Lakeland Financial (NASDAQ:LKFN) Director Robert E. Bartels, Jr. Purchases 296 Shares

Key Points

• Director Robert Bartels Jr. of Lakeland Financial purchased 296 shares at an average price of $67.77, increasing his ownership to 29,726 shares valued at over $2 million.
• The company reported earnings per share of $1.04 for the last quarter, exceeding analysts' estimates, but revenue fell short at $63.36 million.
• Lakeland Financial recently declared a quarterly dividend of $0.50 per share, representing an annualized yield of 3.0%.

Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) Director Robert E. Bartels, Jr. acquired 296 shares of the company's stock in a transaction that occurred on Monday, September 8th. The stock was bought at an average price of $67.77 per share, with a total value of $20,059.92. Following the transaction, the director directly owned 29,726 shares in the company, valued at $2,014,531.02. The trade was a 1.01% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Lakeland Financial Trading Down 1.1%

Shares of LKFN stock traded down $0.71 on Friday, hitting $65.02. The stock had a trading volume of 65,888 shares, compared to its average volume of 136,637. Lakeland Financial Corporation has a twelve month low of $50.00 and a twelve month high of $78.61. The firm has a market cap of $1.66 billion, a P/E ratio of 17.72 and a beta of 0.64. The company has a fifty day moving average price of $65.00 and a two-hundred day moving average price of $61.22.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The financial services provider reported $1.04 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 the consensus estimate of $67.02 million. Lakeland Financial had a net margin of 22.55% and a return on equity of 13.57%. During the same period in the prior year, the business posted $0.87 EPS. On average, analysts expect that Lakeland Financial Corporation will post 3.7 earnings per share for the current year.

Lakeland Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Friday, July 25th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, July 25th. Lakeland Financial's payout ratio is presently 54.50%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LKFN. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Lakeland Financial in the 4th quarter worth approximately $25,000. Parkside Financial Bank & Trust grew its holdings in shares of Lakeland Financial by 248.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 442 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 315 shares during the last quarter. Osaic Holdings Inc. grew its holdings in Lakeland Financial by 186.0% in the 2nd quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after acquiring an additional 305 shares during the last quarter. Quarry LP purchased a new position in shares of Lakeland Financial in the first quarter valued at about $33,000. Finally, CWM LLC lifted 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 worth $37,000 after purchasing an additional 182 shares during the period. 81.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $68.00 price target (up previously from $65.00) on shares of Lakeland Financial in a report on Monday, July 28th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.00.

Lakeland Financial Company Profile

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.