Stifel Financial Corp Trims Stake in Lancaster Colony Co. (NASDAQ:LANC)

Stifel Financial Corp lowered its holdings in Lancaster Colony Co. (NASDAQ:LANC) by 5.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,367 shares of the company’s stock after selling 704 shares during the period. Stifel Financial Corp’s holdings in Lancaster Colony were worth $2,360,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of LANC. Raymond James & Associates raised its position in shares of Lancaster Colony by 3.0% during the 2nd quarter. Raymond James & Associates now owns 22,214 shares of the company’s stock valued at $4,198,000 after buying an additional 655 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Lancaster Colony by 1.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 241,646 shares of the company’s stock worth $45,664,000 after purchasing an additional 4,327 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Lancaster Colony during the 2nd quarter valued at about $2,735,000. Pullen Investment Management LLC raised its holdings in shares of Lancaster Colony by 6.0% during the 2nd quarter. Pullen Investment Management LLC now owns 3,818 shares of the company’s stock valued at $721,000 after buying an additional 217 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Lancaster Colony by 3.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,281 shares of the company’s stock valued at $809,000 after acquiring an additional 154 shares during the last quarter. Institutional investors own 66.44% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on LANC shares. Loop Capital cut their price target on shares of Lancaster Colony from $232.00 to $227.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Benchmark restated a “hold” rating on shares of Lancaster Colony in a research report on Tuesday, November 19th. StockNews.com downgraded Lancaster Colony from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Finally, Stephens restated an “equal weight” rating and issued a $196.00 target price on shares of Lancaster Colony in a report on Tuesday, November 19th.

Lancaster Colony Stock Performance

LANC stock opened at $182.34 on Thursday. The company has a market capitalization of $5.03 billion, a price-to-earnings ratio of 31.55 and a beta of 0.35. The business’s 50 day moving average price is $184.73 and its two-hundred day moving average price is $184.35. Lancaster Colony Co. has a fifty-two week low of $161.54 and a fifty-two week high of $215.31.

Lancaster Colony (NASDAQ:LANC) last posted its quarterly earnings data on Thursday, October 31st. The company reported $1.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.08). The firm had revenue of $466.56 million during the quarter, compared to the consensus estimate of $468.36 million. Lancaster Colony had a return on equity of 19.01% and a net margin of 8.49%. Lancaster Colony’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.70 EPS. Sell-side analysts forecast that Lancaster Colony Co. will post 6.7 earnings per share for the current year.

Lancaster Colony Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Thursday, December 5th will be paid a dividend of $0.95 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $3.80 annualized dividend and a yield of 2.08%. This is a positive change from Lancaster Colony’s previous quarterly dividend of $0.90. Lancaster Colony’s payout ratio is presently 65.74%.

Lancaster Colony Company Profile

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.