Lakeland Financial Corporation (NASDAQ:LKFN) Announces Quarterly Dividend of $0.52

Key Points

• Lakeland Financial declared a quarterly dividend of $0.52 per share (annualized $2.08), with an ex-dividend date of April 24, record date April 25 and payment on May 5, implying a yield of about 3.5%.
• The dividend has been increased every year for the last 14 years and is well covered, with a current payout ratio of about 51.5% and analysts projecting roughly $3.90 EPS next year (implying a future payout ratio near 53%).
• Shares traded down ~1.3% to $60 amid insider activity—one director sold 5,685 shares while another bought 10,000—and institutional investors own about 81% of the company.

Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) declared a quarterly dividend on Tuesday, April 14th. Investors of record on Saturday, April 25th will be paid a dividend of 0.52 per share by the financial services provider on Tuesday, May 5th. This represents a c) annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, April 24th.

Lakeland Financial has increased its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 14 years. Lakeland Financial has a dividend payout ratio of 51.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lakeland Financial to earn $3.90 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 53.3%.

Lakeland Financial Trading Down 1.3%

LKFN stock traded down $0.77 during midday trading on Wednesday, reaching $60.00. The stock had a trading volume of 40,402 shares, compared to its average volume of 178,629. Lakeland Financial has a 52-week low of $50.00 and a 52-week high of $69.40. The company's fifty day simple moving average is $58.80 and its 200 day simple moving average is $59.17. The company has a market cap of $1.52 billion, a price-to-earnings ratio of 14.96 and a beta of 0.72.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its quarterly earnings results on Monday, January 26th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.02. Lakeland Financial had a net margin of 24.51% and a return on equity of 14.19%. The firm had revenue of $69.80 million for the quarter, compared to analysts' expectations of $69.45 million. During the same quarter in the previous year, the company posted $0.94 EPS. Sell-side analysts predict that Lakeland Financial will post 3.7 EPS for the current year.

Insiders Place Their Bets

In other news, Director Bradley J. Toothaker sold 5,685 shares of the business's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $58.36, for a total transaction of $331,776.60. Following the sale, the director directly owned 20,178 shares of the company's stock, valued at $1,177,588.08. The trade was a 21.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director M Scott Welch bought 10,000 shares of the business's stock in a transaction dated Thursday, March 12th. The shares were bought at an average cost of $56.23 per share, for a total transaction of $562,300.00. Following the completion of the transaction, the director directly owned 212,006 shares of the company's stock, valued at $11,921,097.38. This trade represents a 4.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 25,000 shares of company stock worth $1,419,050 over the last ninety days. 3.00% of the stock is owned by insiders.

Institutional Trading of Lakeland Financial

Hedge funds have recently added to or reduced their stakes in the business. Osaic Holdings Inc. increased its holdings in Lakeland Financial by 186.0% during the 2nd quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 305 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Lakeland Financial by 1,212.5% during the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider's stock worth $39,000 after buying an additional 582 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in Lakeland Financial by 40.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider's stock worth $42,000 after buying an additional 210 shares during the last quarter. Global Retirement Partners LLC increased its position in Lakeland Financial by 118.9% during the fourth quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider's stock worth $57,000 after buying an additional 541 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Lakeland Financial by 80.9% during the third quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock worth $107,000 after buying an additional 747 shares during the last quarter. Institutional investors own 81.15% of the company's stock.

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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