TrueMark Investments LLC Buys New Shares in Lakeland Financial Corporation $LKFN

Key Points

• TrueMark Investments LLC acquired 15,445 shares of Lakeland Financial Corporation, valued at approximately $949,000, representing about 0.06% of the company's stock.
• CFO Lisa M. O'Neill and EVP Eric H. Ottinger have recently sold a combined total of 7,435 shares of Lakeland Financial stock, indicating insider trading activities.
• Lakeland Financial reported earnings of $1.04 per share for the last quarter, surpassing analysts' expectations, and announced a quarterly dividend of $0.50 per share, with a yield of 3.3%.

TrueMark Investments LLC bought a new stake in Lakeland Financial Corporation (NASDAQ:LKFN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 15,445 shares of the financial services provider's stock, valued at approximately $949,000. TrueMark Investments LLC owned approximately 0.06% of Lakeland Financial at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in LKFN. Quarry LP bought a new position in Lakeland Financial in the first quarter valued at $33,000. CWM LLC grew its position in shares of Lakeland Financial by 40.5% in the 1st quarter. CWM LLC now owns 631 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 182 shares during the period. GAMMA Investing LLC grew its position in shares of Lakeland Financial by 60.3% in the 1st quarter. GAMMA Investing LLC now owns 1,085 shares of the financial services provider's stock valued at $64,000 after acquiring an additional 408 shares during the period. Harbour Investments Inc. grew its position in shares of Lakeland Financial by 16.4% in the 1st quarter. Harbour Investments Inc. now owns 1,990 shares of the financial services provider's stock valued at $118,000 after acquiring an additional 281 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Lakeland Financial in the 1st quarter valued at about $215,000. Institutional investors own 81.15% of the company's stock.

Insider Transactions at Lakeland Financial

In other Lakeland Financial news, CFO Lisa M. O'neill sold 2,500 shares of Lakeland Financial stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $66.72, for a total value of $166,800.00. Following the completion of the sale, the chief financial officer owned 34,366 shares in the company, valued at $2,292,899.52. The trade was a 6.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Eric H. Ottinger sold 4,635 shares of Lakeland Financial stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $67.07, for a total transaction of $310,869.45. Following the completion of the sale, the executive vice president owned 32,282 shares of the company's stock, valued at $2,165,153.74. This trade represents a 12.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,435 shares of company stock valued at $497,769. 3.00% of the stock is currently owned by corporate insiders.

Lakeland Financial Stock Performance

NASDAQ LKFN opened at $59.77 on Friday. The firm has a 50-day moving average of $64.68 and a 200-day moving average of $61.51. The stock has a market cap of $1.53 billion, a PE ratio of 16.29 and a beta of 0.59. Lakeland Financial Corporation has a 52-week low of $50.00 and a 52-week high of $78.61.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last posted its earnings results on Friday, July 25th. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.11. The company had revenue of $63.36 million during the quarter, compared to analysts' expectations of $67.02 million. Lakeland Financial had a net margin of 22.55% and a return on equity of 13.57%. During the same quarter last year, the company posted $0.87 EPS. As a group, analysts predict that Lakeland Financial Corporation will post 3.7 EPS for the current fiscal year.

Lakeland Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Saturday, October 25th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Friday, October 24th. Lakeland Financial's dividend payout ratio (DPR) is currently 54.50%.

Analyst Ratings Changes

LKFN has been the subject of a number of analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Lakeland Financial in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $68.00 price objective (up previously from $65.00) on shares of Lakeland Financial in a research report on Monday, July 28th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $70.00.

About Lakeland Financial

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in the United States. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits.

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