Zacks Investment Research upgraded shares of Lakeland Financial Corp. (NASDAQ:LKFN) from a hold rating to a buy rating in a report released on Monday. The brokerage currently has $39.00 price target on the financial services provider’s stock.
According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “
A number of other research analysts have also weighed in on the company. Keefe, Bruyette & Woods decreased their price objective on Lakeland Financial Corp. from $48.00 to $32.00 and set a market perform rating on the stock in a report on Tuesday, August 9th. DA Davidson assumed coverage on Lakeland Financial Corp. in a report on Thursday, July 21st. They set a neutral rating on the stock. Finally, Stephens lowered Lakeland Financial Corp. from an overweight rating to an equal weight rating in a report on Monday, June 13th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Lakeland Financial Corp. currently has an average rating of Hold and an average target price of $39.33.
Shares of Lakeland Financial Corp. (NASDAQ:LKFN) opened at 34.89 on Monday. The company has a 50-day moving average of $35.56 and a 200-day moving average of $32.71. The stock has a market capitalization of $868.55 million, a price-to-earnings ratio of 18.05 and a beta of 0.82. Lakeland Financial Corp. has a 1-year low of $26.53 and a 1-year high of $37.74.
Lakeland Financial Corp. (NASDAQ:LKFN) last announced its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Lakeland Financial Corp. had a return on equity of 12.19% and a net margin of 30.35%. On average, equities research analysts expect that Lakeland Financial Corp. will post $2.00 EPS for the current fiscal year.
In related news, insider Kevin L. Deardorff sold 4,263 shares of the firm’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $35.24, for a total transaction of $150,228.12. Following the completion of the sale, the insider now directly owns 43,324 shares of the company’s stock, valued at approximately $1,526,737.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles E. Niemier acquired 554 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The shares were acquired at an average cost of $52.99 per share, with a total value of $29,356.46. Following the completion of the transaction, the director now directly owns 144,361 shares in the company, valued at approximately $7,649,689.39. The disclosure for this purchase can be found here. Corporate insiders own 4.90% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its stake in shares of Lakeland Financial Corp. by 2,657.0% in the second quarter. Royal Bank of Canada now owns 2,564 shares of the financial services provider’s stock worth $121,000 after buying an additional 2,471 shares during the last quarter. BlackRock Inc. increased its position in Lakeland Financial Corp. by 748.4% in the second quarter. BlackRock Inc. now owns 5,455 shares of the financial services provider’s stock valued at $257,000 after buying an additional 4,812 shares in the last quarter. Teacher Retirement System of Texas increased its position in Lakeland Financial Corp. by 5.4% in the second quarter. Teacher Retirement System of Texas now owns 5,579 shares of the financial services provider’s stock valued at $262,000 after buying an additional 287 shares in the last quarter. Citadel Advisors LLC purchased a new position in Lakeland Financial Corp. during the second quarter valued at $304,000. Finally, UBS Asset Management Americas Inc. increased its position in Lakeland Financial Corp. by 6.1% in the second quarter. UBS Asset Management Americas Inc. now owns 6,984 shares of the financial services provider’s stock valued at $328,000 after buying an additional 404 shares in the last quarter. 44.53% of the stock is owned by hedge funds and other institutional investors.
Lakeland Financial Corp. Company Profile
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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