Bridge City Capital LLC Invests $996,000 in Lakeland Financial Corporation (LKFN) Stock
Bridge City Capital LLC acquired a new position in shares of Lakeland Financial Corporation (NASDAQ:LKFN) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 20,435 shares of the financial services provider’s stock, valued at approximately $996,000. Bridge City Capital LLC owned about 0.08% of Lakeland Financial Corporation at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. SG Americas Securities LLC bought a new position in Lakeland Financial Corporation during the 1st quarter worth $102,000. BNP Paribas Arbitrage SA grew its stake in Lakeland Financial Corporation by 1,811.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,154 shares of the financial services provider’s stock worth $145,000 after buying an additional 2,989 shares during the last quarter. Airain ltd bought a new position in Lakeland Financial Corporation during the 2nd quarter worth $229,000. Dynamic Technology Lab Private Ltd bought a new position in Lakeland Financial Corporation during the 2nd quarter worth $234,000. Finally, Prudential Financial Inc. grew its stake in Lakeland Financial Corporation by 1.5% during the 1st quarter. Prudential Financial Inc. now owns 5,272 shares of the financial services provider’s stock worth $228,000 after buying an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 69.37% of the company’s stock.
Lakeland Financial Corporation (NASDAQ:LKFN) last released its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. Lakeland Financial Corporation had a return on equity of 13.51% and a net margin of 30.67%. The firm had revenue of $44.12 million during the quarter, compared to analysts’ expectations of $43.91 million.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 6th. Stockholders of record on Wednesday, October 25th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, October 24th. This represents a $0.88 annualized dividend and a dividend yield of 1.80%. Lakeland Financial Corporation’s dividend payout ratio (DPR) is currently 37.93%.
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A number of research analysts recently commented on LKFN shares. BidaskClub downgraded Lakeland Financial Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Zacks Investment Research cut Lakeland Financial Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. Finally, ValuEngine raised Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $49.00.
In other news, insider Eric H. Ottinger sold 1,899 shares of Lakeland Financial Corporation stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $46.28, for a total value of $87,885.72. Following the completion of the sale, the insider now directly owns 21,500 shares of the company’s stock, valued at approximately $995,020. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director M Scott Welch bought 5,557 shares of the stock in a transaction dated Thursday, September 7th. The stock was purchased at an average cost of $41.83 per share, with a total value of $232,449.31. Following the completion of the purchase, the director now directly owns 112,148 shares in the company, valued at approximately $4,691,150.84. The disclosure for this purchase can be found here. Over the last three months, insiders bought 10,613 shares of company stock valued at $447,131 and sold 3,149 shares valued at $142,334. 5.00% of the stock is currently owned by company insiders.
About Lakeland Financial Corporation
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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