Emerald Mutual Fund Advisers Trust maintained its position in shares of Lakeland Financial Corporation (NASDAQ:LKFN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,615 shares of the financial services provider’s stock at the end of the second quarter. Emerald Mutual Fund Advisers Trust owned 0.19% of Lakeland Financial Corporation worth $2,139,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in shares of Lakeland Financial Corporation during the first quarter worth approximately $102,000. Motley Fool Wealth Management LLC bought a new stake in shares of Lakeland Financial Corporation during the first quarter worth approximately $225,000. Prudential Financial Inc. raised its stake in shares of Lakeland Financial Corporation by 1.5% in the first quarter. Prudential Financial Inc. now owns 5,272 shares of the financial services provider’s stock worth $228,000 after buying an additional 80 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Lakeland Financial Corporation by 3.3% in the first quarter. PNC Financial Services Group Inc. now owns 6,200 shares of the financial services provider’s stock worth $267,000 after buying an additional 200 shares in the last quarter. Finally, Highbridge Capital Management LLC bought a new stake in shares of Lakeland Financial Corporation during the fourth quarter worth approximately $346,000. 70.76% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Lakeland Financial Corporation (NASDAQ LKFN) opened at 43.95 on Friday. The firm’s 50 day moving average price is $45.68 and its 200 day moving average price is $44.78. Lakeland Financial Corporation has a 52-week low of $33.98 and a 52-week high of $48.88. The stock has a market cap of $1.10 billion, a P/E ratio of 19.71 and a beta of 0.83.
Lakeland Financial Corporation (NASDAQ:LKFN) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.05. Lakeland Financial Corporation had a net margin of 30.72% and a return on equity of 13.06%. The company had revenue of $42.61 million during the quarter, compared to analysts’ expectations of $41.86 million. On average, analysts expect that Lakeland Financial Corporation will post $2.37 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Tuesday, July 25th were paid a $0.22 dividend. The ex-dividend date was Friday, July 21st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.00%. Lakeland Financial Corporation’s payout ratio is currently 39.46%.
A number of equities analysts have recently weighed in on LKFN shares. Zacks Investment Research upgraded Lakeland Financial Corporation from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Tuesday, June 27th. BidaskClub downgraded Lakeland Financial Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Finally, DA Davidson upgraded Lakeland Financial Corporation from a “neutral” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Thursday, May 18th.
In other news, insider Eric H. Ottinger sold 1,899 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were 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 $995,020. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael E. Gavin sold 2,500 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $42.93, for a total transaction of $107,325.00. Following the completion of the transaction, the executive vice president now directly owns 2,018 shares in the company, valued at $86,632.74. The disclosure for this sale can be found here. Insiders sold 4,999 shares of company stock worth $220,777 in the last quarter. Company insiders own 5.00% of the company’s stock.
Lakeland Financial Corporation Company Profile
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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