Lakeland Financial (NASDAQ:LKFN) Posts Quarterly Earnings Results

Lakeland Financial (NASDAQ:LKFN) released its earnings results on Friday. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03, Briefing.com reports. The business had revenue of $106.94 million for the quarter, compared to the consensus estimate of $59.90 million. Lakeland Financial had a net margin of 23.70% and a return on equity of 14.72%. During the same period last year, the firm posted $0.98 earnings per share.

Lakeland Financial Stock Performance

LKFN stock opened at $62.87 on Friday. The stock has a market cap of $1.60 billion, a P/E ratio of 16.04 and a beta of 0.65. The firm has a 50 day simple moving average of $65.26 and a 200 day simple moving average of $63.21. Lakeland Financial has a 52 week low of $47.63 and a 52 week high of $73.22.

Lakeland Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Friday, October 25th. Lakeland Financial’s dividend payout ratio (DPR) is 48.98%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lifted their price objective 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.

Insider Buying and Selling at Lakeland Financial

In other news, SVP Kyra E. Clark sold 420 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $68.93, for a total transaction of $28,950.60. Following the transaction, the senior vice president now directly owns 7,176 shares in the company, valued at $494,641.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Kyra E. Clark sold 420 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $68.93, for a total transaction of $28,950.60. Following the completion of the sale, the senior vice president now directly owns 7,176 shares of the company’s stock, valued at $494,641.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brok A. Lahrman sold 415 shares of Lakeland Financial stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $68.91, for a total value of $28,597.65. Following the sale, the chief accounting officer now owns 1,739 shares of the company’s stock, valued at approximately $119,834.49. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,635 shares of company stock worth $914,604. 3.30% of the stock is currently owned by company insiders.

About Lakeland Financial

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.