Lakeland Financial (NASDAQ:LKFN) Director Robert Bartels Jr Buys 1,918 Shares of Stock

Key Points

• Director Robert Bartels Jr. bought 1,918 Lakeland Financial shares at an average $61.09 each, investing about $117,171 and increasing his stake by 6.74% to 30,376 shares.
• In its latest quarter, Lakeland Financial reported EPS of $1.14, topping the $1.09 consensus, while revenue rose 5.8% year over year to $73 million, slightly below expectations.
• Shares rose 2.3% to $62.57 in Monday trading. Analysts’ consensus rating was Hold, with an average price target of $65.67; the company also paid a quarterly dividend of $0.52 per share.

Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) Director Robert Bartels, Jr. bought 1,918 shares of the business's stock in a transaction on Friday, November 6th. The stock was bought at an average cost of $61.09 per share, with a total value of $117,170.62. Following the transaction, the director owned 30,376 shares in the company, valued at $1,855,669.84. This trade represents a 6.74% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

Lakeland Financial Stock Up 2.3%

LKFN traded up $1.42 during mid-day trading on Monday, reaching $62.57. 69,436 shares of the company traded hands, compared to its average volume of 189,840. The stock has a market capitalization of $1.55 billion, a P/E ratio of 14.00 and a beta of 0.77. The company's fifty day moving average price is $59.33 and its 200-day moving average price is $59.97. Lakeland Financial Corporation has a 52-week low of $54.36 and a 52-week high of $64.55.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last posted its quarterly earnings data on Monday, October 26th. The financial services provider reported $1.14 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.05. Lakeland Financial had a return on equity of 15.07% and a net margin of 26.51%. The company had revenue of $73.00 million during the quarter, compared to analysts' expectations of $73.74 million. During the same quarter in the prior year, the business earned $1.03 earnings per share. Lakeland Financial's revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Lakeland Financial Corporation will post 4.41 earnings per share for the current fiscal year.

Lakeland Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Sunday, October 25th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, October 23rd. This represents a $2.08 annualized dividend and a dividend yield of 3.3%. Lakeland Financial's dividend payout ratio is presently 46.53%.

Institutional Investors Weigh In On Lakeland Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LKFN. Maryland State Retirement & Pension System boosted its holdings in Lakeland Financial by 55.3% in the 3rd quarter. Maryland State Retirement & Pension System now owns 5,647 shares of the financial services provider's stock worth $326,000 after buying an additional 2,011 shares during the period. Alps Advisors Inc. purchased a new stake in Lakeland Financial in the 3rd quarter worth $551,000. Bridge City Capital LLC raised its holdings in Lakeland Financial by 21.4% during the third quarter. Bridge City Capital LLC now owns 50,655 shares of the financial services provider's stock valued at $2,921,000 after acquiring an additional 8,914 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Lakeland Financial during the third quarter valued at about $1,366,000. Finally, ProShare Advisors LLC raised its holdings in Lakeland Financial by 44.9% during the third quarter. ProShare Advisors LLC now owns 163,890 shares of the financial services provider's stock valued at $9,450,000 after acquiring an additional 50,763 shares during the period. Institutional investors own 81.15% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on LKFN. Keefe, Bruyette & Woods boosted their target price on shares of Lakeland Financial from $63.00 to $64.00 and gave the company a "market perform" rating in a research report on Tuesday, October 27th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Lakeland Financial in a research note on Tuesday, October 27th. Raymond James Financial reissued a "market perform" rating on shares of Lakeland Financial in a research report on Tuesday, October 27th. Wall Street Zen lowered Lakeland Financial from a "hold" rating to a "sell" rating in a research note on Sunday, August 9th. Finally, Stephens upped their price objective on Lakeland Financial from $66.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 28th. Five investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $65.67.

About Lakeland Financial

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Through its principal subsidiary, Lake City Bank, the company provides banking and financial services to businesses, individuals, families and nonprofit organizations.

Lake City Bank's services include commercial and consumer lending, residential mortgages, deposit accounts, treasury management, online and mobile banking, trust and investment management, and other wealth management services. Its commercial banking activities serve companies across a range of industries, while its consumer offerings include personal checking, savings, home lending and other credit products.

Founded in 1872, Lake City Bank has a long history of serving communities in Indiana.

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