Squarepoint Ops LLC Takes $1.35 Million Position in Lakeland Financial Co. (NASDAQ:LKFN)

Squarepoint Ops LLC purchased a new stake in Lakeland Financial Co. (NASDAQ:LKFN - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 21,973 shares of the financial services provider's stock, valued at approximately $1,352,000. Squarepoint Ops LLC owned approximately 0.09% of Lakeland Financial at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Louisiana State Employees Retirement System increased its position in shares of Lakeland Financial by 1.6% during the second quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the financial services provider's stock worth $787,000 after acquiring an additional 200 shares in the last quarter. Bridge City Capital LLC boosted its holdings in Lakeland Financial by 0.8% during the first quarter. Bridge City Capital LLC now owns 31,402 shares of the financial services provider's stock worth $2,083,000 after purchasing an additional 241 shares during the last quarter. Inspire Investing LLC boosted its holdings in Lakeland Financial by 5.1% during the second quarter. Inspire Investing LLC now owns 5,679 shares of the financial services provider's stock worth $349,000 after purchasing an additional 277 shares during the last quarter. Arizona State Retirement System boosted its holdings in Lakeland Financial by 4.0% during the second quarter. Arizona State Retirement System now owns 7,269 shares of the financial services provider's stock worth $447,000 after purchasing an additional 280 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in Lakeland Financial by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 22,257 shares of the financial services provider's stock worth $1,476,000 after purchasing an additional 287 shares during the last quarter. 81.15% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other news, SVP Kyra E. Clark sold 420 shares of the business's stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $68.93, for a total value of $28,950.60. Following the sale, the senior vice president now owns 7,176 shares of the company's stock, valued at $494,641.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Brok A. Lahrman sold 415 shares of the company's stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $68.91, for a total transaction of $28,597.65. Following the sale, the chief accounting officer now owns 1,739 shares of the company's stock, valued at approximately $119,834.49. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kyra E. Clark sold 420 shares of the company's stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $68.93, for a total transaction of $28,950.60. Following the sale, the senior vice president now directly owns 7,176 shares in the company, valued at $494,641.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,635 shares of company stock valued at $914,604 over the last quarter. Company insiders own 3.30% of the company's stock.

Lakeland Financial Stock Performance

LKFN traded up $1.08 during midday trading on Friday, reaching $63.47. The company had a trading volume of 71,290 shares, compared to its average volume of 113,900. The stock has a market cap of $1.62 billion, a PE ratio of 17.53 and a beta of 0.65. Lakeland Financial Co. has a 12-month low of $46.26 and a 12-month high of $73.22. The business has a 50-day moving average price of $65.03 and a two-hundred day moving average price of $63.09.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $0.02. The firm had revenue of $68.74 million for the quarter, compared to analysts' expectations of $60.70 million. Lakeland Financial had a net margin of 23.70% and a return on equity of 14.72%. The company's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 earnings per share. On average, research analysts anticipate that Lakeland Financial Co. will post 3.37 earnings per share for the current year.

Lakeland Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Thursday, July 25th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Thursday, July 25th. Lakeland Financial's payout ratio is 53.04%.

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.