216,625 Shares in Lakeland Financial Corporation $LKFN Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 216,625 Lakeland Financial shares worth approximately $13.37 million in the second quarter, giving it a 0.87% stake. Institutional investors collectively own 81.15% of the company.
• Lakeland Financial reported quarterly EPS of $1.13, exceeding analyst expectations of $1.08, while revenue of $70.87 million fell short of the $72.11 million consensus estimate.
• The company pays a quarterly dividend of $0.52 per share, equivalent to an annualized $2.08 and a 3.5% yield. Analyst sentiment is neutral, with a consensus “Hold” rating and a $66.50 price target.

Bank of America Corp DE bought a new position in Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 216,625 shares of the financial services provider's stock, valued at approximately $13,370,000. Bank of America Corp DE owned 0.87% of Lakeland Financial at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in LKFN. Global Retirement Partners LLC bought a new stake in shares of Lakeland Financial during the 2nd quarter valued at $38,000. Allworth Financial LP purchased a new position in Lakeland Financial during the second quarter valued at $41,000. Rockefeller Capital Management L.P. grew its holdings in Lakeland Financial by 40.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 210 shares during the period. Summit Securities Group LLC bought a new position in shares of Lakeland Financial during the 1st quarter valued at approximately $86,000. Finally, GAMMA Investing LLC increased its holdings in Lakeland Financial by 17.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,689 shares of the financial services provider's stock worth $104,000 after acquiring an additional 250 shares in the last quarter. 81.15% of the stock is currently owned by hedge funds and other institutional investors.

Lakeland Financial Stock Up 1.1%

NASDAQ:LKFN opened at $59.51 on Friday. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 13.65 and a beta of 0.71. The company has a fifty day simple moving average of $60.92 and a two-hundred day simple moving average of $60.14. Lakeland Financial Corporation has a 52 week low of $54.36 and a 52 week high of $66.45.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.05. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. The firm had revenue of $70.87 million during the quarter, compared to analysts' expectations of $72.11 million. During the same quarter in the prior year, the business earned $1.04 EPS. On average, analysts expect that Lakeland Financial Corporation will post 4.37 EPS for the current year.

Lakeland Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Saturday, July 25th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, July 24th. Lakeland Financial's payout ratio is currently 47.71%.

Analyst Ratings Changes

LKFN has been the topic of a number of recent analyst reports. Weiss Ratings cut Lakeland Financial from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, July 29th. Wall Street Zen cut Lakeland Financial from a "hold" rating to a "sell" rating in a report on Sunday, August 9th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $66.50.

About Lakeland Financial

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Its principal subsidiary, Lake City Bank, provides banking and financial services to individuals, businesses, agricultural customers and governmental entities.

Lake City Bank's offerings include commercial and consumer loans, residential mortgages, deposit accounts, treasury and cash-management services, online and mobile banking, wealth management, and trust services. The bank serves communities primarily across northern Indiana through a network of banking offices and also provides services to customers in surrounding markets.

Lake City Bank traces its history to 1872 and has grown into one of Indiana's longstanding community banking institutions.

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