1ST Source Bank Takes $2.94 Million Position in Lakeland Financial Corporation $LKFN

Key Points

• 1ST Source Bank acquired 47,696 Lakeland Financial shares worth approximately $2.94 million, representing about 0.19% of the company. Institutional investors and hedge funds collectively own 81.15% of LKFN.
• Analyst sentiment remains cautious, with a consensus rating of “Hold” and an average price target of $66.50; recent coverage included downgrades to Hold and Sell.
• Lakeland Financial beat quarterly earnings expectations, reporting $1.13 in EPS versus the $1.08 consensus estimate, and maintains a quarterly dividend of $0.52 per share, equating to a 3.3% yield.

1ST Source Bank acquired a new stake in shares of Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 47,696 shares of the financial services provider's stock, valued at approximately $2,944,000. 1ST Source Bank owned approximately 0.19% of Lakeland Financial as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in Lakeland Financial during the second quarter worth approximately $12,857,000. GSA Capital Partners LLP bought a new stake in Lakeland Financial during the second quarter valued at about $642,000. Revolve Wealth Partners LLC bought a new stake in Lakeland Financial during the second quarter valued at about $206,000. GAMMA Investing LLC grew its position in shares of Lakeland Financial by 17.4% in the second quarter. GAMMA Investing LLC now owns 1,689 shares of the financial services provider's stock valued at $104,000 after purchasing an additional 250 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Lakeland Financial by 4.8% during the first quarter. Bank of America Corp DE now owns 321,410 shares of the financial services provider's stock worth $18,443,000 after buying an additional 14,584 shares during the last quarter. Institutional investors and hedge funds own 81.15% of the company's stock.

Analysts Set New Price Targets

LKFN has been the topic of several research analyst reports. Weiss Ratings downgraded shares of Lakeland Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Hovde Group raised their price target on shares of Lakeland Financial from $63.00 to $66.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 28th. Finally, Wall Street Zen downgraded shares of Lakeland Financial from a "hold" rating to a "sell" rating in a report on Sunday, August 9th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $66.50.

Insider Activity at Lakeland Financial

In other news, Director Bradley J. Toothaker sold 5,900 shares of the company's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $60.62, for a total transaction of $357,658.00. Following the completion of the transaction, the director directly owned 14,278 shares of the company's stock, valued at $865,532.36. This represents a 29.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.00% of the stock is currently owned by insiders.

Lakeland Financial Stock Performance

Shares of NASDAQ LKFN opened at $62.49 on Monday. The company has a 50-day moving average of $61.65 and a two-hundred day moving average of $60.17. Lakeland Financial Corporation has a 1-year low of $54.36 and a 1-year high of $69.40. The company has a market cap of $1.55 billion, a PE ratio of 14.33 and a beta of 0.72.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its earnings results on Monday, July 27th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. Lakeland Financial had a return on equity of 14.67% and a net margin of 26.04%.The company had revenue of $70.87 million during the quarter, compared to analysts' expectations of $72.11 million. During the same period last year, the firm earned $1.04 EPS. As a group, equities research analysts forecast that Lakeland Financial Corporation will post 4.38 earnings per share for the current year.

Lakeland Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Saturday, July 25th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, July 24th. Lakeland Financial's dividend payout ratio (DPR) is presently 47.71%.

About Lakeland Financial

Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.

Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.

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