Lakeland Financial (NASDAQ:LKFN) Shares Cross Above Two Hundred Day Moving Average - What's Next?

Key Points

• Lakeland Financial shares moved above their 200-day moving average, trading as high as $59.85 and last changing hands at $59.77, a sign of near-term technical strength.
• Analysts remain cautious overall: the stock has an average Hold rating with a consensus target price of $66.50, though one analyst rates it a Buy and recent updates included a rating upgrade from Sell to Hold.
• The company reported Q1 earnings of $1.04 per share, beating expectations, and also paid a quarterly dividend of $0.52 per share for a 3.5% annualized yield.

Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $58.93 and traded as high as $59.85. Lakeland Financial shares last traded at $59.77, with a volume of 159,538 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Lakeland Financial in a research report on Tuesday, April 21st. Wall Street Zen upgraded shares of Lakeland Financial from a "sell" rating to a "hold" rating in a research report on Sunday, April 19th. Stephens set a $66.00 price objective on shares of Lakeland Financial in a research report on Tuesday, January 27th. Finally, Hovde Group upped their price objective on shares of Lakeland Financial from $63.00 to $66.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 28th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Lakeland Financial currently has an average rating of "Hold" and a consensus target price of $66.50.

Lakeland Financial Stock Up 2.6%

The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of 14.00 and a beta of 0.74. The company's 50-day moving average is $58.86 and its 200-day moving average is $58.93.

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, topping the consensus estimate of $1.01 by $0.03. Lakeland Financial had a net margin of 25.81% and a return on equity of 14.79%. The firm had revenue of $69.71 million during the quarter, compared to analysts' expectations of $70.42 million. During the same period last year, the business earned $0.78 earnings per share. Sell-side analysts anticipate that Lakeland Financial Corporation will post 4.3 EPS for the current year.

Lakeland Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Saturday, April 25th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.5%. The ex-dividend date was Friday, April 24th. Lakeland Financial's dividend payout ratio (DPR) is presently 48.71%.

Insider Activity

In other news, Director M Scott Welch acquired 10,000 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average cost of $56.23 per share, for a total transaction of $562,300.00. Following the completion of the transaction, the director owned 212,006 shares in the company, valued at approximately $11,921,097.38. This trade represents a 4.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven D. Ross sold 1,281 shares of the firm's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $62.50, for a total transaction of $80,062.50. Following the sale, the director owned 27,001 shares of the company's stock, valued at approximately $1,687,562.50. The trade was a 4.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have bought 25,000 shares of company stock valued at $1,419,050 and have sold 9,121 shares valued at $544,369. Insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Lakeland Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. boosted its stake in Lakeland Financial by 186.0% during the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after buying an additional 305 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Lakeland Financial by 1,212.5% during the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider's stock worth $39,000 after buying an additional 582 shares during the period. Rockefeller Capital Management L.P. boosted its stake in Lakeland Financial by 40.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider's stock worth $42,000 after buying an additional 210 shares during the period. Global Retirement Partners LLC boosted its stake in Lakeland Financial by 118.9% during the fourth quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider's stock worth $57,000 after buying an additional 541 shares during the period. Finally, Summit Securities Group LLC purchased a new position in Lakeland Financial during the first quarter worth about $86,000. 81.15% of the stock is currently owned by institutional investors and hedge funds.

Lakeland Financial Company Profile

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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