In a recent report submitted to the Securities and Exchange Commission (SEC), Neumeier Poma Investment Counsel LLC revealed a decrease in its holdings of Lakeland Financial Co. (NASDAQ:LKFN) by 2.8% during the first quarter of this year. This move by Neumeier Poma, a reputable financial services provider, resulted in the selling of 9,470 shares and brought their total stake down to 325,204 shares.
Lakeland Financial, a prominent player in the financial services industry, accounted for 1.9% of Neumeier Poma’s overall holdings after this reduction. Surprisingly, despite moving down in rank, it still remains the company’s 25th largest position. The value of these shares sold amounted to approximately $20,371,000 as stated in their latest SEC filing.
Furthermore, Lakeland Financial recently announced its quarterly dividend payment on August 7th. Shareholders recorded on July 25th received a dividend of $0.46 per share. It is important to note that anyone who purchased shares after July 24th would not be eligible for this payout. With an annualized dividend of $1.84 and a yield of 3.34%, Lakeland Financial aims to provide attractive returns to its shareholders.
The Dividend Payout Ratio (DPR) for Lakeland Financial currently stands at 50.69%. This ratio represents the portion of earnings distributed to shareholders in the form of dividends compared to the total net income generated by the company.
Neumeier Poma Investment Counsel LLC’s decision to reduce its stake in Lakeland Financial may raise questions among investors and market analysts alike. To some, it may seem perplexing given that Lakeland Financial continues to offer substantial returns through dividends and boasts extensive experience and expertise within its sector.
Investors who closely follow both companies will undoubtedly monitor Neumeier Poma’s future actions regarding their holdings. It remains to be seen whether this recent decrease is indicative of any consistent, long-term strategy or merely a temporary adjustment in their investment portfolio. Only time will reveal the true intentions and motivations behind this decision.
As of now, Lakeland Financial remains steadfast in its commitment to providing returns to its shareholders through dividends. The company’s strong financial performance and stable position within the industry should not be undermined by this move. Investors should continue closely following Lakeland Financial’s progress and monitor any subsequent announcements or filings that may provide further insight into Neumeier Poma’s investment strategy.
Lakeland Financial Corporation
Updated on: 03/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Institutional Investors and Hedge Funds Show Increased Interest in Lakeland Financial
In recent months, there has been a noticeable influx of activity from hedge funds in regards to Lakeland Financial. One such hedge fund, Versor Investments LP, significantly increased their holdings in the financial services provider during the first quarter of this year. Their stake in Lakeland Financial rose by an impressive 83.7%, resulting in ownership of 11,416 shares valued at $715,000. This surge was complemented by the acquisition of 5,203 additional shares over the last quarter.
Mirae Asset Global Investments Co. Ltd., another notable entity in the investment world, also saw fit to enhance their position in Lakeland Financial. Their holdings experienced a more modest increase of 2.0% during the fourth quarter, adding a total of 210 shares to their existing portfolio. This brought their total ownership to 10,531 shares worth $768,000.
Mach 1 Financial Group LLC followed suit and entered the playing field with a new stake in Lakeland Financial during the fourth quarter. With an initial investment worth approximately $518,000, Mach 1 became an emerging player in this arena.
Fuller & Thaler Asset Management Inc., a prominent firm within the financial services industry, demonstrated confidence in Lakeland Financial by increasing their holdings by 5.2%. This resulted in ownership of an impressive number of shares – specifically, 253,939 valued at around $18.53 million.
Finally, FORVIS Wealth Advisors LLC displayed a mild show of interest by raising their holdings by a mere 0.3% during the first quarter. This translated into additional ownership of just 214 shares worth $3.98 million.
Collectively, institutional investors and hedge funds now hold a significant stake in Lakeland Financial, amounting to an astonishing 80.67% ownership.
Numerous equities research analysts have recently issued ratings for Lakeland Financial as well. StockNews.com upgraded its rating to “sell” in a research report released on July 31st. Conversely, TheStreet downgraded the company’s rating from “b-” to a “c+” in a separate research report on July 24th. Lastly, Raymond James revised its price target for Lakeland Financial, lowering it from $66.00 to $64.00 and maintaining an “outperform” rating.
On Tuesday, August 15th, LKFN shares were being traded at a value of $55.12. Only 16 shares were exchanged, which is significantly lower than the average volume of 143,163 shares. Over the past year, Lakeland Financial has experienced volatility in stock prices, with a low of $43.05 and a high of $83.57. The company currently holds a market capitalization of $1.40 billion and possesses a price-to-earnings ratio of 15.37 along with a beta of 0.71.
Additionally, Lakeland Financial boasts favorable liquidity ratios as reflected by its current ratio of 0.92 and quick ratio of 0.92. The company’s performance over the past few months can be observed through its 50-day moving average price of $53.11 and its 200-day moving average price of $57.82.
In terms of financial results, Lakeland Financial disclosed their earnings for the quarter ended July 28th recently as well. Reportedly, their earnings per share (EPS) amounted to $0.57 – falling short of market expectations by $.034 per share ($0.91 estimated). In terms of revenue generated during this period, Lakeland Financial achieved an impressive figure totaling $95.98 million compared to analyst estimates projecting only $59.40 million in revenue.
According to equities research analysts, Lakeland Financial is expected to post earnings per share amounting to $3.39 for the entirety of the current fiscal year. As the company continues to navigate these uncertain times, it will be crucial for them to maintain a satisfactory performance in order to meet these predictions and ensure long-term success.