Lakeland Financial (NASDAQ:LKFN) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Lakeland Financial (NASDAQ:LKFN - Get Free Report) issued its earnings results on Friday. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03, Briefing.com reports. The company had revenue of $106.94 million during the quarter, compared to the consensus estimate of $59.90 million. Lakeland Financial had a return on equity of 14.72% and a net margin of 23.70%. During the same period in the previous year, the company posted $0.98 EPS.

Lakeland Financial Trading Down 2.9 %

NASDAQ LKFN traded down $1.88 on Friday, hitting $62.87. 105,151 shares of the company's stock were exchanged, compared to its average volume of 113,827. Lakeland Financial has a 52 week low of $47.63 and a 52 week high of $73.22. The stock has a 50-day moving average of $65.26 and a 200-day moving average of $63.21. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 16.04 and a beta of 0.65.

Lakeland Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Friday, October 25th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.92 annualized dividend and a yield of 3.05%. Lakeland Financial's dividend payout ratio is currently 48.98%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods boosted their target price on shares of Lakeland Financial from $64.00 to $65.00 and gave the company a "market perform" rating in a research report on Monday, July 29th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $71.00.

Insider Transactions at Lakeland Financial

In other Lakeland Financial news, SVP James Rickard Donovan sold 800 shares of Lakeland Financial stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $65.42, for a total value of $52,336.00. Following the transaction, the senior vice president now owns 9,568 shares in the company, valued at $625,938.56. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Lakeland Financial news, President Kristin Pruitt sold 12,000 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $67.06, for a total value of $804,720.00. Following the completion of the transaction, the president now directly owns 10,252 shares in the company, valued at approximately $687,499.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP James Rickard Donovan sold 800 shares of the business's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $65.42, for a total value of $52,336.00. Following the sale, the senior vice president now owns 9,568 shares in the company, valued at approximately $625,938.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,635 shares of company stock valued at $914,604. Corporate insiders own 3.30% of the company's stock.

Lakeland Financial Company 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.