Lakeland Financial (LKFN) Upgraded by BidaskClub to Hold

BidaskClub upgraded shares of Lakeland Financial (NASDAQ:LKFN) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

Other analysts have also recently issued research reports about the company. Zacks Investment Research cut Lakeland Financial from a buy rating to a hold rating in a research report on Saturday, March 31st. Boenning Scattergood assumed coverage on Lakeland Financial in a research report on Friday, June 8th. They issued a neutral rating on the stock. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $51.50.

LKFN opened at $50.12 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.95 and a current ratio of 0.95. Lakeland Financial has a one year low of $41.30 and a one year high of $52.43. The stock has a market cap of $1.26 billion, a PE ratio of 20.97, a PEG ratio of 1.67 and a beta of 0.86.

Lakeland Financial (NASDAQ:LKFN) last posted its earnings results on Wednesday, April 25th. The financial services provider reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.01. Lakeland Financial had a return on equity of 14.09% and a net margin of 28.94%. The business had revenue of $46.10 million for the quarter, compared to analysts’ expectations of $45.57 million. equities research analysts anticipate that Lakeland Financial will post 3 EPS for the current year.

In related news, insider Kristin Pruitt sold 1,200 shares of the business’s stock in a transaction dated Monday, May 7th. The stock was sold at an average price of $48.50, for a total value of $58,200.00. Following the transaction, the insider now owns 6,700 shares in the company, valued at approximately $324,950. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven D. Ross sold 9,320 shares of the business’s stock in a transaction dated Wednesday, May 2nd. The shares were sold at an average price of $48.00, for a total value of $447,360.00. Following the completion of the transaction, the director now owns 28,001 shares in the company, valued at approximately $1,344,048. The disclosure for this sale can be found here. Insiders sold a total of 17,282 shares of company stock worth $837,872 in the last 90 days. 4.40% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the stock. California Public Employees Retirement System increased its position in Lakeland Financial by 2.1% in the 4th quarter. California Public Employees Retirement System now owns 53,771 shares of the financial services provider’s stock valued at $2,607,000 after acquiring an additional 1,100 shares during the period. Schroder Investment Management Group increased its position in Lakeland Financial by 0.5% in the 4th quarter. Schroder Investment Management Group now owns 251,208 shares of the financial services provider’s stock valued at $12,181,000 after acquiring an additional 1,362 shares during the period. Dynamic Technology Lab Private Ltd increased its position in Lakeland Financial by 45.3% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 6,260 shares of the financial services provider’s stock worth $290,000 after purchasing an additional 1,951 shares during the period. Swiss National Bank increased its position in Lakeland Financial by 6.3% during the 4th quarter. Swiss National Bank now owns 41,950 shares of the financial services provider’s stock worth $2,034,000 after purchasing an additional 2,500 shares during the period. Finally, Segall Bryant & Hamill LLC increased its position in Lakeland Financial by 0.8% during the 1st quarter. Segall Bryant & Hamill LLC now owns 380,763 shares of the financial services provider’s stock worth $17,603,000 after purchasing an additional 3,117 shares during the period. Hedge funds and other institutional investors own 72.55% of the company’s stock.

About Lakeland Financial

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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