Weiss Ratings Reiterates Hold (C) Rating for Lakeland Financial (NASDAQ:LKFN)

Key Points

• Weiss Ratings has reaffirmed a Hold (C) rating for Lakeland Financial (NASDAQ: LKFN), while Keefe, Bruyette & Woods raised its price target to $68.00.
• Lakeland Financial reported $1.04 EPS for the recent quarter, surpassing estimates of $0.93, although revenues fell short of predictions with $63.36 million reported.
• Insider transactions have seen significant activity, with executives selling thousands of shares, indicating a decrease in ownership stakes of up to 12.56% for some.

Lakeland Financial (NASDAQ:LKFN - Get Free Report)'s stock had its "hold (c)" rating restated by equities researchers at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Separately, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $68.00 price objective (up from $65.00) on shares of Lakeland Financial in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $70.00.

Lakeland Financial Price Performance

Shares of NASDAQ:LKFN opened at $63.30 on Wednesday. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 17.25 and a beta of 0.59. The business's 50-day moving average is $64.69 and its 200-day moving average is $61.45. Lakeland Financial has a 1 year low of $50.00 and a 1 year high of $78.61.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.11. The company had revenue of $63.36 million for the quarter, compared to the consensus estimate of $67.02 million. Lakeland Financial had a return on equity of 13.57% and a net margin of 22.55%.During the same period in the previous year, the business earned $0.87 EPS. Analysts anticipate that Lakeland Financial will post 3.7 EPS for the current year.

Insider Buying and Selling

In related news, EVP Eric H. Ottinger sold 4,635 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $67.07, for a total transaction of $310,869.45. Following the transaction, the executive vice president directly owned 32,282 shares of the company's stock, valued at approximately $2,165,153.74. This represents a 12.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Lisa M. O'neill sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $66.72, for a total value of $166,800.00. Following the transaction, the chief financial officer directly owned 34,366 shares in the company, valued at approximately $2,292,899.52. This trade represents a 6.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,435 shares of company stock worth $497,769. 3.00% of the stock is owned by company insiders.

Institutional Trading of Lakeland Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust increased its holdings in Lakeland Financial by 248.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 442 shares of the financial services provider's stock worth $27,000 after purchasing an additional 315 shares in the last quarter. Osaic Holdings Inc. increased its holdings in Lakeland Financial by 186.0% during the 2nd quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after purchasing an additional 305 shares in the last quarter. Quarry LP bought a new stake in Lakeland Financial during the 1st quarter worth approximately $33,000. CWM LLC increased its holdings in Lakeland Financial by 40.5% during the 1st quarter. CWM LLC now owns 631 shares of the financial services provider's stock worth $37,000 after purchasing an additional 182 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Lakeland Financial by 1,212.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider's stock worth $39,000 after purchasing an additional 582 shares in the last quarter. 81.15% of the stock is owned by institutional investors.

About Lakeland Financial

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.

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