Hovde Group Begins Coverage on Lakeland Financial (NASDAQ:LKFN)

Equities researchers at Hovde Group initiated coverage on shares of Lakeland Financial (NASDAQ:LKFN - Get Free Report) in a report issued on Friday, Marketbeat reports. The brokerage set a "market perform" rating and a $66.00 price target on the financial services provider's stock. Hovde Group's price objective points to a potential upside of 8.29% from the stock's previous close.

Separately, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $74.00 price objective (up from $73.00) on shares of Lakeland Financial in a research note on Monday, January 27th.

Lakeland Financial Stock Up 1.3 %

LKFN traded up $0.76 during trading on Friday, hitting $60.95. 165,795 shares of the stock were exchanged, compared to its average volume of 111,842. Lakeland Financial has a 1-year low of $57.45 and a 1-year high of $78.61. The stock has a fifty day moving average price of $65.99 and a two-hundred day moving average price of $67.65. The firm has a market capitalization of $1.59 billion, a P/E ratio of 16.79 and a beta of 0.63.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its quarterly earnings results on Friday, January 24th. The financial services provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.89 by $0.05. Lakeland Financial had a net margin of 21.74% and a return on equity of 13.31%. Analysts predict that Lakeland Financial will post 3.7 EPS for the current year.

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Insider Activity

In related news, SVP Donald Robinson-Gay sold 550 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $66.25, for a total transaction of $36,437.50. Following the transaction, the senior vice president now owns 4,974 shares of the company's stock, valued at $329,527.50. This represents a 9.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Stephanie R. Leniski sold 1,500 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $61.94, for a total value of $92,910.00. Following the completion of the transaction, the executive vice president now owns 6,211 shares of the company's stock, valued at $384,709.34. The trade was a 19.45 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Lakeland Financial during the 4th quarter worth approximately $25,000. R Squared Ltd purchased a new stake in Lakeland Financial during the fourth quarter worth $50,000. Sterling Capital Management LLC boosted its position in Lakeland Financial by 809.9% during the fourth quarter. Sterling Capital Management LLC now owns 737 shares of the financial services provider's stock worth $51,000 after purchasing an additional 656 shares in the last quarter. VisionPoint Advisory Group LLC acquired a new stake in Lakeland Financial in the fourth quarter valued at $53,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Lakeland Financial in the third quarter valued at $74,000. 81.15% of the stock is currently owned by institutional investors and hedge funds.

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.