Lakeland Financial (NASDAQ:LKFN) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Lakeland Financial (NASDAQ:LKFN) from a hold rating to a sell rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “

A number of other research analysts have also weighed in on LKFN. Boenning Scattergood reaffirmed a hold rating on shares of American Water Works in a research note on Thursday, May 2nd. BidaskClub raised shares of Misonix from a buy rating to a strong-buy rating in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $52.50.

NASDAQ:LKFN opened at $45.99 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $1.18 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 1.40 and a beta of 0.95. The business has a fifty day moving average of $45.83. Lakeland Financial has a 12 month low of $37.79 and a 12 month high of $51.25.

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, topping analysts’ consensus estimates of $0.81 by $0.03. The business had revenue of $49.73 million during the quarter, compared to analysts’ expectations of $49.25 million. Lakeland Financial had a net margin of 33.75% and a return on equity of 16.34%. On average, research analysts forecast that Lakeland Financial will post 3.28 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Thursday, July 25th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Wednesday, July 24th. Lakeland Financial’s dividend payout ratio (DPR) is 38.34%.

In other Lakeland Financial news, insider Batty Jill A. De sold 4,200 shares of the firm’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $48.00, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.60% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Uncommon Cents Investing LLC lifted its stake in shares of Lakeland Financial by 1.2% in the first quarter. Uncommon Cents Investing LLC now owns 24,514 shares of the financial services provider’s stock valued at $1,109,000 after buying an additional 295 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Lakeland Financial by 3.9% in the fourth quarter. Principal Financial Group Inc. now owns 11,070 shares of the financial services provider’s stock valued at $445,000 after buying an additional 420 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Lakeland Financial by 13.8% in the fourth quarter. Legal & General Group Plc now owns 4,356 shares of the financial services provider’s stock valued at $175,000 after buying an additional 529 shares in the last quarter. Comerica Bank lifted its stake in shares of Lakeland Financial by 3.2% in the first quarter. Comerica Bank now owns 17,554 shares of the financial services provider’s stock valued at $831,000 after buying an additional 549 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of Lakeland Financial by 3.7% in the first quarter. Cetera Investment Advisers now owns 17,911 shares of the financial services provider’s stock valued at $810,000 after buying an additional 637 shares in the last quarter. 73.51% of the stock is currently 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.

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