Lakeland Financial Co. (NASDAQ:LKFN) announced a quarterly dividend on Thursday, January 10th, Wall Street Journal reports. Stockholders of record on Friday, January 25th will be paid a dividend of 0.26 per share by the financial services provider on Tuesday, February 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Thursday, January 24th.
Lakeland Financial has raised its dividend payment by an average of 1.9% per year over the last three years and has raised its dividend every year for the last 7 years. Lakeland Financial has a payout ratio of 34.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lakeland Financial to earn $3.28 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 31.7%.
Shares of NASDAQ LKFN traded down $0.05 during trading on Thursday, reaching $42.86. The stock had a trading volume of 50,653 shares, compared to its average volume of 92,136. Lakeland Financial has a one year low of $37.79 and a one year high of $51.76. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 17.93, a price-to-earnings-growth ratio of 1.28 and a beta of 0.87.
In other Lakeland Financial news, Director M Scott Welch purchased 8,750 shares of Lakeland Financial stock in a transaction on Wednesday, December 12th. The stock was bought at an average price of $42.78 per share, for a total transaction of $374,325.00. Following the transaction, the director now owns 145,198 shares of the company’s stock, valued at approximately $6,211,570.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kevin L. Deardorff purchased 5,582 shares of Lakeland Financial stock in a transaction on Friday, December 14th. The shares were acquired at an average price of $41.47 per share, with a total value of $231,485.54. Following the transaction, the insider now directly owns 42,015 shares in the company, valued at approximately $1,742,362.05. The disclosure for this purchase can be found here. Insiders have purchased a total of 32,456 shares of company stock valued at $1,376,023 in the last 90 days. Insiders own 4.40% of the company’s stock.
A number of research analysts recently issued reports on LKFN shares. BidaskClub lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Friday, December 7th. Zacks Investment Research upgraded Lakeland Financial from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Wednesday, October 31st. ValuEngine lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Finally, Boenning Scattergood restated a “hold” rating on shares of Lakeland Financial in a research report on Friday, October 26th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Lakeland Financial has an average rating of “Hold” and a consensus price target of $47.50.
Lakeland Financial Company Profile
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.
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