Segall Bryant & Hamill LLC Has $7.20 Million Holdings in Lakeland Financial Co. (NASDAQ:LKFN)

Segall Bryant & Hamill LLC lessened its stake in Lakeland Financial Co. (NASDAQ:LKFN - Free Report) by 6.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,528 shares of the financial services provider's stock after selling 8,132 shares during the period. Segall Bryant & Hamill LLC owned about 0.43% of Lakeland Financial worth $7,198,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Louisiana State Employees Retirement System increased its stake in shares of Lakeland Financial by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 12,800 shares of the financial services provider's stock worth $787,000 after buying an additional 200 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Lakeland Financial by 58.0% in the third quarter. GAMMA Investing LLC now owns 640 shares of the financial services provider's stock worth $42,000 after buying an additional 235 shares during the last quarter. Inspire Investing LLC increased its stake 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 valued at $349,000 after purchasing an additional 277 shares during the last quarter. Arizona State Retirement System increased its stake 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 valued at $447,000 after purchasing an additional 280 shares during the last quarter. Finally, nVerses Capital LLC increased its stake in Lakeland Financial by 60.0% during the third quarter. nVerses Capital LLC now owns 800 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 81.15% of the company's stock.

Insider Buying and Selling

In other Lakeland Financial news, EVP Eric H. Ottinger sold 3,959 shares of the company's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $73.50, for a total value of $290,986.50. Following the completion of the sale, the executive vice president now directly owns 32,475 shares of the company's stock, valued at approximately $2,386,912.50. This represents a 10.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Kristin Pruitt sold 12,000 shares of the company's stock in a transaction dated 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 sale, the president now directly owns 10,252 shares of the company's stock, valued at $687,499.12. The trade was a 53.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,950 shares of company stock valued at $1,162,383 over the last 90 days. 3.30% of the stock is currently owned by company insiders.

Lakeland Financial Stock Performance

Shares of LKFN traded up $1.77 during midday trading on Friday, hitting $75.38. 113,324 shares of the stock traded hands, compared to its average volume of 115,178. Lakeland Financial Co. has a 1-year low of $53.97 and a 1-year high of $78.31. The firm has a market capitalization of $1.92 billion, a PE ratio of 19.16 and a beta of 0.65. The business's 50 day moving average price is $67.14 and its two-hundred day moving average price is $64.59.

Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its quarterly earnings results on Friday, October 25th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. Lakeland Financial had a net margin of 22.85% and a return on equity of 13.64%. The company had revenue of $106.94 million during the quarter, compared to the consensus estimate of $59.90 million. During the same quarter in the previous year, the company posted $0.98 earnings per share. As a group, equities research analysts forecast that Lakeland Financial Co. will post 3.42 EPS for the current fiscal year.

Lakeland Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend was Friday, October 25th. Lakeland Financial's dividend payout ratio (DPR) is 49.87%.

Analysts Set New Price Targets

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 note on Monday, July 29th.

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.