Zacks Investment Research downgraded shares of Lakeland Financial Corporation (NASDAQ:LKFN) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.
According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “
Several other research analysts also recently commented on the company. BidaskClub downgraded Lakeland Financial Corporation from a hold rating to a sell rating in a research report on Wednesday, July 19th. ValuEngine raised Lakeland Financial Corporation from a hold rating to a buy rating in a research report on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $47.00.
Lakeland Financial Corporation (NASDAQ:LKFN) opened at 46.26 on Friday. Lakeland Financial Corporation has a 1-year low of $33.98 and a 1-year high of $48.88. The stock’s 50 day moving average price is $44.26 and its 200 day moving average price is $44.55. The stock has a market capitalization of $1.16 billion, a PE ratio of 20.74 and a beta of 0.84.
Lakeland Financial Corporation (NASDAQ:LKFN) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The company had revenue of $42.61 million for the quarter, compared to the consensus estimate of $41.86 million. Lakeland Financial Corporation had a return on equity of 13.06% and a net margin of 30.72%. Equities research analysts forecast that Lakeland Financial Corporation will post $2.37 earnings per share for the current year.
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In other Lakeland Financial Corporation news, insider Eric H. Ottinger sold 1,899 shares of Lakeland Financial Corporation stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $46.28, for a total value of $87,885.72. Following the transaction, the insider now directly owns 21,500 shares of the company’s stock, valued at approximately $995,020. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director M Scott Welch purchased 5,557 shares of the company’s stock in a transaction on Thursday, September 7th. The stock was acquired at an average cost of $41.83 per share, for a total transaction of $232,449.31. Following the completion of the transaction, the director now owns 112,148 shares in the company, valued at $4,691,150.84. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 10,613 shares of company stock worth $447,131 and sold 3,149 shares worth $142,334. Insiders own 5.00% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Lakeland Financial Corporation during the 2nd quarter worth approximately $234,000. Susquehanna International Group LLP acquired a new stake in shares of Lakeland Financial Corporation during the 2nd quarter worth approximately $478,000. CS Mckee LP grew its holdings in shares of Lakeland Financial Corporation by 0.3% during the 2nd quarter. CS Mckee LP now owns 35,325 shares of the financial services provider’s stock worth $1,621,000 after purchasing an additional 100 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Lakeland Financial Corporation by 1.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,419 shares of the financial services provider’s stock worth $845,000 after purchasing an additional 236 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Lakeland Financial Corporation by 47.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 21,429 shares of the financial services provider’s stock worth $983,000 after purchasing an additional 6,900 shares in the last quarter. 69.31% of the stock is currently owned by institutional investors.
About Lakeland Financial Corporation
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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