Insider Buying: Lakeland Financial (NASDAQ:LKFN) Director Purchases $117,170.62 in Stock

Lakeland Financial Corporation (NASDAQ:LKFN) Director Robert Bartels, Jr. bought 1,918 shares of the firm’s stock in a transaction that occurred on Friday, November 6th. The shares were acquired at an average cost of $61.09 per share, for a total transaction of $117,170.62. Following the purchase, the director directly owned 30,376 shares in the company, valued at $1,855,669.84. This trade represents a 6.74% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Lakeland Financial Trading Down 0.0%

NASDAQ LKFN opened at $62.07 on Thursday. The stock’s 50 day moving average is $59.50 and its 200 day moving average is $59.99. Lakeland Financial Corporation has a 12 month low of $54.36 and a 12 month high of $64.55. The stock has a market cap of $1.53 billion, a PE ratio of 13.89 and a beta of 0.77.

Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings results on Monday, October 26th. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.05. Lakeland Financial had a return on equity of 15.07% and a net margin of 26.51%. The business had revenue of $73.00 million during the quarter, compared to the consensus estimate of $73.74 million. During the same period in the prior year, the company posted $1.03 EPS. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, analysts forecast that Lakeland Financial Corporation will post 4.41 EPS for the current fiscal year.

Lakeland Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Sunday, October 25th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Friday, October 23rd. Lakeland Financial’s payout ratio is 46.53%.

Hedge Funds Weigh In On Lakeland Financial

Several institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC bought a new stake in Lakeland Financial in the second quarter worth $38,000. Allworth Financial LP purchased a new stake in Lakeland Financial during the second quarter valued at $41,000. Integrated Wealth Concepts LLC purchased a new stake in Lakeland Financial during the second quarter valued at $41,000. Sterling Capital Management LLC lifted its position in Lakeland Financial by 176.3% during the third quarter. Sterling Capital Management LLC now owns 688 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 439 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in Lakeland Financial by 40.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 210 shares during the last quarter. Hedge funds and other institutional investors own 81.15% of the company’s stock.

Analysts Set New Price Targets

LKFN has been the subject of a number of research reports. Keefe, Bruyette & Woods upped their target price on shares of Lakeland Financial from $63.00 to $64.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Lakeland Financial in a report on Tuesday, October 27th. Wall Street Zen downgraded shares of Lakeland Financial from a “hold” rating to a “sell” rating in a report on Sunday, August 9th. Raymond James Financial reiterated a “market perform” rating on shares of Lakeland Financial in a research note on Tuesday, October 27th. Finally, Stephens increased their price objective on shares of Lakeland Financial from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Wednesday, October 28th. Five investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $65.67.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana, and the parent company of Lake City Bank. The bank traces its history to 1872 and serves individuals, businesses and organizations across northern and central Indiana. Lake City Bank offers personal and business banking services, including deposit accounts, lending, mortgage financing and digital banking. Its business services include commercial loans, treasury management and other cash-management solutions.