Lakeland Financial (NASDAQ:LKFN) Announces Earnings Results

Lakeland Financial (NASDAQ:LKFN) released its earnings results on Monday. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.05, FiscalAI reports. The firm had revenue of $73.00 million during the quarter, compared to analysts’ expectations of $73.74 million. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.03 earnings per share.

Lakeland Financial Price Performance

Shares of LKFN stock traded up $0.01 during trading hours on Wednesday, reaching $60.72. 5,066 shares of the stock were exchanged, compared to its average volume of 188,212. Lakeland Financial has a 12-month low of $54.36 and a 12-month high of $64.55. The firm has a market capitalization of $1.51 billion, a P/E ratio of 13.58 and a beta of 0.77. The business’s fifty day moving average is $59.14 and its two-hundred day moving average is $59.84.

Lakeland Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts have weighed in 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 research report on Tuesday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Lakeland Financial in a research report on Tuesday. Raymond James Financial reaffirmed a “market perform” rating on shares of Lakeland Financial in a report on Tuesday. Wall Street Zen downgraded Lakeland Financial from a “hold” rating to a “sell” rating in a report on Sunday, August 9th. Finally, Stephens set a $67.00 price objective on shares of Lakeland Financial in a research report on Wednesday. Four analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, Lakeland Financial presently has a consensus rating of “Hold” and a consensus price target of $65.67.

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.