Lakeland Financial Corporation (NASDAQ:LKFN) Stock Has Average Price Target of $65.67 According to Brokerages

Shares of Lakeland Financial Corporation (NASDAQ:LKFN) have been assigned an average rating of “Hold” from the five analysts that are presently covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $65.67.

Several equities research analysts recently issued reports on LKFN shares. Keefe, Bruyette & Woods boosted their price objective on Lakeland Financial from $63.00 to $64.00 and gave the company a “market perform” rating in a report on Tuesday. Stephens raised their target price on Lakeland Financial from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Wednesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Lakeland Financial in a research report on Tuesday. Wall Street Zen downgraded Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Sunday, August 9th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of Lakeland Financial in a research note on Tuesday.

Lakeland Financial Price Performance

Shares of NASDAQ:LKFN traded down $0.38 during mid-day trading on Wednesday, reaching $60.33. 39,563 shares of the company were exchanged, compared to its average volume of 188,335. Lakeland Financial has a 1 year low of $54.36 and a 1 year high of $64.55. The firm’s 50-day simple moving average is $59.14 and its 200 day simple moving average is $59.84. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 13.50 and a beta of 0.77.

Lakeland Financial (NASDAQ:LKFN) last announced its earnings results on Monday, October 26th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.05. The firm had revenue of $73.00 million during the quarter, compared to analysts’ expectations of $73.74 million. During the same period in the previous year, the firm earned $1.03 EPS. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, research analysts forecast that Lakeland Financial will post 4.37 earnings per share for the current fiscal year.

Lakeland Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Sunday, October 25th will be issued a $0.52 dividend. The ex-dividend date is Friday, October 23rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.4%. Lakeland Financial’s payout ratio is 46.53%.

Hedge Funds Weigh In On Lakeland Financial

Several institutional investors have recently modified their holdings of LKFN. Sterling Capital Management LLC increased its position in shares of Lakeland Financial by 176.3% during the third quarter. Sterling Capital Management LLC now owns 688 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 439 shares during the period. GAMMA Investing LLC grew its stake in Lakeland Financial by 14.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,934 shares of the financial services provider’s stock worth $112,000 after purchasing an additional 245 shares in the last quarter. Versant Capital Management Inc grew its stake in Lakeland Financial by 3,327.5% during the 3rd quarter. Versant Capital Management Inc now owns 1,748 shares of the financial services provider’s stock worth $101,000 after purchasing an additional 1,697 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Lakeland Financial during the 2nd quarter worth about $445,000. Finally, WINTON GROUP Ltd increased its holdings in Lakeland Financial by 1.1% during the 2nd quarter. WINTON GROUP Ltd now owns 21,407 shares of the financial services provider’s stock worth $1,321,000 after purchasing an additional 242 shares during the period. Institutional investors and hedge funds own 81.15% of the company’s stock.

About Lakeland Financial

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Through its principal subsidiary, Lake City Bank, the company provides banking and financial services to businesses, individuals, families and nonprofit organizations.

Lake City Bank’s services include commercial and consumer lending, residential mortgages, deposit accounts, treasury management, online and mobile banking, trust and investment management, and other wealth management services. Its commercial banking activities serve companies across a range of industries, while its consumer offerings include personal checking, savings, home lending and other credit products.

Founded in 1872, Lake City Bank has a long history of serving communities in Indiana.