Lakeland Financial (LKFN) Lowered to Hold at BidaskClub

Lakeland Financial (NASDAQ:LKFN) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Wednesday, BidAskClub reports.

Other research analysts have also issued reports about the stock. Zacks Investment Research raised shares of Lakeland Financial from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Wednesday, February 27th. Boenning Scattergood reaffirmed a “hold” rating on shares of Lakeland Financial in a report on Thursday, May 2nd. Finally, ValuEngine raised shares of Lakeland Financial from a “sell” rating to a “hold” rating in a report on Friday, January 25th. Five research analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and a consensus target price of $52.50.

Shares of LKFN traded down $0.46 during midday trading on Wednesday, hitting $46.22. The company had a trading volume of 57,800 shares, compared to its average volume of 79,542. Lakeland Financial has a 52 week low of $37.79 and a 52 week high of $51.25. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $1.19 billion, a P/E ratio of 14.77, a PEG ratio of 1.40 and a beta of 0.92.

Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.03. Lakeland Financial had a net margin of 33.75% and a return on equity of 16.34%. The business had revenue of $49.73 million during the quarter, compared to analyst estimates of $49.25 million. As a group, sell-side analysts expect that Lakeland Financial will post 3.3 earnings per share for the current fiscal year.

In other Lakeland Financial news, insider Kristin Pruitt sold 1,500 shares of the business’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $48.41, for a total transaction of $72,615.00. Following the completion of the transaction, the insider now directly owns 9,094 shares of the company’s stock, valued at approximately $440,240.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Batty Jill A. De sold 4,200 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $48.00, for a total transaction of $201,600.00. Following the transaction, the insider now directly owns 6,186 shares of the company’s stock, valued at $296,928. The disclosure for this sale can be found here. Insiders have sold a total of 7,976 shares of company stock valued at $383,235 over the last three months. 4.60% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Cresset Asset Management LLC acquired a new stake in shares of Lakeland Financial in the 1st quarter worth approximately $25,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Lakeland Financial in the 1st quarter worth approximately $35,000. Advisor Group Inc. lifted its stake in shares of Lakeland Financial by 264.7% in the 1st quarter. Advisor Group Inc. now owns 795 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 577 shares during the period. Quantamental Technologies LLC acquired a new stake in shares of Lakeland Financial in the 4th quarter worth approximately $48,000. Finally, Clean Yield Group acquired a new stake in shares of Lakeland Financial in the 4th quarter worth approximately $60,000. 72.91% of the stock is owned by hedge funds and other institutional investors.

Lakeland Financial Company Profile

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.

Featured Story: What is the price-sales ratio?

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.