Lakeland Financial (NASDAQ:LKFN) Stock Price Up 9.7% Following Insider Buying Activity

Lakeland Financial Co. (NASDAQ:LKFN – Get Rating) shares rose 9.7% on Tuesday after an insider bought additional shares in the company. The company traded as high as $68.85 and last traded at $68.70. Approximately 41,865 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 107,731 shares. The stock had previously closed at $62.65.

Specifically, Director M Scott Welch bought 16,715 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was purchased at an average cost of $64.14 per share, with a total value of $1,072,100.10. Following the completion of the purchase, the director now owns 168,756 shares in the company, valued at $10,824,009.84. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, SVP Jonathan P. Steiner sold 3,344 shares of the firm’s stock in a transaction on Thursday, February 16th. The stock was sold at an average price of $70.17, for a total transaction of $234,648.48. Following the sale, the senior vice president now owns 2,026 shares of the company’s stock, valued at approximately $142,164.42. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director M Scott Welch bought 16,715 shares of the stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average cost of $64.14 per share, with a total value of $1,072,100.10. Following the completion of the transaction, the director now owns 168,756 shares in the company, valued at $10,824,009.84. The disclosure for this purchase can be found here. Insiders sold a total of 6,051 shares of company stock worth $423,609 over the last 90 days. 3.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LKFN. StockNews.com lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Thursday, January 26th. Raymond James upgraded Lakeland Financial from a “market perform” rating to an “outperform” rating and set a $78.00 price objective on the stock in a research note on Tuesday, February 21st.

Lakeland Financial Trading Up 7.7 %

The stock has a market capitalization of $1.75 billion, a P/E ratio of 16.70 and a beta of 0.74. The firm’s 50 day moving average price is $71.18 and its 200 day moving average price is $74.52. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.87 and a quick ratio of 0.87.

Lakeland Financial (NASDAQ:LKFN – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The financial services provider reported $1.01 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.12). Lakeland Financial had a net margin of 36.89% and a return on equity of 18.38%. The firm had revenue of $85.87 million for the quarter, compared to analysts’ expectations of $65.70 million. During the same quarter in the previous year, the company earned $0.95 EPS. As a group, equities research analysts expect that Lakeland Financial Co. will post 4.35 earnings per share for the current fiscal year.

Lakeland Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 6th. Shareholders of record on Wednesday, January 25th were issued a $0.46 dividend. This is an increase from Lakeland Financial’s previous quarterly dividend of $0.40. This represents a $1.84 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Tuesday, January 24th. Lakeland Financial’s payout ratio is currently 45.54%.

Hedge Funds Weigh In On Lakeland Financial

A number of large investors have recently made changes to their positions in the company. Bessemer Group Inc. grew its position in Lakeland Financial by 78.9% during the 4th quarter. Bessemer Group Inc. now owns 381 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 168 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Lakeland Financial by 47.6% in the third quarter. Public Employees Retirement System of Ohio now owns 431 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 139 shares during the period. Captrust Financial Advisors boosted its stake in Lakeland Financial by 45.3% during the second quarter. Captrust Financial Advisors now owns 542 shares of the financial services provider’s stock worth $36,000 after buying an additional 169 shares during the period. Coppell Advisory Solutions Corp. purchased a new position in Lakeland Financial during the fourth quarter worth about $43,000. Finally, Point72 Middle East FZE purchased a new position in shares of Lakeland Financial in the fourth quarter valued at approximately $46,000. 80.45% of the stock is owned by hedge funds and other institutional investors.

About Lakeland Financial

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Lakeland Financial Corp. is a bank holding company, which engages in the provision of banking products and services. It offers commercial and consumer banking, trust and wealth management, brokerage, and treasury management commercial services. The company was founded on February 8, 1983 and is headquartered in Warsaw, IN.