Lakeland Financial (NASDAQ:LKFN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Lakeland Financial (NASDAQ:LKFN) from a sell rating to a hold rating in a research note released on Sunday.

A number of other equities analysts also recently commented on LKFN. Hovde Group downgraded Lakeland Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Stephens set a $66.00 target price on shares of Lakeland Financial in a research report on Tuesday, January 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Lakeland Financial in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $68.00.

Lakeland Financial Trading Up 0.4%

LKFN opened at $56.72 on Friday. The stock has a fifty day moving average price of $59.30 and a 200 day moving average price of $60.69. Lakeland Financial has a 1 year low of $50.00 and a 1 year high of $69.40. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 14.14 and a beta of 0.73.

Lakeland Financial (NASDAQ:LKFN) last issued its earnings results on Monday, January 26th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.02. The company had revenue of $69.80 million for the quarter, compared to analyst estimates of $69.45 million. Lakeland Financial had a return on equity of 14.19% and a net margin of 24.51%.During the same period in the prior year, the firm posted $0.94 EPS. As a group, sell-side analysts forecast that Lakeland Financial will post 3.7 earnings per share for the current fiscal year.

Lakeland Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Sunday, January 25th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.08 annualized dividend and a yield of 3.7%. This is an increase from Lakeland Financial’s previous quarterly dividend of $0.50. Lakeland Financial’s dividend payout ratio (DPR) is presently 51.87%.

Insiders Place Their Bets

In other news, Director Bradley J. Toothaker sold 5,685 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $58.36, for a total value of $331,776.60. Following the completion of the transaction, the director owned 20,178 shares in the company, valued at approximately $1,177,588.08. This represents a 21.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director M Scott Welch purchased 10,000 shares of the business’s stock in a transaction on Friday, February 27th. The shares were acquired at an average price of $57.95 per share, with a total value of $579,500.00. Following the purchase, the director owned 49,000 shares of the company’s stock, valued at approximately $2,839,550. This trade represents a 25.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On Lakeland Financial

Several large investors have recently made changes to their positions in LKFN. Parkside Financial Bank & Trust lifted its holdings in Lakeland Financial by 248.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 442 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 315 shares during the last quarter. Osaic Holdings Inc. boosted its position in Lakeland Financial by 186.0% in the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after buying an additional 305 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Lakeland Financial by 1,212.5% during the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock worth $39,000 after buying an additional 582 shares during the last quarter. Global Retirement Partners LLC grew its stake in Lakeland Financial by 118.9% during the fourth quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider’s stock worth $57,000 after buying an additional 541 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Lakeland Financial by 80.9% during the third quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider’s stock worth $107,000 after buying an additional 747 shares in the last quarter. Institutional investors own 81.15% of the company’s stock.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.

Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.