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

Lakeland Financial (NASDAQ:LKFN) announced its quarterly earnings results on Friday. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03, Briefing.com reports. The business had revenue of $106.94 million for the quarter, compared to analysts’ expectations of $59.90 million. Lakeland Financial had a net margin of 23.70% and a return on equity of 14.72%. During the same quarter last year, the firm earned $0.98 EPS.

Lakeland Financial Stock Performance

NASDAQ:LKFN opened at $62.87 on Monday. Lakeland Financial has a 52 week low of $47.63 and a 52 week high of $73.22. The firm has a 50-day moving average price of $65.26 and a two-hundred day moving average price of $63.21. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 17.37 and a beta of 0.65.

Lakeland Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Friday, October 25th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 3.05%. The ex-dividend date is Friday, October 25th. Lakeland Financial’s dividend payout ratio (DPR) is presently 53.04%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods increased their price objective on Lakeland Financial from $64.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th.

Insider Transactions at Lakeland Financial

In related news, SVP James Rickard Donovan sold 800 shares of Lakeland Financial stock in a transaction on Friday, September 13th. The stock was sold at an average price of $65.42, for a total transaction of $52,336.00. Following the sale, the senior vice president now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, President Kristin Pruitt sold 12,000 shares of the stock in a transaction that occurred on 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 transaction, the president now directly owns 10,252 shares of the company’s stock, valued at $687,499.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP James Rickard Donovan sold 800 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $65.42, for a total value of $52,336.00. Following the completion of the sale, the senior vice president now owns 9,568 shares in the company, valued at approximately $625,938.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,635 shares of company stock worth $914,604 in the last 90 days. 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.