Boston Trust Walden Corp Sells 40,377 Shares of Lakeland Financial Corporation $LKFN

Key Points

• Boston Trust Walden Corp cut its Lakeland Financial stake by 11.7% in Q1, selling 40,377 shares and ending with 303,942 shares worth about $17.44 million.
• Lakeland Financial reported Q1 EPS of $1.04, topping analyst estimates of $1.01, though revenue of $69.71 million came in slightly below expectations. The company also posted a 25.81% net margin and 14.79% return on equity.
• The bank declared a quarterly dividend of $0.52 per share, equal to an annualized yield of about 3.3%, while Wall Street currently has a Hold consensus and a $66.50 price target.

Boston Trust Walden Corp lowered its holdings in shares of Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) by 11.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 303,942 shares of the financial services provider's stock after selling 40,377 shares during the quarter. Boston Trust Walden Corp owned 1.20% of Lakeland Financial worth $17,440,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of LKFN. Inspire Investing LLC increased its stake in Lakeland Financial by 9.0% in the first quarter. Inspire Investing LLC now owns 8,955 shares of the financial services provider's stock worth $514,000 after purchasing an additional 743 shares during the period. Louisiana State Employees Retirement System bought a new stake in shares of Lakeland Financial during the first quarter worth $643,000. First Merchants Corp purchased a new stake in shares of Lakeland Financial during the first quarter valued at $201,000. Hsbc Holdings PLC purchased a new stake in shares of Lakeland Financial during the fourth quarter valued at $654,000. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Lakeland Financial by 40.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider's stock worth $42,000 after purchasing an additional 210 shares during the last quarter. Institutional investors own 81.15% of the company's stock.

Lakeland Financial Stock Performance

NASDAQ:LKFN opened at $62.40 on Friday. The firm has a 50-day simple moving average of $60.47 and a 200-day simple moving average of $59.48. Lakeland Financial Corporation has a one year low of $54.36 and a one year high of $69.40. The firm has a market cap of $1.55 billion, a P/E ratio of 14.61 and a beta of 0.73.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.03. The firm had revenue of $69.71 million for the quarter, compared to the consensus estimate of $70.42 million. Lakeland Financial had a net margin of 25.81% and a return on equity of 14.79%. During the same period last year, the firm earned $0.78 earnings per share. On average, research analysts predict that Lakeland Financial Corporation will post 4.3 EPS for the current fiscal year.

Lakeland Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Saturday, April 25th were issued a $0.52 dividend. The ex-dividend date was Friday, April 24th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. Lakeland Financial's dividend payout ratio (DPR) is currently 48.71%.

Wall Street Analysts Forecast Growth

LKFN has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of Lakeland Financial from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, May 29th. Hovde Group upped their target price on shares of Lakeland Financial from $63.00 to $66.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 28th. Finally, Wall Street Zen raised shares of Lakeland Financial from a "sell" rating to a "hold" rating in a research report on Sunday, April 19th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Lakeland Financial presently has a consensus rating of "Hold" and a consensus price target of $66.50.

Insider Activity

In other news, Director Bradley J. Toothaker sold 5,900 shares of the business's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $60.62, for a total value of $357,658.00. Following the completion of the transaction, the director directly owned 14,278 shares of the company's stock, valued at approximately $865,532.36. The trade was a 29.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven D. Ross sold 1,281 shares of the company's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $62.50, for a total value of $80,062.50. Following the sale, the director owned 27,001 shares of the company's stock, valued at $1,687,562.50. This trade represents a 4.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 9,336 shares of company stock worth $570,251. 3.00% of the stock is currently owned by company insiders.

Lakeland Financial 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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