Lakeland Financial Corporation (NASDAQ:LKFN) Stock Rated “Hold” by Sell-Side Analysts

Shares of Lakeland Financial Corporation (NASDAQ:LKFN) have been given an average rating of “Hold” by the five research firms that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating. The average 1 year price objective among brokers that have covered the stock in the last year is $65.67.

A number of research firms have recently issued reports on LKFN. Keefe, Bruyette & Woods increased their price target on shares of Lakeland Financial from $63.00 to $64.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Lakeland Financial in a research report on Tuesday, October 27th. Wall Street Zen downgraded shares of Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Sunday, August 9th. Raymond James Financial reiterated a “market perform” rating on shares of Lakeland Financial in a research note on Tuesday, October 27th. Finally, Stephens increased their target price on shares of Lakeland Financial from $66.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 28th.

Lakeland Financial Trading Down 0.9%

NASDAQ:LKFN opened at $61.26 on Wednesday. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 13.83 and a beta of 0.77. Lakeland Financial has a 1-year low of $54.36 and a 1-year high of $64.55. The business’s fifty day moving average price is $59.18 and its 200 day moving average price is $59.93.

Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings data on Monday, October 26th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.05. Lakeland Financial had a return on equity of 15.07% and a net margin of 26.51%. The firm had revenue of $73.00 million during the quarter, compared to the consensus estimate of $73.74 million. During the same period in the prior year, the business earned $1.03 EPS. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. Equities analysts forecast that Lakeland Financial will post 4.41 earnings per share for the current year.

Lakeland Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Sunday, October 25th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Friday, October 23rd. Lakeland Financial’s payout ratio is currently 46.53%.

Hedge Funds Weigh In On Lakeland Financial

A number of hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. acquired a new stake in shares of Lakeland Financial during the 3rd quarter valued at about $551,000. Bridge City Capital LLC grew its stake in shares of Lakeland Financial by 21.4% in the 3rd quarter. Bridge City Capital LLC now owns 50,655 shares of the financial services provider’s stock valued at $2,921,000 after buying an additional 8,914 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Lakeland Financial in the third quarter worth approximately $1,366,000. ProShare Advisors LLC increased its holdings in Lakeland Financial by 44.9% in the third quarter. ProShare Advisors LLC now owns 163,890 shares of the financial services provider’s stock worth $9,450,000 after buying an additional 50,763 shares during the last quarter. Finally, Choreo LLC increased its holdings in Lakeland Financial by 15.8% in the third quarter. Choreo LLC now owns 7,597 shares of the financial services provider’s stock worth $438,000 after buying an additional 1,036 shares during the last quarter. 81.15% of the stock is owned by institutional investors and hedge funds.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Through its principal subsidiary, Lake City Bank, the company provides banking and financial services to businesses, individuals, families and nonprofit organizations.

Lake City Bank’s services include commercial and consumer lending, residential mortgages, deposit accounts, treasury management, online and mobile banking, trust and investment management, and other wealth management services. Its commercial banking activities serve companies across a range of industries, while its consumer offerings include personal checking, savings, home lending and other credit products.

Founded in 1872, Lake City Bank has a long history of serving communities in Indiana.