Bank of Montreal Can purchased a new position in shares of Lakeland Financial Co. (NASDAQ:LKFN) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,349 shares of the financial services provider’s stock, valued at approximately $142,000.
A number of other institutional investors and hedge funds have also bought and sold shares of LKFN. Silvercrest Asset Management Group LLC purchased a new position in Lakeland Financial during the 1st quarter worth approximately $6,538,000. Macquarie Group Ltd. purchased a new position in Lakeland Financial during the 2nd quarter worth approximately $5,998,000. Victory Capital Management Inc. raised its position in Lakeland Financial by 7.7% during the 1st quarter. Victory Capital Management Inc. now owns 1,265,147 shares of the financial services provider’s stock worth $46,494,000 after buying an additional 90,699 shares during the last quarter. Boston Trust Walden Corp raised its position in Lakeland Financial by 9.4% during the 2nd quarter. Boston Trust Walden Corp now owns 422,983 shares of the financial services provider’s stock worth $19,707,000 after buying an additional 36,265 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Lakeland Financial by 28.4% during the 1st quarter. JPMorgan Chase & Co. now owns 110,733 shares of the financial services provider’s stock worth $4,068,000 after buying an additional 24,498 shares during the last quarter. 77.02% of the stock is owned by institutional investors.
LKFN has been the subject of a number of recent research reports. TheStreet raised shares of Lakeland Financial from a “c+” rating to a “b” rating in a research report on Thursday, June 18th. BidaskClub lowered shares of Lakeland Financial from a “sell” rating to a “strong sell” rating in a report on Thursday, September 3rd. Finally, Zacks Investment Research lowered shares of Lakeland Financial from a “buy” rating to a “hold” rating in a report on Thursday, August 13th.
NASDAQ:LKFN opened at $40.46 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 12.93 and a beta of 0.99. The company has a 50 day moving average price of $46.18 and a 200-day moving average price of $42.14. Lakeland Financial Co. has a 1-year low of $30.49 and a 1-year high of $53.00.
Lakeland Financial (NASDAQ:LKFN) last posted its earnings results on Monday, July 27th. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.23. The firm had revenue of $50.70 million during the quarter, compared to analyst estimates of $48.55 million. Lakeland Financial had a net margin of 32.49% and a return on equity of 13.38%. On average, sell-side analysts anticipate that Lakeland Financial Co. will post 3.01 earnings per share for the current fiscal year.
In related news, SVP Jonathan P. Steiner sold 2,500 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $50.23, for a total value of $125,575.00. Following the completion of the sale, the senior vice president now owns 5,000 shares of the company’s stock, valued at approximately $251,150. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.80% of the stock is currently owned by insiders.
About Lakeland Financial
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.
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