Squarepoint Ops LLC Increases Stock Holdings in Lakeland Financial Corporation $LKFN

Key Points

• Squarepoint Ops LLC increased its Lakeland Financial stake by 76.4% in the second quarter, holding 64,317 shares valued at approximately $3.97 million. Institutional investors collectively own 81.15% of the company.
• Analyst sentiment is cautious: Lakeland Financial has an average “Hold” rating and a consensus price target of $66.50, following downgrades from Wall Street Zen and Weiss Ratings.
• The company exceeded quarterly earnings expectations, reporting $1.13 in EPS versus $1.08 forecast, while maintaining a quarterly dividend of $0.52 per share, equivalent to a 3.4% annual yield.

Squarepoint Ops LLC boosted its stake in Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) by 76.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,317 shares of the financial services provider's stock after acquiring an additional 27,862 shares during the period. Squarepoint Ops LLC owned 0.26% of Lakeland Financial worth $3,970,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Deutsche Bank AG purchased a new stake in shares of Lakeland Financial in the 2nd quarter worth about $1,708,000. Bank of America Corp DE boosted its stake in shares of Lakeland Financial by 4.8% during the 1st quarter. Bank of America Corp DE now owns 321,410 shares of the financial services provider's stock valued at $18,443,000 after purchasing an additional 14,584 shares in the last quarter. Ieq Capital LLC purchased a new position in shares of Lakeland Financial during the second quarter valued at about $1,474,000. ProShare Advisors LLC raised its stake in Lakeland Financial by 10.6% in the fourth quarter. ProShare Advisors LLC now owns 106,514 shares of the financial services provider's stock worth $6,078,000 after buying an additional 10,241 shares in the last quarter. Finally, Heartland Advisors Inc. bought a new position in Lakeland Financial in the second quarter worth about $1,435,000. 81.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Lakeland Financial Stock Performance

Shares of NASDAQ LKFN opened at $60.58 on Friday. The firm's 50 day moving average price is $61.22 and its 200-day moving average price is $60.05. The company has a market cap of $1.51 billion, a PE ratio of 13.89 and a beta of 0.71. Lakeland Financial Corporation has a 52-week low of $54.36 and a 52-week high of $66.82.

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

Lakeland Financial Dividend Announcement

The firm also recently announced 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. This represents a $2.08 annualized dividend and a yield of 3.4%. The ex-dividend date was Friday, July 24th. Lakeland Financial's dividend payout ratio (DPR) is currently 47.71%.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Its principal subsidiary, Lake City Bank, provides banking and financial services to individuals, businesses, agricultural customers and governmental entities.

Lake City Bank's offerings include commercial and consumer loans, residential mortgages, deposit accounts, treasury and cash-management services, online and mobile banking, wealth management, and trust services. The bank serves communities primarily across northern Indiana through a network of banking offices and also provides services to customers in surrounding markets.

Lake City Bank traces its history to 1872 and has grown into one of Indiana's longstanding community banking institutions.

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