Lakeland Financial (NASDAQ:LKFN) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Lakeland Financial (NASDAQ:LKFN) released its quarterly earnings results on Monday. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.09 by $0.05, FiscalAI reports. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. The firm had revenue of $73.00 million during the quarter, compared to analyst estimates of $73.74 million.

Lakeland Financial Price Performance

Shares of LKFN opened at $58.39 on Monday. The business has a 50-day simple moving average of $59.15 and a two-hundred day simple moving average of $60.31. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 13.39 and a beta of 0.77. Lakeland Financial has a 52 week low of $54.36 and a 52 week high of $64.55.

Lakeland Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Sunday, October 25th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Friday, October 23rd. Lakeland Financial’s payout ratio is currently 47.71%.

Wall Street Analyst Weigh In

LKFN has been the topic of a number of research reports. Weiss Ratings downgraded shares of Lakeland Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, July 29th. Wall Street Zen lowered shares of Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Sunday, August 9th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Lakeland Financial currently has a consensus rating of “Hold” and an average target price of $66.50.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Through its principal subsidiary, Lake City Bank, the company provides banking and financial services to businesses, individuals, families and nonprofit organizations.

Lake City Bank’s services include commercial and consumer lending, residential mortgages, deposit accounts, treasury management, online and mobile banking, trust and investment management, and other wealth management services. Its commercial banking activities serve companies across a range of industries, while its consumer offerings include personal checking, savings, home lending and other credit products.

Founded in 1872, Lake City Bank has a long history of serving communities in Indiana.