Lakeland Financial (NASDAQ:LKFN) Director Steven Ross Sells 1,281 Shares

Key Points

• Director Steven Ross sold 1,281 shares on May 6 at an average price of $62.50 for $80,062.50, leaving him with 27,001 shares (a 4.53% reduction valued at roughly $1.69M).
• Q1 results beat expectations: Lakeland reported $1.04 EPS vs. $1.01 expected, with $69.71M revenue, a 14.79% ROE and 25.81% net margin; the stock carries a $1.55B market cap and a 14.61 P/E.
• The company paid a $0.52 quarterly dividend on May 5 (annualized $2.08), representing a 3.3% yield and a 48.71% payout ratio.

Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) Director Steven Ross sold 1,281 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $62.50, for a total value of $80,062.50. Following the completion of the transaction, the director directly owned 27,001 shares of the company's stock, valued at $1,687,562.50. This represents a 4.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Lakeland Financial Stock Performance

Shares of Lakeland Financial stock traded up $0.19 on Wednesday, hitting $62.37. The stock had a trading volume of 69,780 shares, compared to its average volume of 171,602. The stock has a 50 day moving average of $58.57 and a 200 day moving average of $58.92. Lakeland Financial Corporation has a twelve month low of $54.36 and a twelve month high of $69.40. The firm has a market capitalization of $1.55 billion, a P/E ratio of 14.61 and a beta of 0.74.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $70.42 million. During the same quarter in the prior year, the firm posted $0.78 earnings per share. Equities analysts expect that Lakeland Financial Corporation will post 4.3 earnings per share for the current year.

Lakeland Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Saturday, April 25th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, April 24th. This represents a $2.08 annualized dividend and a dividend yield of 3.3%. Lakeland Financial's dividend payout ratio is 48.71%.

Analyst Ratings Changes

LKFN has been the subject of several recent research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Lakeland Financial in a report on Tuesday, April 21st. Stephens set a $66.00 price objective on shares of Lakeland Financial in a report on Tuesday, January 27th. Wall Street Zen upgraded shares of Lakeland Financial from a "sell" rating to a "hold" rating in a research note on Sunday, April 19th. Finally, Hovde Group increased their target price on shares of Lakeland Financial from $63.00 to $66.00 and gave the company a "market perform" rating in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $66.50.

Hedge Funds Weigh In On Lakeland Financial

Institutional investors have recently modified their holdings of the business. 1ST Source Bank lifted its holdings in Lakeland Financial by 19.9% during the first quarter. 1ST Source Bank now owns 58,434 shares of the financial services provider's stock worth $3,353,000 after acquiring an additional 9,690 shares during the period. Principal Financial Group Inc. grew its stake in Lakeland Financial by 0.9% in the 1st quarter. Principal Financial Group Inc. now owns 122,986 shares of the financial services provider's stock valued at $7,057,000 after purchasing an additional 1,102 shares during the period. Fifth Third Bancorp increased its position in shares of Lakeland Financial by 7,035.7% during the 1st quarter. Fifth Third Bancorp now owns 10,204 shares of the financial services provider's stock valued at $585,000 after purchasing an additional 10,061 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Lakeland Financial during the 1st quarter worth $86,000. Finally, Inspire Investing LLC raised its position in Lakeland Financial by 9.0% in the first quarter. Inspire Investing LLC now owns 8,955 shares of the financial services provider's stock worth $514,000 after acquiring an additional 743 shares during the period. 81.15% of the stock is owned by institutional investors.

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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