Smith Asset Management Group LP Acquires New Stake in Lakeland Financial Co. (LKFN)

Smith Asset Management Group LP acquired a new position in shares of Lakeland Financial Co. (NASDAQ:LKFN) in the 3rd quarter, HoldingsChannel reports. The fund acquired 24,690 shares of the financial services provider’s stock, valued at approximately $1,148,000.

Several other hedge funds also recently modified their holdings of LKFN. BlackRock Inc. increased its position in shares of Lakeland Financial by 9.0% during the second quarter. BlackRock Inc. now owns 2,071,608 shares of the financial services provider’s stock worth $99,829,000 after acquiring an additional 171,904 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Lakeland Financial by 17.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 446,604 shares of the financial services provider’s stock worth $20,758,000 after acquiring an additional 66,818 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Lakeland Financial by 53.6% during the second quarter. Renaissance Technologies LLC now owns 86,251 shares of the financial services provider’s stock worth $4,156,000 after acquiring an additional 30,100 shares in the last quarter. Citadel Advisors LLC increased its position in shares of Lakeland Financial by 28.2% during the second quarter. Citadel Advisors LLC now owns 104,530 shares of the financial services provider’s stock worth $5,038,000 after acquiring an additional 22,968 shares in the last quarter. Finally, WBI Investments Inc. increased its position in shares of Lakeland Financial by 85.9% during the second quarter. WBI Investments Inc. now owns 46,084 shares of the financial services provider’s stock worth $2,221,000 after acquiring an additional 21,289 shares in the last quarter. 72.19% of the stock is owned by institutional investors.

Several brokerages have recently issued reports on LKFN. Zacks Investment Research downgraded shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. BidaskClub raised shares of Lakeland Financial from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 30th. Boenning Scattergood reissued a “hold” rating on shares of Lakeland Financial in a research report on Friday, October 26th. ValuEngine downgraded shares of Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $51.00 target price on shares of Lakeland Financial in a report on Thursday, July 26th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $49.00.

Shares of LKFN opened at $44.25 on Thursday. Lakeland Financial Co. has a 12 month low of $39.41 and a 12 month high of $52.43. The firm has a market cap of $1.12 billion, a P/E ratio of 18.51, a price-to-earnings-growth ratio of 1.44 and a beta of 0.76. The company has a quick ratio of 0.99, a current ratio of 0.97 and a debt-to-equity ratio of 0.22.

Lakeland Financial (NASDAQ:LKFN) last announced its earnings results on Thursday, October 25th. The financial services provider reported $0.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.02. Lakeland Financial had a net margin of 30.88% and a return on equity of 15.54%. The business had revenue of $48.36 million during the quarter, compared to analysts’ expectations of $48.60 million. As a group, equities research analysts predict that Lakeland Financial Co. will post 3.08 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, November 5th. Investors of record on Thursday, October 25th were issued a dividend of $0.26 per share. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.10. The ex-dividend date was Wednesday, October 24th. This represents a $1.04 annualized dividend and a yield of 2.35%. Lakeland Financial’s dividend payout ratio is presently 43.51%.

In other Lakeland Financial news, insider Batty Jill A. De sold 1,800 shares of the stock in a transaction on Monday, September 10th. The shares were sold at an average price of $48.81, for a total value of $87,858.00. Following the completion of the sale, the insider now owns 10,386 shares in the company, valued at $506,940.66. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director M Scott Welch purchased 8,000 shares of the business’s stock in a transaction on Monday, October 29th. The stock was purchased at an average price of $42.25 per share, with a total value of $338,000.00. Following the purchase, the director now owns 136,448 shares of the company’s stock, valued at $5,764,928. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 10,124 shares of company stock valued at $430,613 and have sold 2,600 shares valued at $128,298. Corporate insiders own 4.40% of the company’s stock.

TRADEMARK VIOLATION NOTICE: “Smith Asset Management Group LP Acquires New Stake in Lakeland Financial Co. (LKFN)” was posted by WKRB News and is the property of of WKRB News. If you are accessing this piece on another website, it was illegally stolen and republished in violation of U.S. and international trademark and copyright law. The correct version of this piece can be read at https://www.wkrb13.com/2018/11/09/smith-asset-management-group-lp-acquires-new-stake-in-lakeland-financial-co-lkfn.html.

About Lakeland Financial

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.

See Also: Technical Analysis of Stocks, How Can It Help

Want to see what other hedge funds are holding LKFN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lakeland Financial Co. (NASDAQ:LKFN).

Institutional Ownership by Quarter for Lakeland Financial (NASDAQ:LKFN)

Receive News & Ratings for Lakeland Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lakeland Financial and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply