Teacher Retirement System of Texas increased its stake in shares of Lakeland Financial Corp. (NASDAQ:LKFN) by 5.4% during the second quarter, Holdings Channel reports. The firm owned 5,579 shares of the financial services provider’s stock after buying an additional 287 shares during the period. Teacher Retirement System of Texas’ holdings in Lakeland Financial Corp. were worth $262,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. boosted its stake in Lakeland Financial Corp. by 6.1% in the second quarter. UBS Asset Management Americas Inc. now owns 6,984 shares of the financial services provider’s stock valued at $328,000 after buying an additional 404 shares during the period. GSA Capital Partners LLP boosted its stake in Lakeland Financial Corp. by 28.8% in the second quarter. GSA Capital Partners LLP now owns 8,500 shares of the financial services provider’s stock valued at $400,000 after buying an additional 1,900 shares during the period. Virginia Retirement System bought a new stake in Lakeland Financial Corp. during the first quarter valued at about $449,000. Nationwide Fund Advisors boosted its stake in Lakeland Financial Corp. by 6.0% in the second quarter. Nationwide Fund Advisors now owns 26,912 shares of the financial services provider’s stock valued at $1,265,000 after buying an additional 1,520 shares during the period. Finally, Swiss National Bank boosted its stake in Lakeland Financial Corp. by 1.5% in the second quarter. Swiss National Bank now owns 27,300 shares of the financial services provider’s stock valued at $1,283,000 after buying an additional 400 shares during the period. 44.84% of the stock is owned by institutional investors.
Shares of Lakeland Financial Corp. (NASDAQ:LKFN) opened at 34.41 on Monday. The company has a market cap of $856.60 million, a price-to-earnings ratio of 17.80 and a beta of 0.82. Lakeland Financial Corp. has a 12-month low of $26.53 and a 12-month high of $37.74. The stock has a 50 day moving average of $35.49 and a 200 day moving average of $33.07.
Lakeland Financial Corp. (NASDAQ:LKFN) last released its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. Lakeland Financial Corp. had a net margin of 30.35% and a return on equity of 12.19%. Analysts forecast that Lakeland Financial Corp. will post $2.00 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 7th. Investors of record on Tuesday, October 25th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.21%. The ex-dividend date is Friday, October 21st. Lakeland Financial Corp.’s payout ratio is currently 38.66%.
Several research firms have issued reports on LKFN. Keefe, Bruyette & Woods boosted their price objective on shares of Lakeland Financial Corp. from $45.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday, July 27th. Zacks Investment Research raised shares of Lakeland Financial Corp. from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Monday, September 26th. Finally, DA Davidson began coverage on shares of Lakeland Financial Corp. in a report on Thursday, July 21st. They issued a “neutral” rating for the company. Six equities research analysts have rated the stock with a hold rating, Lakeland Financial Corp. currently has an average rating of “Hold” and an average target price of $39.33.
In related news, Director Charles E. Niemier bought 554 shares of the stock in a transaction on Friday, August 5th. The stock was bought at an average price of $52.99 per share, with a total value of $29,356.46. Following the completion of the purchase, the director now directly owns 144,361 shares in the company, valued at approximately $7,649,689.39. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kevin L. Deardorff sold 4,263 shares of the stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $35.24, for a total transaction of $150,228.12. Following the transaction, the insider now directly owns 43,324 shares of the company’s stock, valued at approximately $1,526,737.76. The disclosure for this sale can be found here. Corporate insiders own 4.90% of the company’s stock.
Lakeland Financial Corp. Company Profile
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.