Lakeland Financial (NASDAQ:LKFN) Hits New 52-Week Low Following Weak Earnings

Lakeland Financial Co. (NASDAQ:LKFN - Get Free Report)'s share price reached a new 52-week low during trading on Saturday after the company announced weaker than expected quarterly earnings. The company traded as low as $50.00 and last traded at $53.50, with a volume of 465717 shares. The stock had previously closed at $54.59.

The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.09). The company had revenue of $90.46 million during the quarter, compared to analyst estimates of $63.54 million. Lakeland Financial had a return on equity of 13.31% and a net margin of 21.74%. During the same quarter in the previous year, the business posted $0.91 EPS.

Lakeland Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Stockholders of record on Friday, April 25th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date is Friday, April 25th. Lakeland Financial's dividend payout ratio is currently 57.14%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LKFN shares. Hovde Group initiated coverage on Lakeland Financial in a research note on Friday, March 21st. They set a "market perform" rating and a $66.00 price target on the stock. Keefe, Bruyette & Woods lowered their price objective on Lakeland Financial from $69.00 to $65.00 and set a "market perform" rating on the stock in a research report on Monday.

Insider Activity

In other Lakeland Financial news, Director M Scott Welch purchased 5,000 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The stock was purchased at an average price of $61.40 per share, with a total value of $307,000.00. Following the completion of the transaction, the director now directly owns 39,000 shares of the company's stock, valued at approximately $2,394,600. This trade represents a 14.71 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stephanie R. Leniski sold 1,500 shares of Lakeland Financial stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $61.94, for a total value of $92,910.00. Following the sale, the executive vice president now directly owns 6,211 shares in the company, valued at $384,709.34. The trade was a 19.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Lakeland Financial in the 4th quarter worth about $25,000. R Squared Ltd acquired a new position in Lakeland Financial in the fourth quarter valued at about $50,000. Sterling Capital Management LLC grew its stake in Lakeland Financial by 809.9% during the fourth quarter. Sterling Capital Management LLC now owns 737 shares of the financial services provider's stock worth $51,000 after buying an additional 656 shares during the last quarter. VisionPoint Advisory Group LLC acquired a new stake in shares of Lakeland Financial during the fourth quarter worth approximately $53,000. Finally, GAMMA Investing LLC raised its stake in shares of Lakeland Financial by 60.3% in the first quarter. GAMMA Investing LLC now owns 1,085 shares of the financial services provider's stock valued at $64,000 after acquiring an additional 408 shares during the last quarter. 81.15% of the stock is currently owned by institutional investors and hedge funds.

Lakeland Financial Trading Down 0.5 %

The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 15.36 and a beta of 0.64. The firm has a fifty day moving average price of $58.74 and a 200 day moving average price of $65.77.

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.