Lakeland Financial (NASDAQ:LKFN) Director Robert Bartels Jr Buys 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 Bartels, Jr. acquired 296 shares of the stock in a transaction dated Monday, September 8th. The shares were bought at an average cost of $67.77 per share, for a total transaction of $20,059.92. Following the completion of the transaction, the director owned 29,726 shares in the company, valued at approximately $2,014,531.02. This represents a 1.01% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Lakeland Financial Price Performance

Shares of LKFN stock traded down $0.36 during trading hours on Tuesday, reaching $67.63. 22,673 shares of the company traded hands, compared to its average volume of 168,469. Lakeland Financial Corporation has a 12-month low of $50.00 and a 12-month high of $78.61. The company has a market cap of $1.73 billion, a P/E ratio of 18.37 and a beta of 0.64. The firm has a 50-day moving average price of $64.92 and a 200 day moving average price of $61.18.

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

Lakeland Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Friday, July 25th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, July 25th. Lakeland Financial's payout ratio is presently 54.50%.

Analysts Set New Price Targets

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

Institutional Trading of Lakeland Financial

Large investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in Lakeland Financial in the 4th quarter worth approximately $25,000. Parkside Financial Bank & Trust boosted its holdings in shares of Lakeland Financial by 248.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 442 shares of the financial services provider's stock worth $27,000 after purchasing an additional 315 shares during the period. Osaic Holdings Inc. boosted its holdings in shares of 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 purchasing an additional 305 shares during the period. Quarry LP purchased a new position in shares of Lakeland Financial in the 1st quarter worth approximately $33,000. Finally, CWM LLC boosted its holdings 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. Institutional investors own 81.15% of the company's stock.

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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