Schwab Charles Investment Management Inc. lifted its position in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 15.9% during the 4th quarter, HoldingsChannel reports. The fund owned 124,142 shares of the financial services provider’s stock after buying an additional 17,002 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Lakeland Financial were worth $6,020,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of Lakeland Financial during the 3rd quarter worth approximately $208,000. Macquarie Group Ltd. acquired a new position in shares of Lakeland Financial during the 3rd quarter worth approximately $314,000. Grandeur Peak Global Advisors LLC acquired a new position in shares of Lakeland Financial during the 3rd quarter worth approximately $689,000. Principal Financial Group Inc. raised its position in shares of Lakeland Financial by 69.2% during the 3rd quarter. Principal Financial Group Inc. now owns 14,174 shares of the financial services provider’s stock worth $690,000 after purchasing an additional 5,796 shares during the last quarter. Finally, American International Group Inc. raised its position in shares of Lakeland Financial by 8.1% during the 3rd quarter. American International Group Inc. now owns 16,202 shares of the financial services provider’s stock worth $789,000 after purchasing an additional 1,212 shares during the last quarter. 70.92% of the stock is currently owned by institutional investors and hedge funds.
Lakeland Financial Co. (NASDAQ LKFN) opened at $48.59 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.97 and a current ratio of 0.97. Lakeland Financial Co. has a 12-month low of $39.68 and a 12-month high of $52.43. The stock has a market capitalization of $1,231.43, a P/E ratio of 20.29, a P/E/G ratio of 1.65 and a beta of 0.90.
Several research analysts recently issued reports on the company. BidaskClub downgraded Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Zacks Investment Research downgraded Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. ValuEngine upgraded Lakeland Financial from a “hold” rating to a “buy” rating in a research report on Thursday, November 30th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $50.00 price objective on shares of Lakeland Financial in a research report on Friday, December 22nd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Lakeland Financial currently has a consensus rating of “Hold” and a consensus price target of $52.00.
In other Lakeland Financial news, Director M Scott Welch purchased 25,000 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was bought at an average cost of $45.64 per share, for a total transaction of $1,141,000.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jonathan P. Steiner sold 1,960 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $45.92, for a total value of $90,003.20. Following the completion of the transaction, the insider now owns 6,600 shares of the company’s stock, valued at $303,072. The disclosure for this sale can be found here. Insiders have sold a total of 8,318 shares of company stock valued at $383,569 over the last 90 days. Insiders own 4.40% of the company’s stock.
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About Lakeland Financial
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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