Susquehanna International Group LLP Sells 18,345 Shares of Lakeland Financial Corporation $LKFN

Key Points

• Susquehanna International Group cut its Lakeland Financial stake by 75.2% in the second quarter, selling 18,345 shares and retaining 6,060 shares worth approximately $374,000. Institutional investors collectively own 81.15% of LKFN.
• Lakeland Financial reported quarterly EPS of $1.13, beating estimates of $1.08, while revenue of $70.87 million fell short of the $72.11 million consensus forecast. The company also paid a quarterly dividend of $0.52 per share, representing a 3.5% annualized yield.
• Analyst sentiment is cautious, with one Buy rating and three Hold ratings; the consensus rating is Hold with a $66.50 price target. Shares recently opened at $58.82.

Susquehanna International Group LLP lowered its holdings in shares of Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) by 75.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,060 shares of the financial services provider's stock after selling 18,345 shares during the quarter. Susquehanna International Group LLP's holdings in Lakeland Financial were worth $374,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of LKFN. Hsbc Holdings PLC purchased a new stake in Lakeland Financial in the second quarter worth $529,000. Corient Private Wealth LP purchased a new stake in shares of Lakeland Financial during the second quarter valued at $515,000. Bank of America Corp DE purchased a new stake in shares of Lakeland Financial during the second quarter valued at $13,370,000. Freestone Grove Partners LP bought a new position in shares of Lakeland Financial in the second quarter worth about $562,000. Finally, Odyssean LLC bought a new position in shares of Lakeland Financial in the second quarter worth about $258,000. Hedge funds and other institutional investors own 81.15% of the company's stock.

Lakeland Financial Price Performance

Shares of Lakeland Financial stock opened at $58.82 on Wednesday. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 13.49 and a beta of 0.71. The firm's 50-day moving average is $61.51 and its two-hundred day moving average is $60.09. Lakeland Financial Corporation has a 1 year low of $54.36 and a 1 year high of $68.55.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.13 EPS 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 business had revenue of $70.87 million during the quarter, compared to analyst estimates of $72.11 million. During the same quarter in the previous year, the business posted $1.04 EPS. On average, equities analysts expect that Lakeland Financial Corporation will post 4.38 earnings per share for the current year.

Lakeland Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Saturday, July 25th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Friday, July 24th. Lakeland Financial's dividend payout ratio (DPR) is presently 47.71%.

Wall Street Analysts Forecast Growth

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

About Lakeland Financial

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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