Sippican Capital Advisors Boosts Stake in Lakeland Financial Co. (NASDAQ:LKFN)

Sippican Capital Advisors raised its position in Lakeland Financial Co. (NASDAQ:LKFN) by 21.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,931 shares of the financial services provider’s stock after purchasing an additional 3,330 shares during the quarter. Sippican Capital Advisors owned 0.07% of Lakeland Financial worth $1,233,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LKFN. Raymond James & Associates increased its position in shares of Lakeland Financial by 132.5% during the second quarter. Raymond James & Associates now owns 98,219 shares of the financial services provider’s stock worth $6,042,000 after acquiring an additional 55,975 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Lakeland Financial by 686.8% during the second quarter. Renaissance Technologies LLC now owns 57,051 shares of the financial services provider’s stock valued at $3,510,000 after purchasing an additional 49,800 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Lakeland Financial by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 1,847,688 shares of the financial services provider’s stock valued at $120,395,000 after purchasing an additional 42,862 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Lakeland Financial during the second quarter valued at approximately $1,352,000. Finally, Aptus Capital Advisors LLC boosted its stake in Lakeland Financial by 24.8% in the second quarter. Aptus Capital Advisors LLC now owns 65,224 shares of the financial services provider’s stock valued at $4,013,000 after acquiring an additional 12,975 shares in the last quarter. 81.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised their price target on shares of Lakeland Financial from $64.00 to $65.00 and gave the stock a “market perform” rating in a report on Monday, July 29th.

Insider Activity

In other news, President Kristin Pruitt sold 12,000 shares of Lakeland Financial stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $67.06, for a total value of $804,720.00. Following the sale, the president now owns 10,252 shares in the company, valued at $687,499.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Lakeland Financial news, SVP James Rickard Donovan sold 800 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $65.42, for a total value of $52,336.00. Following the transaction, the senior vice president now directly owns 9,568 shares in the company, valued at $625,938.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Kristin Pruitt sold 12,000 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $67.06, for a total transaction of $804,720.00. Following the completion of the transaction, the president now owns 10,252 shares in the company, valued at $687,499.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.30% of the company’s stock.

Lakeland Financial Trading Down 0.1 %

LKFN traded down $0.07 on Thursday, reaching $66.78. The stock had a trading volume of 4,202 shares, compared to its average volume of 112,920. Lakeland Financial Co. has a 12-month low of $48.21 and a 12-month high of $73.22. The business’s 50-day moving average price is $65.46 and its two-hundred day moving average price is $63.38. The company has a market cap of $1.70 billion, a P/E ratio of 18.47 and a beta of 0.65.

Lakeland Financial (NASDAQ:LKFN) last announced its earnings results on Friday, October 25th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. Lakeland Financial had a net margin of 23.70% and a return on equity of 14.72%. The business had revenue of $106.94 million for the quarter, compared to analyst estimates of $59.90 million. During the same quarter last year, the business earned $0.98 earnings per share. As a group, analysts predict that Lakeland Financial Co. will post 3.37 earnings per share for the current year.

Lakeland Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a $0.48 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.92 annualized dividend and a dividend yield of 2.88%. Lakeland Financial’s dividend payout ratio (DPR) is 53.04%.

Lakeland Financial 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.