Principal Financial Group Inc. lowered its holdings in Lakeland Financial Co. (NASDAQ:LKFN – Get Rating) by 9.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 211,477 shares of the financial services provider's stock after selling 22,578 shares during the quarter. Principal Financial Group Inc. owned approximately 0.83% of Lakeland Financial worth $15,438,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Swiss National Bank increased its stake in Lakeland Financial by 7.4% during the 1st quarter. Swiss National Bank now owns 59,850 shares of the financial services provider's stock valued at $4,369,000 after purchasing an additional 4,100 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in Lakeland Financial by 7.0% during the first quarter. Teacher Retirement System of Texas now owns 5,221 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 342 shares in the last quarter. Intercontinental Wealth Advisors LLC purchased a new position in Lakeland Financial during the first quarter valued at $658,000. Qube Research & Technologies Ltd acquired a new stake in shares of Lakeland Financial in the first quarter valued at about $963,000. Finally, Los Angeles Capital Management LLC raised its position in shares of Lakeland Financial by 2.9% in the first quarter. Los Angeles Capital Management LLC now owns 8,761 shares of the financial services provider's stock valued at $640,000 after buying an additional 251 shares during the last quarter. Institutional investors own 80.34% of the company's stock.
Get Lakeland Financial alerts:Lakeland Financial Trading Down 0.4 %
LKFN stock opened at $80.14 on Friday. The company's 50 day moving average is $71.17 and its two-hundred day moving average is $73.97. The stock has a market cap of $2.03 billion, a P/E ratio of 21.03 and a beta of 0.77. Lakeland Financial Co. has a twelve month low of $62.44 and a twelve month high of $85.71.
Lakeland Financial (NASDAQ:LKFN – Get Rating) last announced its quarterly earnings data on Monday, July 25th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the previous year, the company posted $0.95 EPS. On average, equities research analysts predict that Lakeland Financial Co. will post 4.01 earnings per share for the current year.Lakeland Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 5th. Stockholders 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 dividend yield of 2.00%. The ex-dividend date of this dividend was Friday, July 22nd. Lakeland Financial's dividend payout ratio is currently 41.99%.
Insider Buying and Selling
In other Lakeland Financial 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 value of $76,980.00. Following the completion of the transaction, the chief financial officer now owns 25,420 shares in the company, valued at approximately $1,956,831.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Lisa M. O'neill sold 1,000 shares of the 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 completion of the transaction, the chief financial officer now directly owns 25,420 shares in the company, valued at approximately $1,956,831.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert E. Bartels, Jr. acquired 755 shares of Lakeland Financial stock in a transaction that occurred on Monday, June 13th. The shares were purchased at an average price of $67.29 per share, for a total transaction of $50,803.95. Following the completion of the purchase, the director now directly owns 26,213 shares of the company's stock, valued at $1,763,872.77. The disclosure for this purchase can be found here. Corporate insiders own 4.00% of the company's stock.
Analysts Set New Price Targets
Separately, 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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