Allspring Global Investments Holdings LLC Acquires 18,130 Shares of Lakeland Financial Corporation $LKFN

Key Points

• Allspring Global Investments boosted its Lakeland Financial stake by 76.4%, acquiring 18,130 shares to hold 41,856 shares (about 0.16% of the company) valued at roughly $2.39 million at quarter-end.
• Director M. Scott Welch purchased 10,000 shares at $56.23 (bringing his total to 212,006 shares), and insiders have net bought 25,000 shares in the last 90 days, with corporate insiders owning about 3% of the stock.
• Lakeland beat Q results with $1.07 EPS (vs. $1.05 expected), raised its quarterly dividend to $0.52 (annualized $2.08, yield ~3.5%), and trades at a P/E of 14.99 with a market cap around $1.52 billion.

Allspring Global Investments Holdings LLC grew its holdings in Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) by 76.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,856 shares of the financial services provider's stock after purchasing an additional 18,130 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.16% of Lakeland Financial worth $2,388,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. State Street Corp raised its position in shares of Lakeland Financial by 4.4% in the second quarter. State Street Corp now owns 1,354,542 shares of the financial services provider's stock valued at $83,237,000 after purchasing an additional 57,252 shares during the period. Neumeier Poma Investment Counsel LLC raised its position in shares of Lakeland Financial by 6.3% in the third quarter. Neumeier Poma Investment Counsel LLC now owns 493,469 shares of the financial services provider's stock valued at $31,681,000 after purchasing an additional 29,044 shares during the period. First Trust Advisors LP raised its position in shares of Lakeland Financial by 403.6% in the second quarter. First Trust Advisors LP now owns 383,525 shares of the financial services provider's stock valued at $23,568,000 after purchasing an additional 307,371 shares during the period. Boston Trust Walden Corp bought a new stake in shares of Lakeland Financial in the third quarter valued at approximately $23,968,000. Finally, Bank of America Corp DE increased its holdings in Lakeland Financial by 68.8% during the 3rd quarter. Bank of America Corp DE now owns 321,031 shares of the financial services provider's stock worth $20,610,000 after acquiring an additional 130,897 shares during the period. Institutional investors own 81.15% of the company's stock.

Insiders Place Their Bets

In other Lakeland Financial news, Director M Scott Welch acquired 10,000 shares of the business's stock in a transaction dated Thursday, March 12th. The stock was bought at an average price of $56.23 per share, with a total value of $562,300.00. Following the purchase, the director owned 212,006 shares of the company's stock, valued at approximately $11,921,097.38. This trade represents a 4.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bradley J. Toothaker sold 5,685 shares of the company's stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $58.36, for a total transaction of $331,776.60. Following the completion of the sale, the director directly owned 20,178 shares of the company's stock, valued at $1,177,588.08. This trade represents a 21.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders bought a total of 25,000 shares of company stock valued at $1,419,050 in the last ninety days. 3.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

LKFN has been the topic of a number of analyst reports. Wall Street Zen raised shares of Lakeland Financial from a "sell" rating to a "hold" rating in a report on Sunday, March 8th. Hovde Group lowered shares of Lakeland Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 7th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Lakeland Financial in a report on Thursday, January 22nd. Finally, Stephens set a $66.00 target price on shares of Lakeland Financial in a report on Tuesday, January 27th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $68.00.

Lakeland Financial Price Performance

Shares of NASDAQ:LKFN opened at $60.09 on Thursday. The company's fifty day moving average price is $58.75 and its 200-day moving average price is $59.32. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 14.99 and a beta of 0.72. Lakeland Financial Corporation has a one year low of $50.00 and a one year high of $69.40.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its quarterly earnings data on Monday, January 26th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.02. Lakeland Financial had a net margin of 24.51% and a return on equity of 14.19%. The company had revenue of $69.80 million during the quarter, compared to analysts' expectations of $69.45 million. During the same quarter in the prior year, the company earned $0.94 EPS. As a group, equities research analysts expect that Lakeland Financial Corporation will post 3.7 EPS for the current year.

Lakeland Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Sunday, January 25th were paid a $0.52 dividend. This is a positive change from Lakeland Financial's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.5%. Lakeland Financial's dividend payout ratio is currently 51.87%.

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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