Dimensional Fund Advisors LP Has $38.57 Million Position in Lakeland Financial Corporation $LKFN

Key Points

• Dimensional Fund Advisors reduced its Lakeland Financial stake by 4.8% to 672,171 shares valued at $38.57 million, while institutional investors and hedge funds collectively own 81.15% of the company.
• Analysts maintain a cautious outlook: Lakeland Financial has an average rating of “Hold” and an average price target of $66.50. The stock recently traded at $62.91 after the company reported quarterly EPS of $1.13, exceeding estimates.
• Lakeland Financial declared a quarterly dividend of $0.52 per share, equivalent to an annualized $2.08 payout and a 3.3% yield; insiders have sold 7,431 shares worth approximately $453,526 over the past three months.

Dimensional Fund Advisors LP cut its position in Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) by 4.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 672,171 shares of the financial services provider's stock after selling 34,053 shares during the quarter. Dimensional Fund Advisors LP owned 2.70% of Lakeland Financial worth $38,568,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. First Trust Advisors LP increased its stake 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 buying an additional 307,371 shares during the period. Millennium Management LLC boosted its position 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. Bank of America Corp DE raised its stake 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 during the last quarter. Jane Street Group LLC bought a new position in shares of Lakeland Financial during the first quarter valued at $6,500,000. Finally, Tudor Investment Corp ET AL bought a new position in shares of Lakeland Financial during the fourth quarter valued at $5,416,000. 81.15% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LKFN has been the topic of several analyst reports. Wall Street Zen raised shares of Lakeland Financial from a "sell" rating to a "hold" rating in a research note on Saturday. Hovde Group lifted their target price on Lakeland Financial from $63.00 to $66.00 and gave the stock a "market perform" rating in a report on Tuesday, April 28th. Finally, Weiss Ratings lowered Lakeland Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. One 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 currently has an average rating of "Hold" and an average price target of $66.50.

Lakeland Financial Stock Performance

NASDAQ:LKFN opened at $62.91 on Tuesday. Lakeland Financial Corporation has a 52 week low of $54.36 and a 52 week high of $69.40. The firm's fifty day moving average is $61.20 and its 200-day moving average is $60.01. The firm has a market cap of $1.57 billion, a P/E ratio of 14.43 and a beta of 0.73.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its 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. The business had revenue of $70.87 million during the quarter, compared to the consensus estimate of $72.11 million. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. During the same quarter last year, the firm earned $1.04 earnings per share. As a group, sell-side analysts anticipate that Lakeland Financial Corporation will post 4.37 earnings per share for the current year.

Lakeland Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Saturday, July 25th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Friday, July 24th. Lakeland Financial's dividend payout ratio (DPR) is presently 47.71%.

Insider Activity

In other news, Director Bradley J. Toothaker sold 5,900 shares of the business's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $60.62, for a total value of $357,658.00. Following the transaction, the director directly owned 14,278 shares of the company's stock, valued at $865,532.36. The trade was a 29.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven D. Ross sold 1,281 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were 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 in the company, valued at approximately $1,687,562.50. The trade was a 4.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 7,431 shares of company stock valued at $453,526. Corporate insiders own 3.00% of the company's stock.

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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