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

Key Points

• Lakeland Financial shares moved above their 200-day moving average, reaching $60.58 before last trading at $59.25. The stock has a $1.47 billion market cap and a 200-day average of $60.12.
• Analysts are generally cautious: the consensus rating is Hold with a $66.50 price target, while recent firms downgraded the stock to Hold and Sell.
• The company exceeded quarterly EPS expectations, reporting $1.13 versus the $1.08 consensus, and maintains a quarterly dividend of $0.52, equivalent to a 3.5% annualized yield.

Shares of Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $60.12 and traded as high as $60.58. Lakeland Financial shares last traded at $59.25, with a volume of 286,326 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on LKFN shares. Weiss Ratings cut shares of Lakeland Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. Wall Street Zen downgraded shares of Lakeland Financial from a "hold" rating to a "sell" rating in a research report on Sunday, August 9th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $66.50.

Lakeland Financial Stock Performance

The stock has a market cap of $1.47 billion, a PE ratio of 13.59 and a beta of 0.71. The business has a 50 day moving average price of $61.15 and a two-hundred day moving average price of $60.12.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.05. The company had revenue of $70.87 million for the quarter, compared to the consensus estimate of $72.11 million. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. During the same period in the previous year, the firm earned $1.04 EPS. As a group, research analysts anticipate that Lakeland Financial Corporation will post 4.38 earnings per share for the current year.

Lakeland Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Saturday, July 25th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Friday, July 24th. Lakeland Financial's payout ratio is presently 47.71%.

Institutional Investors Weigh In On Lakeland Financial

Hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC bought a new position in Lakeland Financial during the second quarter valued at $38,000. Allworth Financial LP bought a new stake in shares of Lakeland Financial in the second quarter valued at $41,000. Integrated Wealth Concepts LLC bought a new stake in shares of Lakeland Financial in the second quarter valued at $41,000. Rockefeller Capital Management L.P. lifted its position in shares of Lakeland Financial by 40.5% during the 4th 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 last quarter. Finally, Summit Securities Group LLC purchased a new position in shares of Lakeland Financial during the 1st quarter valued at $86,000. Institutional investors own 81.15% of the company's stock.

About Lakeland Financial

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Its principal subsidiary, Lake City Bank, provides banking and financial services to individuals, businesses, agricultural customers and governmental entities.

Lake City Bank's offerings include commercial and consumer loans, residential mortgages, deposit accounts, treasury and cash-management services, online and mobile banking, wealth management, and trust services. The bank serves communities primarily across northern Indiana through a network of banking offices and also provides services to customers in surrounding markets.

Lake City Bank traces its history to 1872 and has grown into one of Indiana's longstanding community banking institutions.

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