Lakeland Financial Co. (LKFN) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC trimmed its holdings in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 4.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 83,837 shares of the financial services provider’s stock after selling 3,544 shares during the period. Wedge Capital Management L L P NC’s holdings in Lakeland Financial were worth $3,897,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. MetLife Investment Advisors LLC raised its stake in shares of Lakeland Financial by 13.6% during the 2nd quarter. MetLife Investment Advisors LLC now owns 11,384 shares of the financial services provider’s stock worth $549,000 after buying an additional 1,361 shares during the period. John W. Rosenthal Capital Management Inc. increased its position in shares of Lakeland Financial by 1.5% during the second quarter. John W. Rosenthal Capital Management Inc. now owns 125,000 shares of the financial services provider’s stock worth $6,024,000 after purchasing an additional 1,826 shares in the last quarter. Xact Kapitalforvaltning AB increased its position in shares of Lakeland Financial by 22.4% during the third quarter. Xact Kapitalforvaltning AB now owns 10,930 shares of the financial services provider’s stock worth $508,000 after purchasing an additional 2,000 shares in the last quarter. Motley Fool Wealth Management LLC increased its position in shares of Lakeland Financial by 2.8% during the second quarter. Motley Fool Wealth Management LLC now owns 104,150 shares of the financial services provider’s stock worth $5,019,000 after purchasing an additional 2,873 shares in the last quarter. Finally, BlueMountain Capital Management LLC increased its position in shares of Lakeland Financial by 52.0% during the second quarter. BlueMountain Capital Management LLC now owns 10,369 shares of the financial services provider’s stock worth $500,000 after purchasing an additional 3,547 shares in the last quarter. 72.19% of the stock is owned by institutional investors and hedge funds.

Shares of LKFN opened at $44.25 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.99. Lakeland Financial Co. has a one year low of $39.41 and a one year high of $52.43. The company has a market cap of $1.12 billion, a P/E ratio of 18.51, a PEG ratio of 1.44 and a beta of 0.76.

Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.02. Lakeland Financial had a return on equity of 15.54% and a net margin of 30.88%. The firm had revenue of $48.36 million during the quarter, compared to analysts’ expectations of $48.60 million. As a group, equities analysts predict that Lakeland Financial Co. will post 3.08 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, November 5th. Investors of record on Thursday, October 25th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.35%. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Wednesday, October 24th. Lakeland Financial’s payout ratio is presently 43.51%.

Several brokerages recently commented on LKFN. BidaskClub cut Lakeland Financial from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 23rd. Zacks Investment Research cut Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Boenning Scattergood reiterated a “hold” rating on shares of Lakeland Financial in a research report on Friday, October 26th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $51.00 price target on shares of Lakeland Financial in a research report on Thursday, July 26th. Finally, ValuEngine cut Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Lakeland Financial presently has an average rating of “Hold” and an average target price of $49.00.

In other Lakeland Financial news, Director Emily E. Pichon sold 500 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $50.85, for a total value of $25,425.00. Following the completion of the sale, the director now directly owns 15,363 shares in the company, valued at approximately $781,208.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Batty Jill A. De sold 1,800 shares of the company’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $48.81, for a total value of $87,858.00. Following the completion of the sale, the insider now owns 10,386 shares of the company’s stock, valued at $506,940.66. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 10,124 shares of company stock valued at $430,613 and have sold 2,600 shares valued at $128,298. 4.40% of the stock is currently owned by insiders.

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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 Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.

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Want to see what other hedge funds are holding LKFN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lakeland Financial Co. (NASDAQ:LKFN).

Institutional Ownership by Quarter for Lakeland Financial (NASDAQ:LKFN)

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