Lakeland Financial Co. (NASDAQ:LKFN) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its holdings in shares of Lakeland Financial Co. (NASDAQ:LKFN - Free Report) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,485,104 shares of the financial services provider's stock after selling 53,302 shares during the quarter. Victory Capital Management Inc. owned about 5.82% of Lakeland Financial worth $96,710,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the company. nVerses Capital LLC acquired a new position in shares of Lakeland Financial during the 2nd quarter worth $31,000. Fifth Third Bancorp increased its stake in shares of Lakeland Financial by 342.5% in the 2nd quarter. Fifth Third Bancorp now owns 593 shares of the financial services provider's stock valued at $36,000 after acquiring an additional 459 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Lakeland Financial by 58.0% during the third quarter. GAMMA Investing LLC now owns 640 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 235 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Lakeland Financial by 72.2% in the 3rd quarter. US Bancorp DE now owns 2,123 shares of the financial services provider's stock worth $138,000 after purchasing an additional 890 shares in the last quarter. Finally, Everence Capital Management Inc. bought a new stake in Lakeland Financial during the 3rd quarter worth approximately $201,000. Institutional investors own 81.15% of the company's stock.

Insider Transactions at Lakeland Financial

In related news, President Kristin Pruitt sold 12,000 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $67.06, for a total transaction of $804,720.00. Following the completion of the transaction, the president now owns 10,252 shares of the company's stock, valued at approximately $687,499.12. This trade represents a 53.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP James Rickard Donovan sold 800 shares of the firm's stock in a transaction on Friday, September 13th. The shares were sold at an average price of $65.42, for a total transaction of $52,336.00. Following the completion of the sale, the senior vice president now owns 9,568 shares in the company, valued at $625,938.56. The trade was a 7.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,950 shares of company stock valued at $868,383. 3.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lifted their target price on shares of Lakeland Financial from $64.00 to $65.00 and gave the stock a "market perform" rating in a research note on Monday, July 29th.

Lakeland Financial Trading Down 0.5 %

NASDAQ LKFN traded down $0.40 during trading on Thursday, hitting $73.85. The company had a trading volume of 109,315 shares, compared to its average volume of 115,704. Lakeland Financial Co. has a one year low of $53.97 and a one year high of $78.31. The company's fifty day moving average is $66.10 and its 200-day moving average is $64.08. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 19.03 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.03. Lakeland Financial had a return on equity of 13.64% and a net margin of 22.85%. The business had revenue of $106.94 million during the quarter, compared to analysts' expectations of $59.90 million. During the same quarter in the previous year, the business earned $0.98 earnings per share. As a group, equities analysts anticipate that Lakeland Financial Co. will post 3.42 EPS for the current year.

Lakeland Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Friday, October 25th. Lakeland Financial's payout ratio is presently 49.87%.

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.