Brokerages expect Lakeland Financial Co. (NASDAQ:LKFN) to report $54.55 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Lakeland Financial’s earnings, with estimates ranging from $52.10 million to $57.00 million. Lakeland Financial posted sales of $49.63 million during the same quarter last year, which would indicate a positive year over year growth rate of 9.9%. The company is scheduled to issue its next quarterly earnings report on Monday, April 26th.
On average, analysts expect that Lakeland Financial will report full-year sales of $212.90 million for the current fiscal year, with estimates ranging from $204.80 million to $221.00 million. For the next year, analysts expect that the firm will post sales of $215.75 million, with estimates ranging from $207.50 million to $224.00 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings data on Sunday, January 24th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.16. Lakeland Financial had a return on equity of 13.31% and a net margin of 33.90%. The company had revenue of $56.50 million during the quarter, compared to analysts’ expectations of $52.25 million.
NASDAQ LKFN opened at $69.64 on Friday. Lakeland Financial has a 1-year low of $33.92 and a 1-year high of $77.05. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 21.83 and a beta of 0.93. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $70.94 and a 200-day moving average of $58.59.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 5th. Stockholders of record on Sunday, April 25th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Thursday, April 22nd. Lakeland Financial’s dividend payout ratio (DPR) is 40.24%.
In other news, EVP Michael E. Gavin sold 3,000 shares of Lakeland Financial stock in a transaction dated Wednesday, March 17th. The stock was sold at an average price of $71.78, for a total value of $215,340.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael L. Kubacki sold 50,490 shares of the firm’s stock in a transaction dated Friday, January 29th. The shares were sold at an average price of $59.12, for a total value of $2,984,968.80. Following the sale, the director now owns 181,725 shares in the company, valued at $10,743,582. The disclosure for this sale can be found here. Insiders have sold 92,418 shares of company stock worth $5,735,529 over the last 90 days. Insiders own 4.80% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in LKFN. First Trust Advisors LP boosted its holdings in shares of Lakeland Financial by 20.0% during the first quarter. First Trust Advisors LP now owns 78,853 shares of the financial services provider’s stock worth $3,566,000 after acquiring an additional 13,125 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Lakeland Financial by 3.3% in the third quarter. JPMorgan Chase & Co. now owns 24,787 shares of the financial services provider’s stock worth $1,024,000 after purchasing an additional 784 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Lakeland Financial by 307.4% during the third quarter. Great West Life Assurance Co. Can now owns 8,115 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 6,123 shares in the last quarter. Morgan Stanley grew its stake in Lakeland Financial by 46.4% during the third quarter. Morgan Stanley now owns 15,736 shares of the financial services provider’s stock valued at $648,000 after acquiring an additional 4,990 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Lakeland Financial in the 3rd quarter worth $223,000. 73.75% of the stock is currently owned by hedge funds and other institutional investors.
About Lakeland Financial
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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