Lakeland Financial (NASDAQ:LKFN) Announces Earnings Results

Lakeland Financial (NASDAQ:LKFN) announced its quarterly earnings results on Monday. The financial services provider reported $1.16 EPS for the quarter, topping the consensus estimate of $1.05 by $0.11, Briefing.com reports. Lakeland Financial had a net margin of 23.23% and a return on equity of 13.77%. The firm had revenue of $69.80 million for the quarter, compared to analyst estimates of $69.45 million. During the same period last year, the business earned $0.94 EPS.

Lakeland Financial Stock Performance

Shares of NASDAQ:LKFN traded up $0.53 during midday trading on Monday, hitting $59.36. 43,396 shares of the company’s stock traded hands, compared to its average volume of 155,605. Lakeland Financial has a twelve month low of $50.00 and a twelve month high of $71.76. The company has a market cap of $1.52 billion, a PE ratio of 15.70 and a beta of 0.73. The firm’s fifty day moving average price is $58.52 and its two-hundred day moving average price is $61.60.

Lakeland Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Sunday, January 25th will be paid a dividend of $0.52 per share. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, January 23rd. Lakeland Financial’s payout ratio is currently 54.88%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on LKFN shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Lakeland Financial in a research note on Thursday. Keefe, Bruyette & Woods reduced their price target on shares of Lakeland Financial from $68.00 to $66.00 and set a “market perform” rating for the company in a research report on Tuesday, October 28th. Hovde Group lowered Lakeland Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 7th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $68.00 price objective (down from $74.00) on shares of Lakeland Financial in a report on Tuesday, October 28th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $68.67.

Institutional Trading of Lakeland Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. grew its position in shares of Lakeland Financial by 3.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 15,166 shares of the financial services provider’s stock valued at $974,000 after buying an additional 502 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in Lakeland Financial by 29.2% in the second quarter. BNP Paribas Financial Markets now owns 18,632 shares of the financial services provider’s stock valued at $1,145,000 after acquiring an additional 4,206 shares during the period. California State Teachers Retirement System grew its holdings in shares of Lakeland Financial by 2.0% during the second quarter. California State Teachers Retirement System now owns 23,574 shares of the financial services provider’s stock valued at $1,449,000 after purchasing an additional 464 shares during the last quarter. Rafferty Asset Management LLC raised its position in shares of Lakeland Financial by 51.5% during the 2nd quarter. Rafferty Asset Management LLC now owns 27,336 shares of the financial services provider’s stock worth $1,680,000 after purchasing an additional 9,290 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Lakeland Financial by 30.0% in the 3rd quarter. Invesco Ltd. now owns 108,130 shares of the financial services provider’s stock worth $6,942,000 after purchasing an additional 24,935 shares during the last quarter. 81.15% of the stock is owned by hedge funds and other institutional investors.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.

Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.