Lakeland Financial Co. Sees Stake Reduction by Victory Capital Management Inc.
Publication Date: July 24, 2023
In the wake of ongoing developments in the financial services industry, Victory Capital Management Inc. made headlines recently after it reduced its stake in Lakeland Financial Co. (NASDAQ:LKFN) by approximately 3.0%. The move was disclosed in the company’s latest filing with the Securities and Exchange Commission (SEC). As per the filing, Victory Capital Management Inc. held 913,522 shares of Lakeland Financial’s stock after selling 28,614 shares during the first quarter.
Lakeland’s Worth and Ownership Percentage
Victory Capital Management Inc.’s stake reduction resulted in them owning about 3.59% of Lakeland Financial Co., which translates to an estimated value of $57,223,000 as stated in their most recent SEC filing. It is important to note that these filings represent a snapshot of a specific date and may not reflect the current ownership status.
Analyst Coverage and Advice
In recent weeks, several research firms have expressed their views regarding LKFN’s performance and prospects. StockNews.com initiated coverage on Lakeland Financial with a “sell” rating back in May. In another report released on April 26th, Raymond James lowered their target price for LKFN from $74.00 to $66.00.
Lakeland Financial Overview
As of Monday this week (July 24th), NASDAQ:LKFN traded at an opening price of $54.94 amidst ongoing market volatilities and uncertainties within the financial sector.
Over the past year, LKFN has experienced varying levels of stock performance, reaching a high of $83.57 and plummeting to a low point of $43.05 during this period.
The company boasts a current ratio of 0.88 along with a quick ratio of 0.88, indicating a strong financial position and the ability to meet its short-term obligations efficiently. Furthermore, with a debt-to-equity ratio of 0.33, Lakeland Financial maintains a balanced capital structure.
Market Influence and Firm Metrics
Lakeland Financial Co. currently commands a market capitalization of $1.40 billion in light of its operations in the financial services sector. With its price-to-earnings ratio standing at 15.13, LKFN has attracted considerable attention from investors and analysts looking to understand the company’s value vis-à-vis its earnings potential.
Additionally, LKFN has boasted a beta coefficient of 0.69, suggesting that it exhibits lower volatility compared to the market as a whole, providing a degree of stability for investors during uncertain times.
The firm’s fifty-day simple moving average is $51.15 while its two-hundred-day simple moving average stands at $59.84, indicating recent fluctuations in stock price within these given time frames.
Victory Capital Management Inc.’s decision to lessen their stake in Lakeland Financial Co., coupled with recent analyst coverage and mixed reviews about the company’s performance, puts into perspective the current state of affairs surrounding LKFN.
Investors and market participants should thoroughly evaluate these industry dynamics and conduct comprehensive research before making any investment decisions regarding Lakeland Financial or any other company operating in this sector.
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
There are no analysts data to display
Lakeland Financial Sees Changes in Stock Positions and Acquisitions by Institutional Investors and Directors
Lakeland Financial, a financial services provider, has recently seen changes in its stock positions by various institutional investors and hedge funds. BlackRock Inc., a prominent investment management firm, increased its stake in Lakeland Financial by 3.5% during the first quarter. This translated to BlackRock now owning 3,807,592 shares of Lakeland Financial’s stock with a value of $277,953,000 after acquiring an additional 128,992 shares during the period.
Vanguard Group Inc., another major investment management company, also boosted its stake in Lakeland Financial by 2.0% in the third quarter. Vanguard Group now holds 1,838,241 shares of the financial services provider’s stock valued at $133,843,000 after purchasing an additional 35,326 shares during the last quarter.
State Street Corp., on the other hand, increased its position in Lakeland Financial by 27.4% during the first quarter. State Street Corp now owns 1,308,005 shares of the company’s stock worth $95,484,000 after buying an additional 280,943 shares during this period.
Geode Capital Management LLC and Neumeier Poma Investment Counsel LLC also made changes to their stakes in Lakeland Financial. Geode Capital Management raised its stake in Lakeland Financial by 3.9% during the fourth quarter and now owns 467,827 shares worth $34,137,000. Neumeier Poma Investment Counsel LLC raised its stake by 2.5% during the same period and now holds 334,674 shares valued at $24,421.
According to reports filed with the Securities & Exchange Commission (SEC), Director Emily E. Pichon purchased an additional 1,025 shares of Lakeland Financial stock on May 8th at an average price of $47.80 per share for a total value of $48,995. Following this transaction, Director Pichon now owns 16,238 shares in the company, with an estimated value of approximately $776,176.40.
Additionally, Director Brian J. Smith acquired 10,000 shares of Lakeland Financial stock on April 28th at an average cost of $51.00 per share for a total value of $510,000. This brings Director Smith’s total shares in the company to 38,185 shares, valued at $1,947,435.
Several research firms have weighed in on Lakeland Financial’s stock recently. StockNews.com started coverage on the financial services provider with a “sell” rating on May 18th. Raymond James also lowered their target price for Lakeland Financial from $74.00 to $66.00 on April 26th.
Lakeland Financial recently reported its earnings results for the quarter ended July 21st. The company announced earnings per share (EPS) of $0.57 for the quarter, falling short of the consensus estimate by ($0.34). The company had a net margin of 27.14% and a return on equity of 16.58%. Lakeland Financial generated revenue of $95.98 million during the quarter compared to analyst estimates of $59.40 million.
Looking ahead, analysts expect Lakeland Financial Co.’s EPS for the current fiscal year to be around 3.66.
In terms of dividends, Lakeland Financial recently disclosed that it will be paying a quarterly dividend on August 7th to its stockholders as recorded on July 25th. The dividend will amount to $0.46 per share and based on current share prices represents an annualized dividend yield of approximately 3.35%.
With recent changes in stock positions by institutional investors and hedge funds alongside acquisitions made by directors and research firm ratings, it remains to be seen how these factors will shape the future of Lakeland Financial. Investors will likely be keeping a close eye on the company’s performance and its ability to meet analyst expectations going forward.