US Bancorp DE Buys 890 Shares of Lakeland Financial Co. (NASDAQ:LKFN)

US Bancorp DE raised its stake in Lakeland Financial Co. (NASDAQ:LKFN) by 72.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,123 shares of the financial services provider’s stock after acquiring an additional 890 shares during the quarter. US Bancorp DE’s holdings in Lakeland Financial were worth $138,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Sippican Capital Advisors increased its stake in shares of Lakeland Financial by 21.3% during the third quarter. Sippican Capital Advisors now owns 18,931 shares of the financial services provider’s stock worth $1,233,000 after purchasing an additional 3,330 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Lakeland Financial by 12.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,551 shares of the financial services provider’s stock valued at $998,000 after buying an additional 1,709 shares in the last quarter. Everence Capital Management Inc. bought a new position in Lakeland Financial during the 3rd quarter worth $201,000. nVerses Capital LLC lifted its holdings in shares of Lakeland Financial by 60.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the financial services provider’s stock worth $52,000 after buying an additional 300 shares in the last quarter. Finally, CX Institutional acquired a new stake in shares of Lakeland Financial during the third quarter worth $391,000. 81.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their price target on shares of Lakeland Financial from $64.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, July 29th.

Lakeland Financial Price Performance

Lakeland Financial stock opened at $73.22 on Friday. The firm has a market cap of $1.87 billion, a PE ratio of 19.02 and a beta of 0.65. The stock’s fifty day moving average price is $66.26 and its two-hundred day moving average price is $64.15. Lakeland Financial Co. has a one year low of $53.97 and a one year high of $78.31.

Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Friday, October 25th. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Lakeland Financial had a return on equity of 13.64% and a net margin of 22.85%. The company had revenue of $106.94 million for the quarter, compared to analysts’ expectations of $59.90 million. During the same quarter last year, the business earned $0.98 earnings per share. Sell-side analysts expect that Lakeland Financial Co. will post 3.42 earnings per share for the current fiscal year.

Lakeland Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were given a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, October 25th. This represents a $1.92 annualized dividend and a dividend yield of 2.62%. Lakeland Financial’s dividend payout ratio is 49.87%.

Insider Activity at Lakeland Financial

In other news, President Kristin Pruitt sold 12,000 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $67.06, for a total transaction of $804,720.00. Following the completion of the transaction, the president now owns 10,252 shares of the company’s stock, valued at approximately $687,499.12. The trade was a 53.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP James Rickard Donovan sold 800 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $65.42, for a total value of $52,336.00. Following the sale, the senior vice president now owns 9,568 shares of the company’s stock, valued at approximately $625,938.56. This represents a 7.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,950 shares of company stock valued at $868,383 over the last three months. 3.30% of the stock is owned by insiders.

Lakeland Financial Profile

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in the United States. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits.