Wall Street Zen Downgrades Lakeland Financial (NASDAQ:LKFN) to Sell

Key Points

• Wall Street Zen downgraded Lakeland Financial from “hold” to “sell.” Other analysts remain more neutral, with the stock carrying an average “hold” rating and a consensus price target of $66.50.
• Lakeland Financial shares opened at $61.73, with a $1.53 billion market capitalization and a 12-month trading range of $54.36 to $69.40.
• The company exceeded quarterly earnings expectations, reporting $1.13 in EPS versus the $1.08 consensus, though revenue of $70.87 million fell short of the $72.11 million estimate.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Sunday.

LKFN has been the subject of several other reports. Hovde Group boosted their target price 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. Weiss Ratings downgraded Lakeland Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $66.50.

Lakeland Financial Trading Down 0.9%

Shares of LKFN stock opened at $61.73 on Friday. The firm has a market capitalization of $1.53 billion, a PE ratio of 14.16 and a beta of 0.72. The firm has a fifty day simple moving average of $61.38 and a two-hundred day simple moving average of $60.10. Lakeland Financial has a 12 month low of $54.36 and a 12 month high of $69.40.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. The firm had revenue of $70.87 million for the quarter, compared to the consensus estimate of $72.11 million. During the same quarter in the prior year, the company posted $1.04 earnings per share. On average, equities analysts predict that Lakeland Financial will post 4.37 earnings per share for the current fiscal year.

Insider Transactions at Lakeland Financial

In other Lakeland Financial news, Director Bradley J. Toothaker sold 5,900 shares of Lakeland Financial stock in a transaction on Friday, May 29th. The shares were sold at an average price of $60.62, for a total transaction of $357,658.00. Following the transaction, the director directly owned 14,278 shares of the company's stock, valued at $865,532.36. The trade was a 29.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. increased its stake in Lakeland Financial by 40.5% in 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. WINTON GROUP Ltd lifted its position in shares of Lakeland Financial by 1.1% during the 4th quarter. WINTON GROUP Ltd now owns 20,743 shares of the financial services provider's stock worth $1,184,000 after buying an additional 221 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Lakeland Financial by 0.9% in the 1st quarter. Cetera Investment Advisers now owns 24,790 shares of the financial services provider's stock worth $1,422,000 after buying an additional 230 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Lakeland Financial by 17.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,689 shares of the financial services provider's stock worth $104,000 after buying an additional 250 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Lakeland Financial by 3.0% in the second quarter. Smartleaf Asset Management LLC now owns 9,960 shares of the financial services provider's stock valued at $611,000 after acquiring an additional 292 shares in the last quarter. 81.15% of the stock is currently owned by hedge funds and other institutional investors.

About Lakeland Financial

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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