Lakeland Financial (NASDAQ:LKFN) Issues Quarterly Earnings Results

Key Points

• Lakeland Financial exceeded earnings expectations: Quarterly EPS was $1.13, beating the $1.08 consensus estimate, while revenue of $70.87 million fell short of analysts’ $72.11 million forecast.
• The company declared a $0.52 quarterly dividend, equal to $2.08 annually and a 3.4% yield, with a payout ratio of 48.71%.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and a $66.50 target price, although recent insider selling and mixed analyst actions add caution.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) issued its quarterly earnings data on Monday. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05, FiscalAI reports. The business had revenue of $70.87 million during the quarter, compared to analyst estimates of $72.11 million. Lakeland Financial had a net margin of 25.81% and a return on equity of 14.79%.

Lakeland Financial Stock Performance

NASDAQ:LKFN opened at $61.11 on Monday. The stock has a 50-day simple moving average of $60.75 and a two-hundred day simple moving average of $59.75. The firm has a market capitalization of $1.52 billion, a PE ratio of 14.31 and a beta of 0.73. Lakeland Financial has a 52-week low of $54.36 and a 52-week high of $69.40.

Lakeland Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Saturday, July 25th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Friday, July 24th. Lakeland Financial's dividend payout ratio (DPR) is currently 48.71%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings raised shares of Lakeland Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, July 13th. Wall Street Zen cut Lakeland Financial from a "hold" rating to a "sell" rating in a research note on Sunday, July 12th. Finally, Hovde Group increased their price objective on shares of Lakeland Financial from $63.00 to $66.00 and gave the company a "market perform" rating in a research report on Tuesday, April 28th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.50.

Insider Activity at Lakeland Financial

In related news, Director Steven D. Ross sold 1,281 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director directly owned 27,001 shares in the company, valued at approximately $1,687,562.50. The trade was a 4.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Eric H. Ottinger sold 2,136 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $61.49, for a total transaction of $131,342.64. Following the completion of the transaction, the executive vice president owned 33,257 shares of the company's stock, valued at approximately $2,044,972.93. The trade was a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 9,336 shares of company stock worth $570,251. 3.00% of the stock is owned by company insiders.

Institutional Trading of Lakeland Financial

Institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. grew its holdings in Lakeland Financial by 186.0% during the 2nd quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after buying an additional 305 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Lakeland Financial by 1,212.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider's stock worth $39,000 after purchasing an additional 582 shares in the last quarter. State of Wyoming boosted its stake in Lakeland Financial by 16.7% during 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 last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Lakeland Financial during the 1st quarter valued at approximately $215,000. Finally, Jump Financial LLC bought a new stake in Lakeland Financial in the 2nd quarter worth approximately $226,000. Hedge funds and other 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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