Goldman Sachs Group Inc. Boosts Position in Lakeland Financial Corporation (LKFN)
Goldman Sachs Group Inc. boosted its holdings in Lakeland Financial Corporation (NASDAQ:LKFN) by 13.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 912,929 shares of the financial services provider’s stock after purchasing an additional 106,673 shares during the quarter. Goldman Sachs Group Inc. owned about 3.62% of Lakeland Financial Corporation worth $41,885,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in Lakeland Financial Corporation in the 1st quarter valued at $102,000. BNP Paribas Arbitrage SA grew its position in Lakeland Financial Corporation by 1,811.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,154 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 2,989 shares during the period. Airain ltd acquired a new stake in Lakeland Financial Corporation in the 2nd quarter valued at $229,000. Prudential Financial Inc. grew its position in Lakeland Financial Corporation by 1.5% in the 1st quarter. Prudential Financial Inc. now owns 5,272 shares of the financial services provider’s stock valued at $228,000 after purchasing an additional 80 shares during the period. Finally, Legal & General Group Plc grew its position in Lakeland Financial Corporation by 2.7% in the 2nd quarter. Legal & General Group Plc now owns 5,932 shares of the financial services provider’s stock valued at $272,000 after purchasing an additional 156 shares during the period. 69.31% of the stock is owned by institutional investors and hedge funds.
LKFN has been the subject of several research reports. BidaskClub downgraded shares of Lakeland Financial Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Zacks Investment Research upgraded Lakeland Financial Corporation from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Monday, September 4th. Finally, ValuEngine upgraded Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $48.00.
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Lakeland Financial Corporation (LKFN) opened at 48.63 on Friday. Lakeland Financial Corporation has a 52 week low of $33.98 and a 52 week high of $49.22. The firm’s 50-day moving average price is $45.16 and its 200 day moving average price is $44.82. The company has a market capitalization of $1.22 billion, a PE ratio of 21.81 and a beta of 0.86.
Lakeland Financial Corporation (NASDAQ:LKFN) last released its earnings results on Tuesday, July 25th. The financial services provider reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.05. Lakeland Financial Corporation had a return on equity of 13.06% and a net margin of 30.72%. The firm had revenue of $42.61 million for the quarter, compared to analysts’ expectations of $41.86 million. Equities research analysts expect that Lakeland Financial Corporation will post $2.37 earnings per share for the current fiscal year.
In related news, Director M Scott Welch bought 5,557 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were 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 owns 112,148 shares in the company, valued at approximately $4,691,150.84. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Batty Jill A. De sold 800 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $43.31, for a total value of $34,648.00. Following the completion of the sale, the insider now directly owns 8,132 shares in the company, valued at $352,196.92. The disclosure for this sale can be found here. Over the last three months, insiders bought 10,613 shares of company stock worth $447,131 and sold 3,149 shares worth $142,334. Corporate insiders own 5.00% of the company’s stock.
Lakeland Financial Corporation Profile
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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