Lakeland Financial (LKFN) Upgraded by BidaskClub to Sell

BidaskClub upgraded shares of Lakeland Financial (NASDAQ:LKFN) from a strong sell rating to a sell rating in a research note published on Tuesday.

LKFN has been the subject of a number of other reports. ValuEngine cut shares of Lakeland Financial from a hold rating to a sell rating in a research report on Thursday, September 27th. Boenning Scattergood reiterated a hold rating on shares of Lakeland Financial in a research report on Friday, October 26th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $51.00 price objective on shares of Lakeland Financial in a research report on Thursday, July 26th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Lakeland Financial presently has a consensus rating of Hold and an average target price of $49.00.

LKFN stock opened at $43.71 on Tuesday. The company has a market cap of $1.09 billion, a P/E ratio of 18.29, a P/E/G ratio of 1.40 and a beta of 0.76. Lakeland Financial has a 1 year low of $39.41 and a 1 year high of $52.43. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.42.

Lakeland Financial (NASDAQ:LKFN) last released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.02. The business had revenue of $48.36 million during the quarter, compared to analysts’ expectations of $48.60 million. Lakeland Financial had a net margin of 30.88% and a return on equity of 15.72%. As a group, research analysts expect that Lakeland Financial will post 3.08 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 5th. Shareholders of record on Thursday, October 25th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.38%. This is a positive change from Lakeland Financial’s previous quarterly dividend of $0.10. The ex-dividend date is Wednesday, October 24th. Lakeland Financial’s payout ratio is presently 43.51%.

In other Lakeland Financial news, Director M Scott Welch bought 2,000 shares of Lakeland Financial stock in a transaction on Wednesday, October 31st. The shares were purchased at an average cost of $43.61 per share, with a total value of $87,220.00. Following the acquisition, the director now directly owns 136,448 shares of the company’s stock, valued at approximately $5,950,497.28. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Batty Jill A. De sold 1,800 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $48.81, for a total transaction of $87,858.00. Following the sale, the insider now directly owns 10,386 shares in the company, valued at $506,940.66. The disclosure for this sale can be found here. Insiders have sold a total of 2,600 shares of company stock worth $128,298 over the last three months. Insiders own 4.40% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. United Services Automobile Association bought a new stake in shares of Lakeland Financial in the 2nd quarter valued at $202,000. A.R.T. Advisors LLC bought a new stake in shares of Lakeland Financial in the 1st quarter valued at $282,000. Dynamic Technology Lab Private Ltd boosted its stake in shares of Lakeland Financial by 45.3% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 6,260 shares of the financial services provider’s stock valued at $290,000 after purchasing an additional 1,951 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Lakeland Financial in the 3rd quarter valued at $358,000. Finally, Xact Kapitalforvaltning AB boosted its stake in shares of Lakeland Financial by 60.0% in the 1st quarter. Xact Kapitalforvaltning AB now owns 8,530 shares of the financial services provider’s stock valued at $394,000 after purchasing an additional 3,200 shares during the last quarter. 71.89% of the stock is currently owned by hedge funds and other institutional investors.

Lakeland Financial Company Profile

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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