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

Key Points

• Lakeland Financial declared a quarterly dividend of $0.52 per share, payable on August 5 to shareholders of record on July 25. The ex-dividend date is July 24, and the dividend annualizes to a 3.4% yield.
• The company has raised its dividend for 14 consecutive years and currently has a payout ratio of 51.5%, suggesting the dividend is covered by earnings. Analysts expect continued coverage next year based on projected earnings.
• On the operating side, Lakeland Financial recently beat quarterly EPS estimates with $1.04 per share, while its stock traded around $61.63 with a market cap of $1.54 billion and a P/E ratio of 14.43.

Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) announced a quarterly dividend on Tuesday, July 14th. Stockholders of record on Saturday, July 25th will be paid a dividend of 0.52 per share by the financial services provider on Wednesday, August 5th. This represents a c) annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, July 24th.

Lakeland Financial has increased its dividend 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 payout ratio of 51.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Lakeland Financial to earn $4.48 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 46.4%.

Lakeland Financial Price Performance

Lakeland Financial stock opened at $61.63 on Thursday. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 14.43 and a beta of 0.73. Lakeland Financial has a 1-year low of $54.36 and a 1-year high of $69.40. The business has a fifty day moving average price of $60.43 and a 200-day moving average price of $59.53.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its earnings results on Monday, April 27th. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.03. Lakeland Financial had a return on equity of 14.79% and a net margin of 25.81%.The company had revenue of $69.71 million for the quarter, compared to analyst estimates of $70.42 million. During the same period in the prior year, the company posted $0.78 EPS. On average, equities research analysts anticipate that Lakeland Financial will post 4.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Lakeland Financial

In related news, Director Bradley J. Toothaker sold 5,900 shares of the firm's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $60.62, for a total transaction of $357,658.00. Following the completion of the transaction, the director owned 14,278 shares of the company's stock, valued at $865,532.36. This trade represents a 29.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven D. Ross sold 1,281 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $62.50, for a total transaction of $80,062.50. Following the transaction, the director directly owned 27,001 shares of the company's stock, valued at approximately $1,687,562.50. This trade represents a 4.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 9,336 shares of company stock worth $570,251. Company insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Lakeland Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LKFN. Royal Bank of Canada lifted its holdings in shares of Lakeland Financial by 13.0% in the 1st quarter. Royal Bank of Canada now owns 60,794 shares of the financial services provider's stock valued at $3,614,000 after buying an additional 6,987 shares during the period. AQR Capital Management LLC grew its holdings in Lakeland Financial by 90.5% during the first quarter. AQR Capital Management LLC now owns 32,427 shares of the financial services provider's stock worth $1,927,000 after acquiring an additional 15,404 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Lakeland Financial by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,868 shares of the financial services provider's stock valued at $884,000 after acquiring an additional 716 shares during the period. Millennium Management LLC boosted its position in Lakeland Financial by 327.9% in the 1st quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider's stock worth $11,848,000 after purchasing an additional 152,738 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Lakeland Financial in the 1st quarter worth approximately $215,000. 81.15% of the stock is owned by institutional investors and hedge funds.

Lakeland Financial Company Profile

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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