Lakeland Financial Co. (NASDAQ:LKFN) announced a quarterly dividend on Tuesday, October 12th, Zacks reports. Shareholders of record on Monday, October 25th will be paid a dividend of 0.34 per share by the financial services provider on Friday, November 5th. This represents a $1.36 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Friday, October 22nd.
Lakeland Financial has raised its dividend by 90.5% over the last three years and has raised its dividend every year for the last 1 years. Lakeland Financial has a dividend payout ratio of 35.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lakeland Financial to earn $3.40 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 38.8%.
NASDAQ:LKFN opened at $73.82 on Thursday. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 19.90 and a beta of 0.85. The business’s 50-day moving average price is $68.63 and its two-hundred day moving average price is $65.22. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. Lakeland Financial has a 1-year low of $43.54 and a 1-year high of $77.05.
In related news, EVP Kristin Pruitt sold 375 shares of the firm’s stock in a transaction on Friday, September 3rd. The shares were sold at an average price of $68.00, for a total value of $25,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael E. Gavin sold 3,000 shares of Lakeland Financial stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $72.54, for a total transaction of $217,620.00. The disclosure for this sale can be found here. Insiders have sold a total of 6,625 shares of company stock valued at $471,423 over the last ninety days. Company insiders own 4.40% of the company’s stock.
Several analysts have commented on the stock. Stephens restated an “equal weight” rating and set a $58.91 target price (down from $70.00) on shares of Lakeland Financial in a report on Tuesday, July 27th. Zacks Investment Research raised shares of Lakeland Financial from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research note on Thursday, September 30th.
Lakeland Financial Company Profile
Lakeland Financial Corp. is a bank holding company, which engages in the provision of banking products and services. It offers commercial and consumer banking, trust and wealth management, brokerage, and treasury management commercial services. The company was founded on February 8, 1983 and is headquartered in Warsaw, IN.
See Also: How to Invest in Growth Stocks
Receive News & Ratings for Lakeland Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lakeland Financial and related companies with MarketBeat.com's FREE daily email newsletter.