American International Group Inc. boosted its stake in Lakeland Financial Co. (NASDAQ:LKFN) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,842 shares of the financial services provider’s stock after acquiring an additional 254 shares during the period. American International Group Inc. owned 0.06% of Lakeland Financial worth $691,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Lakeland Financial by 5.0% in the first quarter. BlackRock Inc. now owns 1,999,898 shares of the financial services provider’s stock valued at $73,495,000 after acquiring an additional 95,002 shares in the last quarter. Franklin Resources Inc. increased its stake in Lakeland Financial by 0.5% during the first quarter. Franklin Resources Inc. now owns 1,833,230 shares of the financial services provider’s stock valued at $67,371,000 after purchasing an additional 9,900 shares during the last quarter. Victory Capital Management Inc. increased its stake in Lakeland Financial by 7.7% during the first quarter. Victory Capital Management Inc. now owns 1,265,147 shares of the financial services provider’s stock valued at $46,494,000 after purchasing an additional 90,699 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Lakeland Financial by 1.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,094,176 shares of the financial services provider’s stock valued at $40,211,000 after purchasing an additional 11,707 shares during the last quarter. Finally, Boston Trust Walden Corp increased its stake in Lakeland Financial by 9.4% during the second quarter. Boston Trust Walden Corp now owns 422,983 shares of the financial services provider’s stock valued at $19,707,000 after purchasing an additional 36,265 shares during the last quarter. 77.02% of the stock is currently owned by hedge funds and other institutional investors.
In other Lakeland Financial news, SVP Jonathan P. Steiner sold 2,500 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $50.23, for a total transaction of $125,575.00. Following the completion of the sale, the senior vice president now directly owns 5,000 shares of the company’s stock, valued at $251,150. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.80% of the stock is currently owned by corporate insiders.
Several equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Thursday, August 13th. TheStreet upgraded shares of Lakeland Financial from a “c+” rating to a “b” rating in a research report on Thursday, June 18th. Finally, BidaskClub lowered shares of Lakeland Financial from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 3rd.
Shares of LKFN opened at $44.27 on Wednesday. The firm has a 50-day moving average price of $46.71 and a 200 day moving average price of $42.10. The firm has a market capitalization of $1.14 billion, a PE ratio of 14.14 and a beta of 0.99. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.14. Lakeland Financial Co. has a 52-week low of $30.49 and a 52-week high of $53.00.
Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.23. Lakeland Financial had a net margin of 32.49% and a return on equity of 13.38%. The company had revenue of $50.70 million during the quarter, compared to the consensus estimate of $48.55 million. On average, equities analysts expect that Lakeland Financial Co. will post 3.01 EPS for the current year.
Lakeland Financial Company Profile
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.
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