Texas Permanent School Fund reduced its position in Lakeland Financial Co. (NASDAQ:LKFN – Get Rating) by 1.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,937 shares of the financial services provider's stock after selling 299 shares during the period. Texas Permanent School Fund owned about 0.07% of Lakeland Financial worth $1,309,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Aptus Capital Advisors LLC increased its position in Lakeland Financial by 6.8% in the 1st quarter. Aptus Capital Advisors LLC now owns 37,264 shares of the financial services provider's stock worth $2,720,000 after purchasing an additional 2,370 shares during the last quarter. Advisor Group Holdings Inc. boosted its stake in shares of Lakeland Financial by 49.3% during the 1st quarter. Advisor Group Holdings Inc. now owns 13,370 shares of the financial services provider's stock worth $686,000 after acquiring an additional 4,413 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Lakeland Financial by 4.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 65,361 shares of the financial services provider's stock worth $4,771,000 after acquiring an additional 2,856 shares in the last quarter. Fi3 FINANCIAL ADVISORS LLC boosted its stake in shares of Lakeland Financial by 3.2% during the 1st quarter. Fi3 FINANCIAL ADVISORS LLC now owns 25,020 shares of the financial services provider's stock worth $1,826,000 after acquiring an additional 772 shares in the last quarter. Finally, Mutual of America Capital Management LLC boosted its stake in shares of Lakeland Financial by 5.5% during the 1st quarter. Mutual of America Capital Management LLC now owns 3,646 shares of the financial services provider's stock worth $266,000 after acquiring an additional 190 shares in the last quarter. 80.34% of the stock is owned by institutional investors and hedge funds.
Get Lakeland Financial alerts:Lakeland Financial Stock Up 0.4 %
Shares of NASDAQ:LKFN opened at $79.24 on Monday. The business has a 50 day moving average price of $70.00 and a 200 day moving average price of $73.91. Lakeland Financial Co. has a twelve month low of $62.44 and a twelve month high of $85.71. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 20.80 and a beta of 0.77.
Lakeland Financial (NASDAQ:LKFN – Get Rating) last announced its earnings results on Monday, July 25th. The financial services provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.04. Lakeland Financial had a return on equity of 15.27% and a net margin of 40.50%. During the same quarter in the prior year, the business posted $0.95 earnings per share. Analysts anticipate that Lakeland Financial Co. will post 4 EPS for the current year.Lakeland Financial Dividend Announcement
The firm also recently announced 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. The ex-dividend date was Friday, July 22nd. This represents a $1.60 annualized dividend and a yield of 2.02%. Lakeland Financial's payout ratio is 41.99%.
Insider Activity at Lakeland Financial
In other Lakeland Financial news, Director Robert E. Bartels, Jr. bought 755 shares of the firm's stock in a transaction that occurred on Monday, June 13th. The stock was purchased at an average price of $67.29 per share, for a total transaction of $50,803.95. Following the purchase, the director now directly owns 26,213 shares in the company, valued at $1,763,872.77. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Lakeland Financial news, CFO Lisa M. O'neill sold 1,000 shares of the firm'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 value of $76,980.00. Following the completion of the sale, the chief financial officer now owns 25,420 shares in the company, valued at approximately $1,956,831.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert E. Bartels, Jr. acquired 755 shares of Lakeland Financial stock in a transaction on Monday, June 13th. The stock was purchased at an average price of $67.29 per share, with a total value of $50,803.95. Following the transaction, the director now directly owns 26,213 shares in the company, valued at approximately $1,763,872.77. The disclosure for this purchase can be found here. 4.00% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
Separately, StockNews.com upgraded Lakeland Financial from a "sell" rating to a "hold" rating in a research note on Tuesday, July 26th.
Lakeland Financial Profile
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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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