Connor Clark & Lunn Investment Management Ltd. Takes $616,000 Position in Lakeland Financial Co. (NASDAQ:LKFN)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Lakeland Financial Co. (NASDAQ:LKFN - Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 9,458 shares of the financial services provider's stock, valued at approximately $616,000.

Several other hedge funds have also modified their holdings of the stock. Pathway Financial Advisers LLC bought a new position in Lakeland Financial in the 1st quarter valued at $664,000. Envestnet Asset Management Inc. lifted its stake in shares of Lakeland Financial by 5.8% during the second quarter. Envestnet Asset Management Inc. now owns 233,836 shares of the financial services provider's stock valued at $14,386,000 after acquiring an additional 12,846 shares during the period. Raymond James & Associates raised its holdings in Lakeland Financial by 132.5% during the 2nd quarter. Raymond James & Associates now owns 98,219 shares of the financial services provider's stock worth $6,042,000 after purchasing an additional 55,975 shares during the last quarter. GAMMA Investing LLC lifted its position in Lakeland Financial by 58.0% during the 3rd quarter. GAMMA Investing LLC now owns 640 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 235 shares during the period. Finally, SG Americas Securities LLC grew its position in shares of Lakeland Financial by 382.0% during the 3rd quarter. SG Americas Securities LLC now owns 8,551 shares of the financial services provider's stock worth $557,000 after buying an additional 6,777 shares during the period. 81.15% of the stock is owned by institutional investors.

Lakeland Financial Stock Down 1.4 %

NASDAQ LKFN traded down $1.04 during trading hours on Friday, hitting $73.46. The company's stock had a trading volume of 79,929 shares, compared to its average volume of 114,907. The stock has a fifty day moving average of $67.90 and a 200 day moving average of $65.05. Lakeland Financial Co. has a twelve month low of $55.18 and a twelve month high of $78.61. The firm has a market capitalization of $1.87 billion, a P/E ratio of 19.35 and a beta of 0.65.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its quarterly earnings data on Friday, October 25th. The financial services provider reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.03. The business 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 previous year, the firm earned $0.98 earnings per share. On average, analysts predict that Lakeland Financial Co. will post 3.42 earnings per share for the current year.

Lakeland Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend was Friday, October 25th. Lakeland Financial's dividend payout ratio is currently 49.87%.

Insider Activity at Lakeland Financial

In other news, SVP James Rickard Donovan sold 800 shares of Lakeland Financial stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $65.42, for a total value of $52,336.00. Following the sale, the senior vice president now directly owns 9,568 shares in the company, valued at $625,938.56. This trade represents a 7.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Eric H. Ottinger sold 3,959 shares of the firm's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $73.50, for a total value of $290,986.50. Following the completion of the transaction, the executive vice president now owns 32,475 shares of the company's stock, valued at $2,386,912.50. The trade was a 10.87 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,950 shares of company stock worth $357,663. 3.30% of the stock is currently owned by company insiders.

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.