Kessler Investment Group LLC cut its holdings in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 12.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,405 shares of the financial services provider’s stock after selling 500 shares during the period. Kessler Investment Group LLC’s holdings in Lakeland Financial were worth $137,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LKFN. United Services Automobile Association bought a new stake in Lakeland Financial during the 2nd quarter worth approximately $202,000. Capital Fund Management S.A. bought a new position in Lakeland Financial in the 3rd quarter valued at $251,000. Engineers Gate Manager LP bought a new position in Lakeland Financial in the 3rd quarter valued at $358,000. WINTON GROUP Ltd boosted its position in Lakeland Financial by 14.0% in the 3rd quarter. WINTON GROUP Ltd now owns 10,005 shares of the financial services provider’s stock valued at $465,000 after buying an additional 1,226 shares during the last quarter. Finally, BlueMountain Capital Management LLC boosted its position in Lakeland Financial by 52.0% in the 2nd quarter. BlueMountain Capital Management LLC now owns 10,369 shares of the financial services provider’s stock valued at $500,000 after buying an additional 3,547 shares during the last quarter. Institutional investors and hedge funds own 70.95% of the company’s stock.
LKFN traded up $0.24 during mid-day trading on Friday, reaching $43.10. The stock had a trading volume of 3,711 shares, compared to its average volume of 132,340. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 18.01, a PEG ratio of 1.31 and a beta of 0.87. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.97 and a current ratio of 0.97. Lakeland Financial Co. has a 52 week low of $37.79 and a 52 week high of $51.76.
Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.02. The company had revenue of $48.36 million for the quarter, compared to the consensus estimate of $48.60 million. Lakeland Financial had a return on equity of 15.54% and a net margin of 30.88%. As a group, research analysts forecast that Lakeland Financial Co. will post 3.09 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 5th. Stockholders of record on Friday, January 25th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date is Thursday, January 24th. Lakeland Financial’s dividend payout ratio (DPR) is currently 43.51%.
A number of research analysts have commented on LKFN shares. BidaskClub lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Friday, December 7th. Zacks Investment Research upgraded Lakeland Financial from a “hold” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Wednesday, October 31st. ValuEngine lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of Lakeland Financial in a research report on Friday, October 26th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Lakeland Financial currently has a consensus rating of “Hold” and an average price target of $47.50.
In related news, insider Kevin L. Deardorff purchased 5,582 shares of the business’s stock in a transaction dated Friday, December 14th. The shares were bought at an average price of $41.47 per share, with a total value of $231,485.54. Following the purchase, the insider now directly owns 42,015 shares in the company, valued at approximately $1,742,362.05. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director M Scott Welch purchased 8,750 shares of the business’s stock in a transaction dated Wednesday, December 12th. The stock was bought at an average cost of $42.78 per share, for a total transaction of $374,325.00. Following the purchase, the director now owns 145,198 shares in the company, valued at $6,211,570.44. The disclosure for this purchase can be found here. In the last three months, insiders bought 32,456 shares of company stock worth $1,376,023. 4.40% of the stock is currently owned by company insiders.
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Lakeland Financial Company Profile
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.
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