Lakeland Financial (NASDAQ:LKFN) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Shares of Lakeland Financial Co. (NASDAQ:LKFN) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $67.03 and traded as high as $68.76. Lakeland Financial shares last traded at $68.08, with a volume of 90,433 shares trading hands.

Lakeland Financial Stock Performance

The stock’s 50 day simple moving average is $71.42 and its two-hundred day simple moving average is $67.03. The firm has a market capitalization of $1.74 billion, a PE ratio of 17.68 and a beta of 0.69.

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

Insiders Place Their Bets

In other Lakeland Financial news, EVP Eric H. Ottinger sold 3,959 shares of Lakeland Financial stock in a transaction on Monday, November 18th. The stock was sold at an average price of $73.50, for a total value of $290,986.50. Following the sale, the executive vice president now owns 32,475 shares in the company, valued at $2,386,912.50. The trade was a 10.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 4,150 shares of company stock valued at $305,327 over the last ninety days. Company insiders own 3.30% of the company’s stock.

Institutional Trading of Lakeland Financial

Several institutional investors and hedge funds have recently bought and sold shares of LKFN. GAMMA Investing LLC lifted its stake in Lakeland Financial by 58.0% during the third quarter. GAMMA Investing LLC now owns 640 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 235 shares in the last quarter. Inspire Investing LLC boosted its holdings in Lakeland Financial by 5.1% during the 2nd quarter. Inspire Investing LLC now owns 5,679 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 277 shares during the period. Arizona State Retirement System grew its position in Lakeland Financial by 4.0% in the 2nd quarter. Arizona State Retirement System now owns 7,269 shares of the financial services provider’s stock valued at $447,000 after acquiring an additional 280 shares in the last quarter. nVerses Capital LLC increased its stake in 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 purchasing an additional 300 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Lakeland Financial by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 12,896 shares of the financial services provider’s stock worth $793,000 after purchasing an additional 397 shares in the last quarter. 81.15% of the stock is currently owned by hedge funds and other institutional investors.

Lakeland Financial Company 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.