Rhumbline Advisers Trims Position in Lakeland Financial Co. (NASDAQ:LKFN)

Rhumbline Advisers decreased its position in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 8.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 43,534 shares of the financial services provider’s stock after selling 3,997 shares during the period. Rhumbline Advisers owned 0.17% of Lakeland Financial worth $2,683,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in LKFN. Sowell Financial Services LLC purchased a new position in Lakeland Financial during the first quarter worth approximately $170,000. Teacher Retirement System of Texas purchased a new position in Lakeland Financial during the second quarter worth approximately $209,000. Man Group plc purchased a new position in Lakeland Financial during the first quarter worth approximately $230,000. Prudential Financial Inc. purchased a new position in Lakeland Financial during the first quarter worth approximately $237,000. Finally, Royal Bank of Canada raised its stake in Lakeland Financial by 597.5% during the first quarter. Royal Bank of Canada now owns 3,983 shares of the financial services provider’s stock worth $275,000 after purchasing an additional 3,412 shares during the period. 74.09% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have weighed in on LKFN shares. Zacks Investment Research downgraded shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Saturday, September 11th. Stephens reaffirmed an “equal weight” rating and set a $58.91 price target (down previously from $70.00) on shares of Lakeland Financial in a research note on Tuesday, July 27th.

Shares of LKFN stock opened at $63.63 on Tuesday. The company’s fifty day simple moving average is $65.36 and its 200-day simple moving average is $65.37. Lakeland Financial Co. has a 52 week low of $39.38 and a 52 week high of $77.05. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.11. The company has a market cap of $1.61 billion, a PE ratio of 17.15 and a beta of 0.85.

Lakeland Financial (NASDAQ:LKFN) last issued its earnings results on Sunday, July 25th. The financial services provider reported $0.95 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.09. Lakeland Financial had a net margin of 39.42% and a return on equity of 14.44%. The business had revenue of $55.00 million for the quarter, compared to the consensus estimate of $54.25 million. Equities research analysts expect that Lakeland Financial Co. will post 3.72 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 5th. Stockholders of record on Friday, July 23rd were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Thursday, July 22nd. Lakeland Financial’s dividend payout ratio is presently 41.21%.

In related news, EVP Michael E. Gavin sold 3,000 shares of the firm’s stock in a transaction on Thursday, August 12th. The shares were sold at an average price of $72.54, for a total transaction of $217,620.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kristin Pruitt sold 375 shares of the firm’s stock in a transaction on Friday, September 3rd. The stock was sold at an average price of $68.00, for a total transaction of $25,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 6,625 shares of company stock worth $471,423. Insiders own 4.40% of the company’s stock.

About Lakeland Financial

Lakeland Financial Corp. is a bank holding company, which engages in the provision of banking products and services. It offers commercial and consumer banking, trust and wealth management, brokerage, and treasury management commercial services. The company was founded on February 8, 1983 and is headquartered in Warsaw, IN.

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Institutional Ownership by Quarter for Lakeland Financial (NASDAQ:LKFN)

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