BTIM Corp. increased its stake in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 24.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 372,254 shares of the financial services provider’s stock after purchasing an additional 73,891 shares during the quarter. BTIM Corp.’s holdings in Lakeland Financial were worth $16,834,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in Lakeland Financial by 3.9% during the 4th quarter. Principal Financial Group Inc. now owns 11,070 shares of the financial services provider’s stock worth $445,000 after purchasing an additional 420 shares in the last quarter. Legal & General Group Plc increased its position in Lakeland Financial by 13.8% during the 4th quarter. Legal & General Group Plc now owns 4,356 shares of the financial services provider’s stock worth $175,000 after purchasing an additional 529 shares in the last quarter. Virginia Retirement Systems ET AL increased its position in Lakeland Financial by 4.2% during the 4th quarter. Virginia Retirement Systems ET AL now owns 17,500 shares of the financial services provider’s stock worth $703,000 after purchasing an additional 700 shares in the last quarter. Kessler Investment Group LLC increased its position in 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 worth $203,000 after purchasing an additional 1,094 shares in the last quarter. Finally, Quantamental Technologies LLC acquired a new position in Lakeland Financial during the 4th quarter worth approximately $48,000. Institutional investors and hedge funds own 71.65% of the company’s stock.
Shares of NASDAQ LKFN opened at $48.09 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.39. Lakeland Financial Co. has a 52-week low of $37.79 and a 52-week high of $51.25. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 15.36, a price-to-earnings-growth ratio of 1.46 and a beta of 0.92.
Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings results on Friday, January 25th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.03. Lakeland Financial had a net margin of 33.63% and a return on equity of 16.24%. The firm had revenue of $49.70 million during the quarter, compared to analysts’ expectations of $48.48 million. As a group, research analysts expect that Lakeland Financial Co. will post 3.3 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 6th. Shareholders of record on Thursday, April 25th will be given a $0.30 dividend. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a yield of 2.50%. The ex-dividend date is Wednesday, April 24th. Lakeland Financial’s dividend payout ratio is 33.23%.
In other Lakeland Financial news, EVP Michael E. Gavin sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 5th. The shares were sold at an average price of $45.43, for a total value of $227,150.00. Following the completion of the transaction, the executive vice president now directly owns 5,299 shares in the company, valued at approximately $240,733.57. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Batty Jill A. De sold 3,672 shares of the company’s stock in a transaction that occurred on Tuesday, February 5th. The shares were sold at an average price of $45.39, for a total transaction of $166,672.08. Following the completion of the transaction, the insider now owns 10,386 shares of the company’s stock, valued at $471,420.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,439 shares of company stock valued at $665,431. Corporate insiders own 4.60% of the company’s stock.
A number of equities analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Lakeland Financial from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Friday, December 28th. BidaskClub cut shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Thursday, February 14th. Finally, ValuEngine upgraded shares of Lakeland Financial from a “sell” rating to a “hold” rating in a research report on Friday, January 25th. Five research analysts have rated the stock with a hold rating, Lakeland Financial currently has a consensus rating of “Hold” and a consensus price target of $52.50.
Lakeland Financial Company Profile
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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