On August 31, 2023, it was reported that Russell Investments Group Ltd. has reduced its stake in Lakeland Financial Co. (NASDAQ:LKFN) by 10.1% in the first quarter of the year. This information was disclosed in the company’s most recent 13F filing with the Securities and Exchange Commission (SEC). The firm now owns 18,048 shares of Lakeland Financial’s stock, after selling 2,029 shares during the quarter. At the end of the reporting period, Russell Investments Group Ltd.’s stake was valued at $1,131,000, accounting for approximately 0.07% of Lakeland Financial’s worth.
Recently, a number of equities research analysts have released reports on LKFN shares. TheStreet downgraded Lakeland Financial from a “b-” rating to a “c+” rating in a research note published on July 24th. However, StockNews.com upgraded Lakeland Financial to a “sell” rating on the same day. Additionally, Raymond James reduced their price target for Lakeland Financial from $66.00 to $64.00 and assigned an “outperform” rating to the company.
Shares of NASDAQ LKFN opened at $51.01 on Thursday according to data from August 31st. The financial services provider displays a quick ratio and current ratio of 0.92 and a debt-to-equity ratio of 0.68 respectively. Furthermore, it retains a fifty-day simple moving average of $52.79 and a two-hundred-day simple moving average of $56.43.
With its market capitalization currently standing at $1.30 billion and a price-earnings (PE) ratio of 14.05, maintaining beta value at 0.71, Lakeland Financial Co.’s performance is notably significant within the financial sector.
The company has experienced both highs and lows, with a twelve-month low of $43.05 and a twelve-month high of $83.57.
Overall, the recent decrease in Russell Investments Group Ltd.’s stake in Lakeland Financial Co., combined with the analyst reports on LKFN’s rating and price target adjustments, has potentially influenced investor sentiment towards the company. However, future market trends and developments will ultimately determine Lakeland Financial’s trajectory in the coming months.
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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Institutional Investors and Hedge Funds Increase Holdings in Lakeland Financial Despite Earnings Disappointment
Institutional investors and hedge funds have been actively making changes to their holdings in Lakeland Financial (NASDAQ: LKFN), a financial services provider. Notably, Bessemer Group Inc. increased its holdings in the company by 78.9% during the fourth quarter, acquiring 168 additional shares. This brought their total ownership to 381 shares with a value of $28,000. Similarly, Public Employees Retirement System of Ohio boosted its stake in Lakeland Financial by 47.6% during the third quarter, acquiring an additional 139 shares worth $31,000.
Captrust Financial Advisors also saw a significant increase in its ownership of Lakeland Financial shares. They added 169 more shares to their portfolio during the second quarter, bringing their total to 542 shares valued at $36,000. Additionally, Coppell Advisory Solutions Corp. purchased a new stake in Lakeland Financial worth approximately $43,000 during the fourth quarter.
Another notable investor is Point72 Middle East FZE who bought a new stake in Lakeland Financial during the same period for around $46,000.
Overall, hedge funds and other institutional investors now own approximately 80.70% of Lakeland Financial’s stock.
In related news, Jonathan P. Steiner, SVP at Lakeland Financial, recently purchased 3,000 shares of the company’s stock on August 17th. The average cost per share was $55.26 which resulted in a transaction value of $165,780. Following this purchase, Steiner now holds 9,369 shares valued at around $517,730.
Another insider buying activity involved Director Robert E. Bartels Jr., who acquired 900 shares of Lakeland Financial stock on August 3rd at an average cost of $55.16 per share for a total value of $49,644.
Analysts have recently issued reports on LKFN with mixed ratings. TheStreet downgraded Lakeland Financial from a “b-” to a “c+” rating on July 24th. However, StockNews.com upgraded the stock to a “sell” rating in their research note.
Regarding its recent earnings report, Lakeland Financial disappointed analysts’ consensus estimates. The company reported earnings of $0.57 per share for the quarter, falling short by $0.34. Furthermore, its revenue for the quarter was $95.98 million, exceeding the consensus estimate of $59.40 million. Despite this, Lakeland Financial maintained a net margin of 27.14% and a return on equity of 16.37%. In the same period last year, the company posted earnings of $1.00 per share.
Looking ahead, analysts anticipate that Lakeland Financial will post earnings per share of 3.39 for the current fiscal year.
In an effort to reward shareholders, Lakeland Financial recently announced a quarterly dividend that was paid on August 7th to shareholders of record as of July 25th. The dividend amounted to $0.46 per share on an annualized basis, resulting in a yield of 3.61%. The ex-dividend date was July 24th.
Despite facing challenges in meeting analysts’ expectations during its recent earnings report, Lakeland Financial continues to distribute dividends and attract interest from institutional investors and hedge funds alike. These developments indicate ongoing confidence in the company’s future performance within the financial services sector.