Neumeier Poma Investment Counsel LLC bought a new position in Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 497,399 shares of the financial services provider's stock, valued at approximately $30,699,466. Lakeland Financial accounts for 0.0% of Neumeier Poma Investment Counsel LLC's investment portfolio, making the stock its 26th largest holding. Neumeier Poma Investment Counsel LLC owned about 2.00% of Lakeland Financial at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Osaic Holdings Inc. lifted its holdings in Lakeland Financial by 186.0% during the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after acquiring an additional 305 shares during the period. Global Retirement Partners LLC bought a new position in Lakeland Financial in the 2nd quarter valued at $38,000. EverSource Wealth Advisors LLC raised its stake in Lakeland Financial by 1,212.5% in the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider's stock valued at $39,000 after buying an additional 582 shares during the last quarter. Allworth Financial LP acquired a new position in Lakeland Financial in the 2nd quarter worth about $41,000. Finally, Rockefeller Capital Management L.P. raised its position in 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 valued at $42,000 after purchasing an additional 210 shares during the period. 81.15% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
LKFN has been the subject of a number of recent research reports. Wall Street Zen cut Lakeland Financial from a "hold" rating to a "sell" rating in a research report on Sunday, August 9th. Weiss Ratings cut shares of Lakeland Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Lakeland Financial has an average rating of "Hold" and a consensus price target of $66.50.
Read Our Latest Stock Report on LKFN
Lakeland Financial Price Performance
Shares of NASDAQ:LKFN traded up $0.33 during trading on Friday, hitting $59.52. 62,878 shares of the company's stock were exchanged, compared to its average volume of 182,857. The business's 50-day simple moving average is $61.58 and its 200 day simple moving average is $60.14. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 13.65 and a beta of 0.72. Lakeland Financial Corporation has a 52-week low of $54.36 and a 52-week high of $69.40.
Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.05. The business had revenue of $70.87 million during the quarter, compared to analyst estimates 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 last year, the business posted $1.04 EPS. On average, sell-side analysts anticipate that Lakeland Financial Corporation will post 4.38 EPS for the current fiscal year.
Lakeland Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Saturday, July 25th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Friday, July 24th. Lakeland Financial's dividend payout ratio is 47.71%.
Lakeland Financial Company Profile
(
Free Report)
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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