Lakeland Financial (NASDAQ:LKFN) Upgraded at BidaskClub

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BidaskClub upgraded shares of Lakeland Financial (NASDAQ:LKFN) from a sell rating to a hold rating in a research report report published on Saturday, BidAskClub reports.

Other analysts have also recently issued reports about the stock. ValuEngine raised shares of Lakeland Financial from a sell rating to a hold rating in a research note on Thursday, August 1st. Zacks Investment Research raised shares of Lakeland Financial from a sell rating to a hold rating in a research note on Thursday, July 25th. Finally, Boenning Scattergood reissued a hold rating on shares of Lakeland Financial in a research note on Thursday, May 2nd.

Shares of NASDAQ LKFN opened at $43.01 on Friday. Lakeland Financial has a 52-week low of $37.79 and a 52-week high of $51.25. The company’s fifty day moving average is $45.53. The stock has a market cap of $1.15 billion, a PE ratio of 13.74, a PEG ratio of 1.37 and a beta of 0.94. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.96 and a quick ratio of 0.96.

Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.04. Lakeland Financial had a net margin of 33.35% and a return on equity of 16.37%. The company had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $49.78 million. On average, sell-side analysts forecast that Lakeland Financial will post 3.26 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Thursday, July 25th were issued a dividend of $0.30 per share. The ex-dividend date was Wednesday, July 24th. This represents a $1.20 annualized dividend and a dividend yield of 2.79%. Lakeland Financial’s payout ratio is 38.34%.

In related news, insider Kristin Pruitt sold 1,600 shares of Lakeland Financial stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $46.00, for a total transaction of $73,600.00. Following the transaction, the insider now owns 7,494 shares in the company, valued at approximately $344,724. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.60% of the company’s stock.

Large investors have recently bought and sold shares of the stock. BKD Wealth Advisors LLC lifted its holdings in shares of Lakeland Financial by 16.6% during the 2nd quarter. BKD Wealth Advisors LLC now owns 51,530 shares of the financial services provider’s stock valued at $2,413,000 after acquiring an additional 7,324 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Lakeland Financial by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 296,711 shares of the financial services provider’s stock valued at $11,915,000 after acquiring an additional 22,722 shares in the last quarter. Timucuan Asset Management Inc. FL acquired a new position in shares of Lakeland Financial during the 1st quarter valued at $6,538,000. SG Americas Securities LLC acquired a new position in shares of Lakeland Financial during the 1st quarter valued at $109,000. Finally, Kessler Investment Group LLC lifted its holdings in shares of Lakeland Financial by 32.1% during the 1st quarter. Kessler Investment Group LLC now owns 4,499 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 1,094 shares in the last quarter. Institutional investors and hedge funds own 74.17% of the company’s stock.

About Lakeland Financial

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.

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