Wall Street brokerages forecast that Lakeland Financial Co. (NASDAQ:LKFN) will post earnings of $0.70 per share for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Lakeland Financial’s earnings, with the lowest EPS estimate coming in at $0.70 and the highest estimate coming in at $0.71. Lakeland Financial reported earnings of $0.57 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 22.8%. The firm is expected to report its next earnings results on Tuesday, April 24th.
On average, analysts expect that Lakeland Financial will report full-year earnings of $2.96 per share for the current year, with EPS estimates ranging from $2.90 to $3.00. For the next year, analysts anticipate that the company will post earnings of $3.19 per share, with EPS estimates ranging from $3.13 to $3.29. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that cover Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.61 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.61. The company had revenue of $44.85 million during the quarter, compared to analysts’ expectations of $44.64 million. Lakeland Financial had a net margin of 28.42% and a return on equity of 13.53%.
A number of brokerages have recently issued reports on LKFN. Zacks Investment Research lowered shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Friday. BidaskClub upgraded shares of Lakeland Financial from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $50.00 target price on shares of Lakeland Financial in a research note on Friday, December 22nd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $50.67.
Shares of Lakeland Financial stock traded down $1.27 during trading on Friday, reaching $46.23. The company had a trading volume of 68,558 shares, compared to its average volume of 93,092. The firm has a market cap of $1,168.97, a PE ratio of 19.34, a price-to-earnings-growth ratio of 1.56 and a beta of 0.86. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.97 and a current ratio of 0.97. Lakeland Financial has a fifty-two week low of $41.30 and a fifty-two week high of $52.43.
In related news, Director M Scott Welch bought 25,000 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were acquired at an average price of $45.64 per share, for a total transaction of $1,141,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael E. Gavin sold 4,558 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $45.95, for a total transaction of $209,440.10. Following the completion of the sale, the executive vice president now owns 7,800 shares in the company, valued at approximately $358,410. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,768 shares of company stock worth $502,282. Company insiders own 4.40% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in Lakeland Financial during the third quarter worth about $208,000. OLD National Bancorp IN acquired a new stake in Lakeland Financial during the fourth quarter worth about $211,000. Xact Kapitalforvaltning AB acquired a new stake in Lakeland Financial during the fourth quarter worth about $258,000. Bedel Financial Consulting Inc. acquired a new stake in Lakeland Financial during the fourth quarter worth about $313,000. Finally, Macquarie Group Ltd. acquired a new stake in Lakeland Financial during the third quarter worth about $314,000. Hedge funds and other institutional investors own 70.94% of the company’s stock.
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About Lakeland Financial
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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