ExodusPoint Capital Management LP, a prominent investment management firm, has revealed an increase in its stake in Lakeland Financial Co. (NASDAQ:LKFN) during the first quarter of this year. According to the company’s recent filing with the Securities & Exchange Commission (SEC), ExodusPoint Capital Management LP now owns 51,967 shares of Lakeland Financial, representing a 30.9% increase compared to their previous holdings. The investors acquired an additional 12,270 shares during this period, demonstrating their confidence in the financial services provider.
At the time of filing with the SEC, ExodusPoint Capital Management LP’s stake in Lakeland Financial Co. is valued at $3,255,000. This signifies that ExodusPoint Capital Management LP holds approximately 0.20% of Lakeland Financial’s total worth. Such a significant investment from a well-known player in the industry could indicate positive prospects for Lakeland Financial.
Lakeland Financial Co., operating under NASDAQ symbol LKFN, recently reported its quarterly earnings results on July 28th. In terms of earnings per share (EPS), they announced $0.57 for the quarter. This amount falls short of analysts’ consensus estimates by ($0.34), reflecting lower performance than initially anticipated.
During this quarter, Lakeland Financial generated revenue totaling $95.98 million, surpassing market expectations set at $59.40 million by analysts. Despite falling short on EPS projections and delivering less profitable results compared to the same period last year when they earned $1 per share; Lakeland Financial maintained a solid net margin of 27.14% and achieved a commendable return on equity of 16.37%.
Looking ahead, equities analysts have forecasted that Lakeland Financial Co.’s earnings per share for the current financial year will reach approximately 3.39 units on average.
Lakeland Financial Corporation
Updated on: 06/12/2023
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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Hedge Funds and Institutional Investors Increase Stake in Lakeland Financial (LKFN): Analysis and Outlook
In recent times, a number of hedge funds and other institutional investors have made significant changes to their positions in Lakeland Financial (LKFN). Notably, BlackRock Inc. boosted its stake in the company by 3.5% during the first quarter. The financial services giant now owns a staggering 3,807,592 shares of Lakeland Financial stock with a value of $277,953,000. Additionally, Vanguard Group Inc., another prominent investor, increased its stake in LKFN by 2.0% during the third quarter, owning 1,838,241 shares worth $133,843,000.
State Street Corp also joined the ranks of investors increasing their stake in LKFN during the first quarter by a significant 27.4%. They now own an impressive 1,308,005 shares valued at $95,484,000. Victory Capital Management Inc., while boosting their stake modestly by 0.6%, still holds an impressive shareholding of 942,136 shares valued at $68,748,000 as of the last quarter. Lastly but not leastly, Geode Capital Management LLC increased its stake in Lakeland Financial by 3.9% during the fourth quarter and currently owns an admirable 467,827 shares valued at $34,137.
It is astonishing to observe the sheer scale and magnitude of these holdings from hedge funds and institutional investors in Lakeland Financial’s stock. Collectively speaking though each having a different level of participation they cumulatively own approximately 80.70% of the company’s total outstanding shares.
On Wednesday morning when the market opened for business on August 30th this year; LKFN stock was priced at $51.50 per share – representing both good news and perplexity among investors who may have expected it to open higher or lower given various factors like market trends or industry performance etc.
With a market capitalization of $1.31 billion, Lakeland Financial stands as a prominent player in the financial services industry. Additionally, it boasts a price-to-earnings (P/E) ratio of 14.19 and a beta value of 0.71. Moreover, during the past year, the stock’s price has oscillated between a low of $43.05 and a high of $83.57.
The company has managed its debt well with a debt-to-equity ratio of 0.68 thereby maintaining stability in its financial structure. Furthermore, Lakeland Financial demonstrates liquidity with both its current and quick ratios at 0.92 as of the latest reporting period.
Analyzing the stock’s performance over time reveals interesting trends as well – the fifty day moving average price for LKFN sits at $52.82 suggesting slight ups and downs while the longer-term 200-day moving average is slightly higher at $56.47 hinting at potential growth prospects for investors who have faith in Lakeland Financial’s future.
Notably, Lakeland Financial recently announced its quarterly dividend which was paid on August 7th this year to shareholders on record as of July 25th – each receiving a dividend payout of $0.46 per share owned. For those no longer holding shares by July 24th, they were not entitled to this dividend payment.
Currently sitting at $1.84 on an annualized basis, this represents a moderate but reliable dividend yield of approximately 3.57% for investors in Lakeland Financial’s stock – providing some reassurance to those seeking consistent returns from their investments amidst uncertain market conditions.
Financial analysts have offered insights into Lakeland Financial’s performance through their assessments and rating systems as well measuring against various metrics within the industry space that help judge underlying health or possible investment opportunities within LKFN.
One such analyst from TheStreet downgraded Lakeland Financial from a “b-” rating to a “c+” rating in a research note released on July 24th. Conversely, Raymond James revised their target price for LKFN from $66.00 down to $64.00 per share and maintained an “outperform” rating on the stock.
Lastly, StockNews.com went against the trends, upgrading Lakeland Financial’s rating to “sell” in a research note also dated July 24th – potentially providing investors with contrasting perspectives on the company’s future prospects.
In conclusion, while Lakeland Financial faces uncertainties both internally and externally, it is intriguing to observe how hedge funds and institutional investors have adjusted their positions in response to these dynamics with significant increases in ownership. With market openings at $51.50 per share on August 30th this year and a dividend payout ratio of 50.69%, Lakeland Financial showcases stability within the financial services industry. However, differing analyst opinions serve as reminders to investors of potential risks and rewards associated with investing in LKFN at this time.