Lakeland Financial (NASDAQ:LKFN) Stock Price Down 4.1% – What’s Next?

Shares of Lakeland Financial Co. (NASDAQ:LKFN) fell 4.1% during mid-day trading on Friday . The company traded as low as $62.55 and last traded at $62.55. 29,390 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 113,461 shares. The stock had previously closed at $65.24.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lifted their price objective on Lakeland Financial from $64.00 to $65.00 and gave the stock a “market perform” rating in a report on Monday, July 29th.

Lakeland Financial Stock Down 2.9 %

The firm has a market capitalization of $1.60 billion, a PE ratio of 16.04 and a beta of 0.65. The stock’s fifty day simple moving average is $65.26 and its 200 day simple moving average is $63.21.

Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings data on Friday, October 25th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $106.94 million during the quarter, compared to analyst estimates of $59.90 million. Lakeland Financial had a return on equity of 14.72% and a net margin of 23.70%. During the same period in the prior year, the business posted $0.98 EPS. On average, analysts predict that Lakeland Financial Co. will post 3.37 EPS for the current year.

Lakeland Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a dividend of $0.48 per share. The ex-dividend date is Friday, October 25th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.05%. Lakeland Financial’s payout ratio is currently 48.98%.

Insider Buying and Selling

In other Lakeland Financial news, SVP James Rickard Donovan sold 800 shares of Lakeland Financial stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $65.42, for a total transaction of $52,336.00. Following the transaction, the senior vice president now owns 9,568 shares of the company’s stock, valued at $625,938.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Brok A. Lahrman sold 415 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $68.91, for a total value of $28,597.65. Following the transaction, the chief accounting officer now directly owns 1,739 shares of the company’s stock, valued at approximately $119,834.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP James Rickard Donovan sold 800 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $65.42, for a total transaction of $52,336.00. Following the sale, the senior vice president now directly owns 9,568 shares of the company’s stock, valued at approximately $625,938.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,635 shares of company stock valued at $914,604. 3.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lakeland Financial

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Lakeland Financial by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 1,847,688 shares of the financial services provider’s stock valued at $120,395,000 after purchasing an additional 42,862 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Lakeland Financial by 72.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,810 shares of the financial services provider’s stock valued at $1,290,000 after buying an additional 8,304 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Lakeland Financial by 82.3% in the 1st quarter. BNP Paribas Financial Markets now owns 12,344 shares of the financial services provider’s stock worth $819,000 after acquiring an additional 5,571 shares during the last quarter. Sippican Capital Advisors purchased a new stake in shares of Lakeland Financial during the 1st quarter worth approximately $223,000. Finally, Choreo LLC bought a new position in shares of Lakeland Financial during the 1st quarter valued at approximately $783,000. Institutional investors own 81.15% of the company’s stock.

About Lakeland Financial

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in the United States. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits.