Lakeland Financial Corporation (NASDAQ:LKFN) Stock Rated "Hold" by Sell-Side Analysts

Key Points

• Analysts maintain a cautious outlook: all five covering brokerages rate Lakeland Financial “Hold,” with an average 12-month price target of $65.67. Recent actions included a downgrade to “Sell,” while other firms kept market-perform or equal-weight ratings.
• Lakeland Financial reported quarterly EPS of $1.14, beating the $1.09 consensus estimate, while revenue rose 5.8% year over year to $73.0 million but fell short of estimates.
• Institutional ownership stands at 81.15%, with several major investors initiating stakes. The company also declared a $0.52 quarterly dividend, equivalent to a 3.4% yield and $2.08 annualized payout.

Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) has been given an average rating of "Hold" by the five brokerages that are covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold rating. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $65.67.

A number of equities analysts recently commented on LKFN shares. Wall Street Zen downgraded Lakeland Financial from a "hold" rating to a "sell" rating in a research report on Sunday, August 9th. Raymond James Financial restated a "market perform" rating on shares of Lakeland Financial in a report on Tuesday. Stephens raised their target price on Lakeland Financial from $66.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Weiss Ratings reiterated a "hold (c+)" rating on shares of Lakeland Financial in a report on Tuesday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Lakeland Financial from $63.00 to $64.00 and gave the company a "market perform" rating in a research report on Tuesday.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in LKFN. BlackRock Inc. acquired a new stake in Lakeland Financial during the second quarter worth $224,600,000. Neumeier Poma Investment Counsel LLC purchased a new position in shares of Lakeland Financial during the 2nd quarter worth $30,699,466. NFJ Investment Group LLC acquired a new stake in shares of Lakeland Financial during the 2nd quarter worth about $14,365,000. Bank of America Corp DE acquired a new stake in shares of Lakeland Financial during the 2nd quarter worth about $13,370,000. Finally, Bank of New York Mellon Corp purchased a new stake in Lakeland Financial in the 2nd quarter valued at about $12,857,000. 81.15% of the stock is currently owned by institutional investors and hedge funds.

Lakeland Financial Price Performance

NASDAQ LKFN traded down $0.38 during trading hours on Wednesday, hitting $60.33. 39,563 shares of the company's stock traded hands, compared to its average volume of 188,335. Lakeland Financial has a 52-week low of $54.36 and a 52-week high of $64.55. The company has a market capitalization of $1.50 billion, a PE ratio of 13.50 and a beta of 0.77. The firm's 50-day moving average is $59.14 and its 200-day moving average is $59.84.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last issued its earnings results on Monday, October 26th. The financial services provider reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.05. The company had revenue of $73.00 million for the quarter, compared to analyst estimates of $73.74 million. The company's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Equities research analysts predict that Lakeland Financial will post 4.37 earnings per share for the current fiscal year.

Lakeland Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Sunday, October 25th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.4%. The ex-dividend date is Friday, October 23rd. Lakeland Financial's payout ratio is presently 46.53%.

About Lakeland Financial

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Through its principal subsidiary, Lake City Bank, the company provides banking and financial services to businesses, individuals, families and nonprofit organizations.

Lake City Bank's services include commercial and consumer lending, residential mortgages, deposit accounts, treasury management, online and mobile banking, trust and investment management, and other wealth management services. Its commercial banking activities serve companies across a range of industries, while its consumer offerings include personal checking, savings, home lending and other credit products.

Founded in 1872, Lake City Bank has a long history of serving communities in Indiana.

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