Silvercrest Asset Management Group LLC Boosts Stake in Lakeland Financial Co. (NASDAQ:LKFN)

Silvercrest Asset Management Group LLC raised its holdings in shares of Lakeland Financial Co. (NASDAQ:LKFN - Free Report) by 5.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 956,565 shares of the financial services provider's stock after purchasing an additional 51,624 shares during the period. Silvercrest Asset Management Group LLC owned 3.75% of Lakeland Financial worth $65,773,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in LKFN. Vanguard Group Inc. raised its position in shares of Lakeland Financial by 5.4% in the 4th quarter. Vanguard Group Inc. now owns 1,940,356 shares of the financial services provider's stock valued at $133,419,000 after purchasing an additional 100,001 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Lakeland Financial by 4.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 946,280 shares of the financial services provider's stock worth $65,066,000 after buying an additional 43,312 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Lakeland Financial by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 807,525 shares of the financial services provider's stock valued at $55,526,000 after buying an additional 6,307 shares during the last quarter. Copeland Capital Management LLC raised its stake in Lakeland Financial by 2.4% in the 4th quarter. Copeland Capital Management LLC now owns 764,186 shares of the financial services provider's stock worth $52,545,000 after acquiring an additional 18,247 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Lakeland Financial during the 4th quarter worth about $23,111,000. Institutional investors and hedge funds own 81.15% of the company's stock.

Insider Transactions at Lakeland Financial

In related news, SVP Donald Robinson-Gay sold 550 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $66.25, for a total transaction of $36,437.50. Following the completion of the sale, the senior vice president now owns 4,974 shares of the company's stock, valued at approximately $329,527.50. This represents a 9.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stephanie R. Leniski sold 1,500 shares of the company's 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 completion of the sale, the executive vice president now owns 6,211 shares of the company's stock, valued at $384,709.34. This trade represents 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.

Lakeland Financial Trading Down 2.3%

NASDAQ:LKFN traded down $1.40 during trading hours on Wednesday, reaching $59.92. 31,083 shares of the company were exchanged, compared to its average volume of 174,601. The firm has a market cap of $1.53 billion, a PE ratio of 16.51 and a beta of 0.58. Lakeland Financial Co. has a twelve month low of $50.00 and a twelve month high of $78.61. The stock's 50-day moving average is $57.51 and its 200-day moving average is $65.15.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.09). The company had revenue of $90.46 million for 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 last year, the company earned $0.91 EPS. As a group, research analysts anticipate that Lakeland Financial Co. will post 3.7 EPS for the current year.

Lakeland Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Friday, April 25th were given a $0.50 dividend. The ex-dividend date was Friday, April 25th. This represents a $2.00 annualized dividend and a dividend yield of 3.34%. Lakeland Financial's dividend payout ratio (DPR) is presently 57.14%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on LKFN shares. Keefe, Bruyette & Woods cut their price objective on Lakeland Financial from $69.00 to $65.00 and set a "market perform" rating on the stock in a report on Monday, April 28th. Hovde Group upgraded Lakeland Financial from a "market perform" rating to an "outperform" rating and set a $72.00 price objective for the company in a research note on Tuesday, May 6th.

Lakeland Financial Company Profile

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.