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Lakeland Financial (NASDAQ:LKFN) Cut to "Strong Sell" at BidaskClub

Last updated on Tuesday, August 4, 2020 | 2020 MarketBeat

Lakeland Financial (NASDAQ:LKFN) was downgraded by investment analysts at BidaskClub from a "sell" rating to a "strong sell" rating in a report released on Tuesday, BidAskClub reports.

Several other research firms also recently commented on LKFN. Zacks Investment Research raised shares of Lakeland Financial from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a report on Saturday. TheStreet upgraded Lakeland Financial from a "c+" rating to a "b" rating in a report on Thursday, June 18th.

LKFN traded down $0.64 on Tuesday, hitting $43.51. 33,613 shares of the stock were exchanged, compared to its average volume of 84,667. Lakeland Financial has a 12 month low of $30.49 and a 12 month high of $50.00. The business has a 50-day moving average of $44.41 and a two-hundred day moving average of $42.22. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.98 and a quick ratio of 0.97. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 13.94 and a beta of 1.00.

Lakeland Financial (NASDAQ:LKFN) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters' consensus estimate of $0.54 by $0.23. The company had revenue of $50.70 million during the quarter, compared to the consensus estimate of $48.55 million. Lakeland Financial had a return on equity of 13.52% and a net margin of 32.49%. Equities research analysts expect that Lakeland Financial will post 3.07 earnings per share for the current fiscal year.

In other Lakeland Financial news, EVP Eric H. Ottinger sold 2,026 shares of the firm's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $45.50, for a total value of $92,183.00. Following the completion of the transaction, the executive vice president now owns 27,000 shares of the company's stock, valued at $1,228,500. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Lisa M. O'neill sold 1,800 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $42.00, for a total transaction of $75,600.00. Following the completion of the sale, the chief financial officer now owns 25,425 shares in the company, valued at approximately $1,067,850. The disclosure for this sale can be found here. Company insiders own 4.80% of the company's stock.

Several hedge funds have recently bought and sold shares of LKFN. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Lakeland Financial by 49.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,432 shares of the financial services provider's stock valued at $89,000 after acquiring an additional 802 shares in the last quarter. Denali Advisors LLC acquired a new stake in shares of Lakeland Financial in the first quarter valued at approximately $125,000. Advisor Group Holdings Inc. purchased a new position in Lakeland Financial in the first quarter worth $156,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Lakeland Financial by 41.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,433 shares of the financial services provider's stock valued at $160,000 after buying an additional 1,001 shares in the last quarter. Finally, Cresset Asset Management LLC purchased a new stake in Lakeland Financial during the 2nd quarter worth about $210,000. Institutional investors and hedge funds own 75.27% of the company's stock.

Lakeland Financial Company Profile

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.

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