BlackRock Inc. Acquires Shares of 3,639,015 Lakeland Financial Corporation $LKFN

Key Points

• BlackRock acquired 3,639,015 Lakeland Financial shares worth approximately $224.6 million, giving it a 14.61% stake. Institutional investors collectively own 81.15% of the company.
• Lakeland Financial reported quarterly EPS of $1.13, beating estimates of $1.08, while revenue of $70.87 million fell short of expectations. The stock opened at $59.19, down 0.5%.
• The company paid a quarterly dividend of $0.52 per share, equivalent to an annualized $2.08 payout and a 3.5% yield. Analysts maintain a consensus “Hold” rating with a $66.50 price target.

BlackRock Inc. bought a new position in Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,639,015 shares of the financial services provider's stock, valued at approximately $224,600,000. BlackRock Inc. owned about 14.61% of Lakeland Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. First Trust Advisors LP grew its position in Lakeland Financial by 403.6% during the 2nd 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 last quarter. Bank of New York Mellon Corp bought a new position in shares of Lakeland Financial in the second quarter worth approximately $12,857,000. Millennium Management LLC grew its holdings in shares of Lakeland Financial by 327.9% during the first quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider's stock valued at $11,848,000 after buying an additional 152,738 shares during the last quarter. Bank of America Corp DE increased its position in shares of Lakeland Financial by 68.8% during the third quarter. Bank of America Corp DE now owns 321,031 shares of the financial services provider's stock valued at $20,610,000 after acquiring an additional 130,897 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of Lakeland Financial during the first quarter valued at approximately $6,500,000. 81.15% of the stock is currently owned by institutional investors.

Lakeland Financial Trading Down 0.5%

Shares of LKFN opened at $59.19 on Friday. The firm has a fifty day simple moving average of $61.58 and a two-hundred day simple moving average of $60.14. The firm has a market cap of $1.47 billion, a PE ratio of 13.58 and a beta of 0.72. Lakeland Financial Corporation has a 1-year low of $54.36 and a 1-year high of $69.40.

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

Lakeland Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders 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 yield of 3.5%. The ex-dividend date of this dividend was Friday, July 24th. Lakeland Financial's dividend payout ratio is currently 47.71%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Weiss Ratings cut Lakeland Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Wall Street Zen downgraded Lakeland Financial from a "hold" rating to a "sell" rating in a report on Sunday, August 9th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Lakeland Financial presently has an average rating of "Hold" and a consensus price target of $66.50.

Lakeland Financial Company Profile

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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