a dividend payout ratio of 39.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Lakeland Financial to earn $3.21 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 37.4%.
NASDAQ LKFN traded up $0.42 during midday trading on Thursday, hitting $42.90. The company had a trading volume of 7,852 shares, compared to its average volume of 65,814. The company has a market capitalization of $1.10 billion, a PE ratio of 13.71, a P/E/G ratio of 1.32 and a beta of 0.94. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $43.44 and a 200-day moving average price of $45.26. Lakeland Financial has a twelve month low of $37.79 and a twelve month high of $49.20.
In other news, EVP Kevin L. Deardorff sold 3,870 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $43.96, for a total value of $170,125.20. Following the transaction, the executive vice president now directly owns 50,535 shares of the company’s stock, valued at approximately $2,221,518.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael L. Kubacki sold 10,944 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $43.23, for a total value of $473,109.12. Following the completion of the transaction, the director now directly owns 204,934 shares in the company, valued at $8,859,296.82. The disclosure for this sale can be found here. In the last quarter, insiders acquired 11,000 shares of company stock worth $468,290 and sold 16,914 shares worth $738,349. Insiders own 4.60% of the company’s stock.
A number of equities research analysts recently weighed in on LKFN shares. Zacks Investment Research lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Tuesday. ValuEngine upgraded Lakeland Financial from a “sell” rating to a “hold” rating in a research report on Monday. Finally, BidaskClub lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Tuesday.
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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