Lakeland Financial (NASDAQ:LKFN) Given New $66.00 Price Target at Hovde Group

Key Points

• Hovde Group raised its price target on Lakeland Financial to $66 (from $63) while keeping a "market perform" rating, implying about a 7.23% upside
• Lakeland beat Q1 EPS estimates with $1.04 (vs. $1.01 expected) though revenue of $69.71M slightly missed forecasts, and the bank reported a 14.19% return on equity and a 24.51% net margin.
• Insider activity was mixed—one director sold 5,685 shares (cutting his position ~22%) while another bought 10,000 shares; insiders net acquired 25,000 shares in the past three months and institutions own about 81.15% of the stock.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) had its price objective hoisted by research analysts at Hovde Group from $63.00 to $66.00 in a report released on Tuesday. The brokerage presently has a "market perform" rating on the financial services provider's stock. Hovde Group's price objective would suggest a potential upside of 7.23% from the stock's current price.

LKFN has been the subject of a number of other reports. Weiss Ratings reissued a "hold (c)" rating on shares of Lakeland Financial in a research note on Tuesday, April 21st. Stephens set a $66.00 target price on Lakeland Financial in a research note on Tuesday, January 27th. Finally, Wall Street Zen raised Lakeland Financial from a "sell" rating to a "hold" rating in a research report on Sunday, April 19th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, Lakeland Financial currently has a consensus rating of "Hold" and an average target price of $66.50.

Lakeland Financial Stock Up 3.1%

Shares of Lakeland Financial stock opened at $61.55 on Tuesday. Lakeland Financial has a 12 month low of $53.43 and a 12 month high of $69.40. The business has a fifty day simple moving average of $58.55 and a 200 day simple moving average of $58.95. The stock has a market cap of $1.56 billion, a PE ratio of 15.35 and a beta of 0.72.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The financial services provider reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.03. Lakeland Financial had a return on equity of 14.19% and a net margin of 24.51%.The business had revenue of $69.71 million during the quarter, compared to analysts' expectations of $70.04 million. During the same period in the previous year, the firm earned $0.78 earnings per share. Analysts expect that Lakeland Financial will post 4.2 EPS for the current fiscal year.

Insider Activity at Lakeland Financial

In other news, Director Bradley J. Toothaker sold 5,685 shares of the company's stock in a transaction that occurred 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 owned 20,178 shares in the company, valued at $1,177,588.08. This represents a 21.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director M Scott Welch acquired 10,000 shares of the company's stock in a transaction dated Thursday, March 12th. The shares were bought at an average price of $56.23 per share, for a total transaction of $562,300.00. Following the purchase, the director owned 212,006 shares in the company, valued at approximately $11,921,097.38. This represents a 4.95% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 25,000 shares of company stock valued at $1,419,050 over the last three months. Insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Lakeland Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. raised its stake in shares of Lakeland Financial by 186.0% during 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 in the last quarter. EverSource Wealth Advisors LLC raised its stake in Lakeland Financial by 1,212.5% in the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider's stock valued at $39,000 after buying an additional 582 shares during the period. Rockefeller Capital Management L.P. raised its stake in Lakeland Financial by 40.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider's stock valued at $42,000 after buying an additional 210 shares during the period. Global Retirement Partners LLC raised its stake in Lakeland Financial by 118.9% in the fourth quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider's stock valued at $57,000 after buying an additional 541 shares during the period. Finally, State of Wyoming raised its stake in Lakeland Financial by 16.7% in the fourth quarter. State of Wyoming now owns 2,431 shares of the financial services provider's stock valued at $139,000 after buying an additional 348 shares during the period. 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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