Victory Capital Management Inc. trimmed its stake in Lakeland Financial Co. (NASDAQ:LKFN - Free Report) by 9.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,346,109 shares of the financial services provider's stock after selling 138,995 shares during the period. Victory Capital Management Inc. owned approximately 5.28% of Lakeland Financial worth $92,558,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp lifted its stake in Lakeland Financial by 2.2% in the third quarter. State Street Corp now owns 1,276,929 shares of the financial services provider's stock valued at $83,154,000 after buying an additional 27,556 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Lakeland Financial by 4.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 946,280 shares of the financial services provider's stock valued at $65,066,000 after acquiring an additional 43,312 shares during the period. Copeland Capital Management LLC raised its position in Lakeland Financial by 2.4% in the 4th quarter. Copeland Capital Management LLC now owns 764,186 shares of the financial services provider's stock valued at $52,545,000 after purchasing an additional 18,247 shares during the last quarter. Geode Capital Management LLC boosted its stake in Lakeland Financial by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 605,007 shares of the financial services provider's stock worth $39,406,000 after purchasing an additional 5,562 shares during the period. Finally, Eagle Asset Management Inc. grew its position in Lakeland Financial by 29.5% during the 3rd quarter. Eagle Asset Management Inc. now owns 250,139 shares of the financial services provider's stock worth $16,289,000 after purchasing an additional 56,928 shares during the last quarter. 81.15% of the stock is currently owned by institutional investors and hedge funds.
Lakeland Financial Price Performance
Shares of NASDAQ:LKFN traded down $1.50 during trading on Monday, reaching $60.85. The company had a trading volume of 147,679 shares, compared to its average volume of 131,855. Lakeland Financial Co. has a fifty-two week low of $57.45 and a fifty-two week high of $78.61. The stock's fifty day moving average price is $67.32 and its 200 day moving average price is $68.06. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of 16.76 and a beta of 0.63.
Lakeland Financial (NASDAQ:LKFN - Get Free Report) last announced its quarterly earnings data on Friday, January 24th. The financial services provider reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.05. Lakeland Financial had a net margin of 21.74% and a return on equity of 13.31%. On average, equities analysts anticipate that Lakeland Financial Co. will post 3.7 EPS for the current fiscal year.
Lakeland Financial Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Saturday, January 25th were given a $0.50 dividend. The ex-dividend date of this dividend was Friday, January 24th. This represents a $2.00 dividend on an annualized basis and a yield of 3.29%. This is an increase from Lakeland Financial's previous quarterly dividend of $0.48. Lakeland Financial's dividend payout ratio (DPR) is presently 55.10%.
Insider Activity at Lakeland Financial
In other Lakeland Financial news, SVP Donald Robinson-Gay sold 550 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was 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. This trade represents a 9.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is owned by insiders.
Analysts Set New Price Targets
Separately, Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $74.00 target price (up previously from $73.00) on shares of Lakeland Financial in a research note on Monday, January 27th.
Get Our Latest Stock Report on LKFN
About Lakeland Financial
(
Free Report)
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.
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