Corebridge Financial Inc. Lowers Stake in Lakeland Financial Co. (NASDAQ:LKFN)

Corebridge Financial Inc. cut its position in Lakeland Financial Co. (NASDAQ:LKFN) by 7.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,270 shares of the financial services provider’s stock after selling 1,036 shares during the period. Corebridge Financial Inc. owned about 0.05% of Lakeland Financial worth $912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC raised its stake in Lakeland Financial by 41.1% during the 3rd quarter. FMR LLC now owns 82,428 shares of the financial services provider’s stock valued at $5,368,000 after purchasing an additional 24,030 shares during the period. BNP Paribas Financial Markets grew its holdings in Lakeland Financial by 40.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,910 shares of the financial services provider’s stock valued at $776,000 after buying an additional 3,417 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of Lakeland Financial during the third quarter valued at approximately $306,000. Point72 Asset Management L.P. purchased a new position in shares of Lakeland Financial in the third quarter worth $199,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Lakeland Financial in the third quarter worth $74,000. 81.15% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Lakeland Financial news, Director M Scott Welch purchased 5,000 shares of Lakeland Financial stock in a transaction dated Tuesday, March 11th. The shares were acquired at an average cost of $61.40 per share, with a total value of $307,000.00. Following the completion of the transaction, the director now owns 39,000 shares in the company, valued at approximately $2,394,600. This trade represents a 14.71 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Donald Robinson-Gay sold 550 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $66.25, for a total transaction of $36,437.50. Following the transaction, the senior vice president now owns 4,974 shares in the company, valued at approximately $329,527.50. This trade represents a 9.96 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.

Lakeland Financial Price Performance

Shares of NASDAQ LKFN opened at $53.79 on Friday. The business’s 50 day moving average is $64.21 and its two-hundred day moving average is $67.22. Lakeland Financial Co. has a 1-year low of $51.91 and a 1-year high of $78.61. The stock has a market capitalization of $1.40 billion, a P/E ratio of 14.82 and a beta of 0.63.

Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Friday, January 24th. The financial services provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.05. Lakeland Financial had a return on equity of 13.31% and a net margin of 21.74%. As a group, equities research analysts anticipate that Lakeland Financial Co. will post 3.7 earnings per share for the current fiscal year.

Lakeland Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Saturday, January 25th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.72%. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, January 24th. Lakeland Financial’s dividend payout ratio is currently 55.10%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $74.00 price target (up from $73.00) on shares of Lakeland Financial in a report on Monday, January 27th. Hovde Group initiated coverage on Lakeland Financial in a report on Friday, March 21st. They issued a “market perform” rating and a $66.00 target price on the stock.

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.