American Century Companies Inc., a prominent institutional investor, recently reduced its holdings in Lakeland Financial Co. (NASDAQ:LKFN) by 3.0% during the first quarter of this year. The company reported in its most recent Form 13F filing with the SEC that it sold 2,841 shares of the financial services provider’s stock, leaving it with 91,148 shares. At the end of the reporting period, these shares were valued at $5,671,000, representing 0.36% ownership in Lakeland Financial.
Lakeland Financial released its quarterly earnings data on July 28th and reported an earnings per share (EPS) of $0.57 for the quarter. This figure fell short of analysts’ expectations by $0.34. The company’s net margin stood at an impressive 27.14%, while its return on equity reached 16.37%. Additionally, Lakeland Financial generated revenue of $95.98 million during the same quarter, surpassing analysts’ forecasts of $59.40 million. Comparatively, in the prior year’s quarter, Lakeland Financial had posted an EPS of $1.00.
In light of these financial results and developments, several research analysts have provided their insights on Lakeland Financial Co.’s performance as well as their recommendations regarding its stock rating and target price levels. Notably, StockNews.com upgraded Lakeland Financial to a “sell” rating in a research report released on August 28th.
Raymond James also shared its analysis by lowering Lakeland Financial’s price objective to $64.00 from its previous figure of $66.00 while maintaining an “outperform” rating for the company.
Lastly, TheStreet published a research report on July 24th downgrading Lakeland Financial’s rating from “b-” to “c+”.
In conclusion, American Century Companies Inc.’s reduction in its holdings for Lakeland Financial Co. reflects its evolving investment strategy. Despite falling short of analysts’ expectations in terms of earnings per share, Lakeland Financial’s strong net margin and return on equity remain noteworthy. As opinions vary among research analysts, investors are advised to thoroughly evaluate the available information before making any investment decisions related to Lakeland Financial’s stock.
Lakeland Financial Corporation
Updated on: 07/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
4:00 PM (UTC)
Date:06 December, 2023
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Lakeland Financial: Institutional Investors and Insiders Show Confidence Amid Stock Value Fluctuations
Lakeland Financial: Institutional Investors Make Moves as Stock Value Fluctuates
September 6, 2023
In recent news, several institutional investors have been actively adjusting their stakes in Lakeland Financial (NASDAQ: LKFN), a prominent financial services provider. Notable changes include Rhumbline Advisers increasing their position by 8.1% during the first quarter and Skandinaviska Enskilda Banken AB publ entering with a new position worth approximately $1,278,000.
Rhumbline Advisers now holds 85,978 shares of Lakeland Financial’s stock, which is valued at $5,386,000 after acquiring an additional 6,421 shares last quarter. Similarly, Skandinaviska Enskilda Banken AB publ made a strategic move by purchasing a new position in the company. This acquisition underscores their confidence in the future performance of Lakeland Financial.
Credit Suisse AG also demonstrated its interest in Lakeland Financial by raising its position by 4.6% during the first quarter. With an additional 966 shares acquired last quarter, Credit Suisse AG’s portfolio now contains 21,940 shares valued at $1,374,000.
Furthermore, LPL Financial LLC increased its stake in Lakeland Financial by 0.9%. The firm now owns 40,249 shares valued at $2,521,000 after adding an extra 368 shares to its position during the first quarter.
Lastly, Aptus Capital Advisors LLC displayed a tremendous vote of confidence through an increase of its stake by 13.3% during the same period. They added another 6,100 shares to their existing holdings of Lakeland Financial stock.
It is important to note that institutional investors and hedge funds collectively own a significant portion of Lakeland Financial’s stock at approximately 80.70%.
Meanwhile, insider transactions have also caught attention within the company. Senior Vice President Jonathan P. Steiner recently acquired 3,000 shares of Lakeland Financial stock in a transaction that took place on August 17th. The average cost per share was $55.26, resulting in a total value of $165,780. With this purchase, Steiner now owns 9,369 shares valued at approximately $517,730.
Another intriguing insider transaction involved Director Robert E. Bartels Jr., who purchased 900 shares on August 3rd at an average cost of $55.16 per share. This transaction amounted to a total value of $49,644 and increased Bartels’ ownership to 27,126 shares with a market value of $1,496,270.
As for Lakeland Financial’s stock performance, it opened at $51.02 on September 6th. The fifty-day moving average is currently reported at $52.92 while the two-hundred-day moving average stands at $55.83. At present, the company has a market capitalization of $1.30 billion with a P/E ratio of 14.06 and a beta of 0.72.
While Lakeland Financial has experienced fluctuations in its stock value over the past year, ranging from a low of $43.05 to a high of $83.57 within fifty-two weeks, these recent developments suggest strong interest from institutional investors and insiders alike.
This article provides an overview of notable activities within Lakeland Financial and aims to inform investors about recent changes that might impact their investment decisions or perceptions regarding the financial services provider.