Analysts are expecting Lakeland Financial Co. (NASDAQ:LKFN – Get Rating) to report sales of $55.25 million for the current fiscal quarter, reports Zacks Investment Research. Two analysts have provided estimates for Lakeland Financial’s earnings, with the highest estimate of revenue being $57.00 million and the lowest estimate being $53.50 million. Lakeland Financial reported revenue of $56.24 million for the same quarter last year, indicating a negative growth rate of 1.8% year over year. The company is expected to announce its next earnings results before the market opens on Monday, January 1st.
According to Zacks, analysts expect Lakeland Financial to report full-year revenue of $228.45 million for the current fiscal year, with estimates ranging from $223.90 million to $233.00 million. For the next fiscal year, analysts expect the company to post revenue of $245.35 million, with estimates ranging from $241.70 million to $249.00 million. Zacks Investment Research selling averages are averages based on a survey of research analysts covering Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN – Get Rating) last released its quarterly earnings data on Tuesday, January 25th. The financial services firm reported earnings per share of $0.95 for the quarter, beating the consensus estimate of $0.97 ($0.02). The company had revenue of $54.72 million for the quarter, compared to the consensus estimate of $57.47 million. Lakeland Financial had a return on equity of 14.09% and a net margin of 40.23%. In the same period last year, the company generated earnings per share of $0.97.
LKFN has been the subject of several recent research reports. StockNews.com began coverage of Lakeland Financial in a report on Thursday, March 31st. They set a “sell” rating for the stock. Zacks Investment Research downgraded Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, April 6th.
Lakeland Financial shares opened at $76.40 on Friday. The stock has a market cap of $1.97 billion, a P/E of 20.43 and a beta of 0.73. The company has a 50-day simple moving average of $77.11 and a 200-day simple moving average of $76.96. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt to equity ratio of 0.11. Lakeland Financial has a 12-month low of $56.06 and a 12-month high of $85.71.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 5th. Shareholders of record on Monday, April 25 will receive a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday April 22nd. That equates to a dividend of $1.60 on an annualized basis and a dividend yield of 2.09%. Lakeland Financial’s payout ratio is 42.78%.
In related news, Director Michael L. Kubacki sold 35,597 shares of the stock in a transaction that took place on Friday, January 28th. The shares sold at an average price of $78.56 for a total transaction of $2,796,500.32. The transaction was disclosed in a document filed with the SEC, which can be accessed at this link. In addition, Director Steven D. Ross sold 2,300 shares of the company’s stock in a transaction that took place on Tuesday, February 8th. The shares sold at an average price of $82.00 for a total transaction of $188,600.00. The disclosure for this sale can be found here. Over the past ninety days, insiders sold 71,521 shares of the company’s stock valued at $5,719,506. 4.00% of the shares are owned by insiders.
A number of major investors have recently bought and sold shares in the company. BlackRock Inc. increased its stake in Lakeland Financial by 106.9% in the third quarter. BlackRock Inc. now owns 3,679,624 shares of the financial services provider valued at $262,136,000 after purchasing an additional 1,901,122 shares last quarter. Goldman Sachs Group Inc. increased its position in Lakeland Financial by 6.2% in the third quarter. Goldman Sachs Group Inc. now owns 982,738 shares of the financial services provider, valued at $70,010,000, having purchased an additional 57,294 shares during the period. Copeland Capital Management LLC added 1.9% to its position in Lakeland Financial in the first quarter. Copeland Capital Management LLC now owns 515,314 shares of the financial services firm valued at $37,618,000 after purchasing an additional 9,371 shares during the period. Geode Capital Management LLC increased its position in Lakeland Financial by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 472,553 shares of the financial services firm valued at $37,870,000 after purchasing an additional 3,747 shares during the period. Finally, Boston Trust Walden Corp increased its position in Lakeland Financial by 2.2% in the first quarter. Boston Trust Walden Corp now owns 369,458 shares of the financial services firm valued at $26,971,000 after purchasing an additional 7,777 shares during the period. Institutional investors and hedge funds own 81.43% of the company’s shares.
About Lakeland Financial (received rating)
Lakeland Financial Corporation acts as the bank holding company for Lake City Bank, which provides various banking products and services. The company accepts various insoles products such as: B. Interest-free, interest-bearing checks, savings deposits, money market, NOW and sight deposits. Lending products include commercial and industrial real estate, commercial real estate and multi-family homes, agribusiness and agriculture, 1-4 family consumer mortgages and other consumer loans.
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