Advisor Group Holdings Inc. increased its position in shares of Lakeland Financial Co. (NASDAQ:LKFN – Get Rating) by 49.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,370 shares of the financial services provider's stock after acquiring an additional 4,413 shares during the period. Advisor Group Holdings Inc. owned about 0.05% of Lakeland Financial worth $686,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also made changes to their positions in LKFN. Envestnet Asset Management Inc. boosted its position in Lakeland Financial by 3.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 62,505 shares of the financial services provider's stock valued at $5,009,000 after buying an additional 2,286 shares in the last quarter. American Century Companies Inc. boosted its position in Lakeland Financial by 36.3% in the fourth quarter. American Century Companies Inc. now owns 64,384 shares of the financial services provider's stock valued at $5,160,000 after buying an additional 17,135 shares in the last quarter. Raymond James & Associates acquired a new stake in Lakeland Financial in the fourth quarter valued at approximately $232,000. Bank of America Corp DE boosted its position in Lakeland Financial by 24.3% in the fourth quarter. Bank of America Corp DE now owns 85,322 shares of the financial services provider's stock valued at $6,838,000 after buying an additional 16,686 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its position in Lakeland Financial by 10.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 168,807 shares of the financial services provider's stock valued at $13,528,000 after buying an additional 16,024 shares in the last quarter. Institutional investors and hedge funds own 80.34% of the company's stock.
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Insider Buying and Selling
In related news, CFO Lisa M. O'neill sold 1,000 shares of the company's stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $76.98, for a total transaction of $76,980.00. Following the transaction, the chief financial officer now directly owns 25,420 shares of the company's stock, valued at approximately $1,956,831.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Lakeland Financial news, Director Robert E. Bartels, Jr. purchased 755 shares of the firm's stock in a transaction that occurred on Monday, June 13th. The stock was bought at an average cost of $67.29 per share, with a total value of $50,803.95. Following the completion of the transaction, the director now owns 26,213 shares of the company's stock, valued at approximately $1,763,872.77. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Lisa M. O'neill sold 1,000 shares of the firm's stock in a transaction on Monday, August 1st. The stock was sold at an average price of $76.98, for a total value of $76,980.00. Following the completion of the sale, the chief financial officer now directly owns 25,420 shares of the company's stock, valued at $1,956,831.60. The disclosure for this sale can be found here. 4.00% of the stock is owned by company insiders.
Lakeland Financial Stock Down 1.3 %
Shares of NASDAQ LKFN opened at $76.29 on Friday. Lakeland Financial Co. has a twelve month low of $62.44 and a twelve month high of $85.71. The firm has a fifty day simple moving average of $72.21 and a 200 day simple moving average of $73.87. The company has a market capitalization of $1.93 billion, a PE ratio of 20.02 and a beta of 0.77.
Lakeland Financial (NASDAQ:LKFN – Get Rating) last released its quarterly earnings data on Monday, July 25th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.04. Lakeland Financial had a net margin of 40.50% and a return on equity of 15.27%. During the same quarter in the previous year, the firm posted $0.95 EPS. As a group, equities analysts expect that Lakeland Financial Co. will post 4.01 earnings per share for the current fiscal year.
Lakeland Financial Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, August 5th. Investors of record on Monday, July 25th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend was Friday, July 22nd. Lakeland Financial's dividend payout ratio (DPR) is currently 41.99%.
Wall Street Analyst Weigh In
A number of analysts have weighed in on LKFN shares. Stephens raised their target price on shares of Lakeland Financial to $80.00 in a research report on Tuesday. StockNews.com raised shares of Lakeland Financial from a "sell" rating to a "hold" rating in a research note on Tuesday, July 26th.
About Lakeland Financial
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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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