Equities research analysts expect that Lakeland Financial Co. (NASDAQ:LKFN) will announce $48.62 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Lakeland Financial’s earnings, with the highest sales estimate coming in at $48.90 million and the lowest estimate coming in at $47.90 million. Lakeland Financial reported sales of $44.85 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 8.4%. The business is expected to report its next quarterly earnings results on Thursday, January 24th.
On average, analysts expect that Lakeland Financial will report full year sales of $190.64 million for the current financial year, with estimates ranging from $189.60 million to $191.90 million. For the next financial year, analysts forecast that the company will post sales of $202.97 million, with estimates ranging from $201.80 million to $205.47 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that cover Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last released its earnings results on Thursday, October 25th. The financial services provider reported $0.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.02. Lakeland Financial had a return on equity of 15.54% and a net margin of 30.88%. The firm had revenue of $48.36 million during the quarter, compared to analysts’ expectations of $48.60 million.
Several research analysts recently commented on LKFN shares. BidaskClub cut Lakeland Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 30th. Zacks Investment Research cut Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Boenning Scattergood reissued a “hold” rating on shares of Lakeland Financial in a research note on Friday, October 26th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $51.00 price objective on shares of Lakeland Financial in a research report on Thursday, July 26th. Finally, ValuEngine cut Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Lakeland Financial has an average rating of “Hold” and a consensus target price of $49.00.
LKFN traded down $0.37 on Friday, hitting $44.25. 124,642 shares of the company were exchanged, compared to its average volume of 108,209. Lakeland Financial has a twelve month low of $39.41 and a twelve month high of $52.43. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 18.51, a PEG ratio of 1.44 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.99.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Thursday, October 25th were given a dividend of $0.26 per share. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.10. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Wednesday, October 24th. Lakeland Financial’s dividend payout ratio is currently 43.51%.
In other news, insider Batty Jill A. De sold 1,800 shares of the company’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $48.81, for a total transaction of $87,858.00. Following the completion of the transaction, the insider now directly owns 10,386 shares of the company’s stock, valued at approximately $506,940.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Emily E. Pichon sold 500 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $50.85, for a total value of $25,425.00. Following the transaction, the director now directly owns 15,363 shares of the company’s stock, valued at $781,208.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 10,124 shares of company stock valued at $430,613 and have sold 2,600 shares valued at $128,298. Corporate insiders own 4.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Lakeland Financial by 1.1% during the 3rd quarter. BlackRock Inc. now owns 2,094,712 shares of the financial services provider’s stock worth $97,362,000 after acquiring an additional 23,104 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Lakeland Financial by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,035,976 shares of the financial services provider’s stock worth $49,924,000 after acquiring an additional 7,379 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Lakeland Financial by 0.8% during the 3rd quarter. Victory Capital Management Inc. now owns 961,009 shares of the financial services provider’s stock worth $44,668,000 after acquiring an additional 7,688 shares in the last quarter. Northern Trust Corp boosted its position in shares of Lakeland Financial by 1.5% during the 2nd quarter. Northern Trust Corp now owns 678,966 shares of the financial services provider’s stock worth $32,719,000 after acquiring an additional 10,163 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Lakeland Financial by 17.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 446,604 shares of the financial services provider’s stock worth $20,758,000 after acquiring an additional 66,818 shares in the last quarter. 72.19% of the stock is owned by institutional investors and hedge funds.
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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