Deutsche Bank AG Takes $1.71 Million Position in Lakeland Financial Corporation $LKFN

Key Points

• Deutsche Bank acquired 27,668 Lakeland Financial shares worth approximately $1.71 million, while institutional investors and hedge funds collectively own 81.15% of the stock.
• Lakeland Financial exceeded quarterly earnings expectations, reporting $1.13 EPS versus the $1.08 consensus estimate, though revenue of $70.87 million fell short of forecasts.
• The company pays a quarterly dividend of $0.52 per share, representing a 3.5% yield; analysts maintain a consensus “Hold” rating with a $66.50 target price.

Deutsche Bank AG bought a new stake in shares of Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 27,668 shares of the financial services provider's stock, valued at approximately $1,708,000. Deutsche Bank AG owned 0.11% of Lakeland Financial as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Royal Bank of Canada lifted its position in shares of Lakeland Financial by 13.0% during the first quarter. Royal Bank of Canada now owns 60,794 shares of the financial services provider's stock worth $3,614,000 after purchasing an additional 6,987 shares in the last quarter. AQR Capital Management LLC grew its holdings in Lakeland Financial by 90.5% during the 1st quarter. AQR Capital Management LLC now owns 32,427 shares of the financial services provider's stock valued at $1,927,000 after purchasing an additional 15,404 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Lakeland Financial by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,868 shares of the financial services provider's stock worth $884,000 after buying an additional 716 shares during the period. Millennium Management LLC increased its stake in Lakeland Financial by 327.9% during the 1st quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider's stock worth $11,848,000 after buying an additional 152,738 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Lakeland Financial in the 1st quarter worth $215,000. 81.15% of the stock is owned by institutional investors and hedge funds.

Lakeland Financial Price Performance

LKFN opened at $59.61 on Friday. The stock has a market capitalization of $1.48 billion, a PE ratio of 13.67 and a beta of 0.72. The firm's fifty day moving average price is $61.58 and its 200 day moving average price is $60.13. Lakeland Financial Corporation has a 12-month low of $54.36 and a 12-month high of $69.40.

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

Lakeland Financial Announces Dividend

The company 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. The ex-dividend date was Friday, July 24th. This represents a $2.08 annualized dividend and a yield of 3.5%. Lakeland Financial's dividend payout ratio is presently 47.71%.

Wall Street Analyst Weigh In

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

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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