Lakeland Financial (NASDAQ:LKFN) Hits New 52-Week Low - What's Next?

Lakeland Financial Co. (NASDAQ:LKFN - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $56.80 and last traded at $57.03, with a volume of 798 shares changing hands. The stock had previously closed at $59.53.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Hovde Group assumed coverage on shares of Lakeland Financial in a research note on Friday, March 21st. They set a "market perform" rating and a $66.00 price target on the stock. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $74.00 target price (up from $73.00) on shares of Lakeland Financial in a research report on Monday, January 27th.

Lakeland Financial Trading Up 0.6 %

The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 14.66 and a beta of 0.64. The stock's 50-day moving average is $63.88 and its 200-day moving average is $67.10.

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, topping the consensus estimate of $0.89 by $0.05. Lakeland Financial had a return on equity of 13.31% and a net margin of 21.74%. On average, equities analysts predict that Lakeland Financial Co. will post 3.7 earnings per share for the current fiscal year.

Lakeland Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Saturday, January 25th were given a $0.50 dividend. This is a boost from Lakeland Financial's previous quarterly dividend of $0.48. This represents a $2.00 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date of this dividend was Friday, January 24th. Lakeland Financial's dividend payout ratio is presently 55.10%.

Insiders Place Their Bets

In other news, SVP Donald Robinson-Gay sold 550 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $66.25, for a total value of $36,437.50. Following the completion of the sale, the senior vice president now owns 4,974 shares of the company's stock, valued at approximately $329,527.50. The trade was a 9.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director M Scott Welch purchased 5,000 shares of Lakeland Financial stock in a transaction dated Tuesday, March 11th. The shares were bought at an average cost of $61.40 per share, for a total transaction of $307,000.00. Following the transaction, the director now directly owns 39,000 shares of the company's stock, valued at approximately $2,394,600. The trade was a 14.71 % increase in their position. The disclosure for this purchase can be found here. 3.00% of the stock is owned by company insiders.

Institutional Trading of Lakeland Financial

Several hedge funds and other institutional investors have recently bought and sold shares of LKFN. Albert D Mason Inc. lifted its holdings in Lakeland Financial by 0.8% during the 4th quarter. Albert D Mason Inc. now owns 22,638 shares of the financial services provider's stock worth $1,557,000 after buying an additional 177 shares during the last quarter. Forvis Mazars Wealth Advisors LLC raised its position in shares of Lakeland Financial by 0.4% during the 4th quarter. Forvis Mazars Wealth Advisors LLC now owns 68,875 shares of the financial services provider's stock valued at $4,736,000 after acquiring an additional 255 shares in the last quarter. Swiss National Bank lifted its stake in Lakeland Financial by 0.6% during the fourth quarter. Swiss National Bank now owns 50,150 shares of the financial services provider's stock worth $3,448,000 after purchasing an additional 300 shares during the last quarter. WINTON GROUP Ltd boosted its holdings in Lakeland Financial by 1.8% in the fourth quarter. WINTON GROUP Ltd now owns 16,615 shares of the financial services provider's stock worth $1,142,000 after purchasing an additional 300 shares during the period. Finally, Bank of Montreal Can increased its stake in Lakeland Financial by 6.6% during the fourth quarter. Bank of Montreal Can now owns 4,954 shares of the financial services provider's stock valued at $341,000 after purchasing an additional 306 shares during the last quarter. 81.15% of the stock is owned by institutional investors.

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.