Lakeland Financial (NASDAQ:LKFN) Issues Earnings Results

Lakeland Financial (NASDAQ:LKFN) issued its quarterly earnings results on Friday. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03, Briefing.com reports. The company had revenue of $106.94 million during the quarter, compared to analyst estimates of $59.90 million. Lakeland Financial had a return on equity of 14.72% and a net margin of 23.70%. During the same period in the previous year, the company earned $0.98 earnings per share.

Lakeland Financial Price Performance

Shares of LKFN traded down $1.88 during mid-day trading on Friday, reaching $62.87. The company had a trading volume of 105,151 shares, compared to its average volume of 113,827. The company’s 50-day moving average is $65.26 and its 200-day moving average is $63.20. The company has a market capitalization of $1.60 billion, a P/E ratio of 16.04 and a beta of 0.65. Lakeland Financial has a twelve month low of $47.63 and a twelve month high of $73.22.

Lakeland Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be paid a $0.48 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.92 annualized dividend and a dividend yield of 3.05%. Lakeland Financial’s dividend payout ratio is currently 48.98%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods lifted their target price on Lakeland Financial from $64.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Lakeland Financial currently has an average rating of “Hold” and an average price target of $71.00.

Insider Activity at Lakeland Financial

In other Lakeland Financial news, CAO Brok A. Lahrman sold 415 shares of Lakeland Financial stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $68.91, for a total transaction of $28,597.65. Following the completion of the transaction, the chief accounting officer now directly owns 1,739 shares of the company’s stock, valued at approximately $119,834.49. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP James Rickard Donovan sold 800 shares of Lakeland Financial stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $65.42, for a total value of $52,336.00. Following the completion of the transaction, the senior vice president now owns 9,568 shares in the company, valued at approximately $625,938.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brok A. Lahrman sold 415 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $68.91, for a total value of $28,597.65. Following the sale, the chief accounting officer now owns 1,739 shares in the company, valued at approximately $119,834.49. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,635 shares of company stock valued at $914,604 in the last 90 days. 3.30% of the stock is owned by corporate insiders.

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 the United States. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits.