Lakeland Financial Co. (NASDAQ:LKFN) Shares Sold by Comerica Bank

Comerica Bank trimmed its holdings in Lakeland Financial Co. (NASDAQ:LKFNGet Rating) by 10.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,064 shares of the financial services provider’s stock after selling 2,616 shares during the quarter. Comerica Bank’s holdings in Lakeland Financial were worth $1,690,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Tower View Investment Management & Research LLC acquired a new position in shares of Lakeland Financial in the 2nd quarter valued at $27,000. Nisa Investment Advisors LLC increased its stake in Lakeland Financial by 70.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 484 shares of the financial services provider’s stock valued at $32,000 after buying an additional 200 shares during the period. Captrust Financial Advisors increased its stake in Lakeland Financial by 45.3% in the 2nd quarter. Captrust Financial Advisors now owns 542 shares of the financial services provider’s stock valued at $36,000 after buying an additional 169 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Lakeland Financial by 52.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 861 shares of the financial services provider’s stock valued at $62,000 after buying an additional 298 shares during the period. Finally, First Horizon Advisors Inc. increased its stake in Lakeland Financial by 2,390.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,519 shares of the financial services provider’s stock valued at $100,000 after buying an additional 1,458 shares during the period. 80.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Michael L. Kubacki sold 47,520 shares of the business’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $82.79, for a total value of $3,934,180.80. Following the sale, the director now directly owns 76,250 shares in the company, valued at approximately $6,312,737.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Brok A. Lahrman sold 312 shares of the company’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $82.03, for a total transaction of $25,593.36. Following the completion of the transaction, the chief accounting officer now owns 588 shares of the company’s stock, valued at approximately $48,233.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael L. Kubacki sold 47,520 shares of the company’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $82.79, for a total transaction of $3,934,180.80. Following the transaction, the director now directly owns 76,250 shares of the company’s stock, valued at approximately $6,312,737.50. The disclosure for this sale can be found here. Insiders have sold 51,832 shares of company stock worth $4,289,014 in the last three months. Corporate insiders own 4.00% of the company’s stock.

Lakeland Financial Stock Performance

Shares of NASDAQ LKFN opened at $74.11 on Friday. The firm has a market capitalization of $1.88 billion, a P/E ratio of 18.62 and a beta of 0.76. Lakeland Financial Co. has a one year low of $64.05 and a one year high of $83.57. The company’s fifty day moving average is $74.90 and its two-hundred day moving average is $75.50.

Lakeland Financial (NASDAQ:LKFNGet Rating) last issued its earnings results on Tuesday, October 25th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $1.02 by $0.09. The company had revenue of $62.66 million for the quarter, compared to analyst estimates of $61.85 million. Lakeland Financial had a net margin of 40.28% and a return on equity of 17.06%. On average, sell-side analysts forecast that Lakeland Financial Co. will post 4.17 earnings per share for the current fiscal year.

Lakeland Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 6th. Investors of record on Wednesday, January 25th will be given a $0.46 dividend. The ex-dividend date of this dividend is Tuesday, January 24th. This is a positive change from Lakeland Financial’s previous quarterly dividend of $0.40. This represents a $1.84 annualized dividend and a dividend yield of 2.48%. Lakeland Financial’s payout ratio is currently 40.20%.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of Lakeland Financial in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock.

About Lakeland Financial

(Get Rating)

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.

Further Reading

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Institutional Ownership by Quarter for Lakeland Financial (NASDAQ:LKFN)

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