Wall Street brokerages expect Lakeland Financial Co. (NASDAQ:LKFN) to announce $48.74 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for Lakeland Financial’s earnings, with the lowest sales estimate coming in at $48.16 million and the highest estimate coming in at $49.46 million. Lakeland Financial reported sales of $49.70 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 1.9%. The business is expected to report its next earnings report on Friday, January 24th.
According to Zacks, analysts expect that Lakeland Financial will report full-year sales of $197.97 million for the current fiscal year, with estimates ranging from $197.60 million to $198.19 million. For the next fiscal year, analysts forecast that the company will post sales of $199.62 million, with estimates ranging from $195.00 million to $205.41 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings results on Friday, October 25th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.05. The business had revenue of $50.31 million for the quarter, compared to analyst estimates of $48.43 million. Lakeland Financial had a net margin of 33.08% and a return on equity of 15.57%.
Lakeland Financial stock traded down $0.06 during trading hours on Wednesday, reaching $47.06. The stock had a trading volume of 52,900 shares, compared to its average volume of 72,591. The stock has a market cap of $1.21 billion, a PE ratio of 15.04 and a beta of 0.94. Lakeland Financial has a 52 week low of $37.79 and a 52 week high of $49.20. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.96 and a quick ratio of 0.96. The company has a fifty day simple moving average of $46.33 and a 200-day simple moving average of $45.06.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Friday, October 25th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, October 24th. This represents a $1.20 dividend on an annualized basis and a yield of 2.55%. Lakeland Financial’s dividend payout ratio (DPR) is currently 38.34%.
In other Lakeland Financial news, EVP Kevin L. Deardorff sold 3,870 shares of Lakeland Financial stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $43.96, for a total value of $170,125.20. Following the completion of the transaction, the executive vice president now directly owns 50,535 shares of the company’s stock, valued at $2,221,518.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.60% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. CWM LLC grew its position in Lakeland Financial by 3,133.3% during the third quarter. CWM LLC now owns 679 shares of the financial services provider’s stock valued at $30,000 after buying an additional 658 shares during the period. Advisor Group Inc. grew its position in Lakeland Financial by 101.3% during the second quarter. Advisor Group Inc. now owns 1,600 shares of the financial services provider’s stock valued at $75,000 after buying an additional 805 shares during the period. Public Employees Retirement System of Ohio grew its position in Lakeland Financial by 30.6% during the second quarter. Public Employees Retirement System of Ohio now owns 2,444 shares of the financial services provider’s stock valued at $114,000 after buying an additional 573 shares during the period. Bank of Montreal Can grew its position in Lakeland Financial by 144.7% during the second quarter. Bank of Montreal Can now owns 3,487 shares of the financial services provider’s stock valued at $164,000 after buying an additional 2,062 shares during the period. Finally, Commonwealth Equity Services LLC bought a new stake in Lakeland Financial during the second quarter valued at approximately $200,000. Hedge funds and other institutional investors own 76.38% 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. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.
Read More: What is total return in investing?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Lakeland Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lakeland Financial and related companies with MarketBeat.com's FREE daily email newsletter.