Comerica Bank cut its stake in Lakeland Financial Co. (NASDAQ:LKFN – Get Rating) by 7.1% in the first quarter, according to its recent Form 13F filing with the Securities & Exchange Commission. The company owned 32,567 shares of the financial services provider after selling 2,498 shares during the quarter. Comerica Bank’s interests in Lakeland Financial were valued at $2,528,000 at the time of the most recent filing with the Securities & Exchange Commission.
Other major investors have also recently changed their positions in the company. Pinebridge Investments LP acquired a new interest in Lakeland Financial stock valued at approximately $96,000 during the fourth quarter. Raymond James & Associates acquired a new interest in Lakeland Financial stock valued at approximately $232,000 during the fourth quarter. Hennion & Walsh Asset Management Inc. acquired a new stake in Lakeland Financial stock valued at approximately $326,000 during the first quarter. The Teacher Retirement System of Texas increased its stake in Lakeland Financial by 20.1% in the fourth quarter. Teacher Retirement System of Texas now owns 4,879 shares of the financial services provider, valued at $391,000, having purchased an additional 818 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Lakeland Financial stock valued at approximately $508,000 during the fourth quarter. 80.34% of the shares are currently owned by institutional investors.
Insider buying and selling at Lakeland Financial
In addition, on Monday, June 13, Director Robert E. Bartels, Jr. acquired 755 shares of the stock in a transaction. The shares were purchased at an average price of $67.29 per share for a total value of $50,803.95. Upon completion of the acquisition, the Director now directly owns 26,213 shares of the Company, valued at $1,763,872.77. The acquisition was disclosed in a filing with the SEC, available at this hyperlink. Insiders own 4.00% of the company’s stock.
Lakeland Financial stock performance
NASDAQ LKFN shares opened at $70.39 on Friday. The company has a 50-day moving average of $68.65 and a 200-day moving average of $74.67. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt to equity ratio of 0.12. The company has a market cap of $1.78 billion, a price-to-earnings ratio of 18.72 and a beta of 0.71. Lakeland Financial Co. has a 12-month low of $56.08 and a 12-month high of $85.71.
Lakeland Financial (NASDAQ:LKFN – Get Rating) last reported earnings results on Monday, April 25th. The financial services firm reported earnings per share (EPS) of $0.92 for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $55.57 million for the quarter, compared to analyst estimates of $56.46 million. Lakeland Financial had a net margin of 40.82% and a return on equity of 14.41%. For the same period last year, the company reported earnings per share of $0.90. On average, research analysts expect Lakeland Financial Co. to report earnings per share of 3.95 for the current year.
Lakeland Financial Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, August 5th. Shareholders of record on Monday, July 25 will receive a dividend of $0.40 per share. That equates to an annualized dividend of $1.60 and a yield of 2.27%. The ex-dividend date is Friday July 22nd. Lakeland Financial’s payout ratio is currently 42.55%.
Wall Street analysts forecast growth
Separately, StockNews.com downgraded shares of Lakeland Financial to a “sell” rating from a “hold” rating in a research report on Monday, May 23.
About Lakeland Financial
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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