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Bridge City Capital LLC Has $1.41 Million Position in Lakeland Financial Co. (NASDAQ:LKFN)

Defense World ·  09/14/2022 16:32

Bridge City Capital LLC lowered its position in Lakeland Financial Co. (NASDAQ:LKFN – Get Rating) by 28.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,375 shares of the financial services provider's stock after selling 7,752 shares during the quarter. Bridge City Capital LLC owned approximately 0.08% of Lakeland Financial worth $1,414,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in LKFN. State Street Corp lifted its stake in Lakeland Financial by 27.4% in the first quarter. State Street Corp now owns 1,308,005 shares of the financial services provider's stock valued at $95,484,000 after acquiring an additional 280,943 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC bought a new position in shares of Lakeland Financial in the fourth quarter valued at about $21,921,000. Vanguard Group Inc. raised its position in shares of Lakeland Financial by 11.4% in the first quarter. Vanguard Group Inc. now owns 1,768,640 shares of the financial services provider's stock valued at $129,111,000 after purchasing an additional 181,199 shares during the period. BlackRock Inc. raised its position in shares of Lakeland Financial by 3.5% in the first quarter. BlackRock Inc. now owns 3,807,592 shares of the financial services provider's stock valued at $277,953,000 after purchasing an additional 128,992 shares during the period. Finally, Invesco Ltd. raised its position in shares of Lakeland Financial by 222.6% in the first quarter. Invesco Ltd. now owns 167,036 shares of the financial services provider's stock valued at $12,193,000 after purchasing an additional 115,258 shares during the period. Institutional investors and hedge funds own 81.26% of the company's stock.

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Lakeland Financial Price Performance

Shares of LKFN opened at $75.60 on Wednesday. Lakeland Financial Co. has a fifty-two week low of $62.44 and a fifty-two week high of $85.71. The firm has a market capitalization of $1.92 billion, a PE ratio of 19.84 and a beta of 0.77. The company's 50-day moving average is $74.30 and its 200-day moving average is $73.42.

Lakeland Financial (NASDAQ:LKFN – Get Rating) last released its quarterly earnings results on Monday, July 25th. The financial services provider reported $1.00 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 last year, the business earned $0.95 EPS. Analysts predict that Lakeland Financial Co. will post 4.01 earnings per share for the current fiscal year.

Lakeland Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 5th. Investors of record on Monday, July 25th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date was Friday, July 22nd. Lakeland Financial's dividend payout ratio is 41.99%.

Insider Buying and Selling

In related news, CFO Lisa M. O'neill sold 1,000 shares of the firm's stock in a transaction dated Monday, August 1st. The shares were 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 $1,956,831.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.00% of the stock is owned by insiders.

Analyst Ratings Changes

LKFN has been the topic of several research analyst reports. raised shares of Lakeland Financial from a "sell" rating to a "hold" rating in a research report on Tuesday, July 26th. Stephens increased their price objective on shares of Lakeland Financial to $80.00 in a research report on Tuesday, August 23rd.

Lakeland Financial Company 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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