Lakeland Financial Co. (NASDAQ:LKFN) Shares Purchased by Texas Permanent School Fund Corp

Posted by Defense World Staff on Aug 1st, 2023

Texas Permanent School Fund Corp lifted its position in Lakeland Financial Co. (NASDAQ:LKFN – Free Report) by 33.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,733 shares of the financial services provider’s stock after acquiring an additional 5,690 shares during the period. Texas Permanent School Fund Corp owned 0.09% of Lakeland Financial worth $1,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in LKFN. BlackRock Inc. increased its stake in shares of Lakeland Financial by 3.5% in the 1st quarter. BlackRock Inc. now owns 3,807,592 shares of the financial services provider’s stock valued at $277,953,000 after purchasing an additional 128,992 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Lakeland Financial by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 1,838,241 shares of the financial services provider’s stock valued at $133,843,000 after purchasing an additional 35,326 shares in the last quarter. State Street Corp increased its stake in shares of Lakeland Financial by 27.4% in the 1st quarter. State Street Corp now owns 1,308,005 shares of the financial services provider’s stock valued at $95,484,000 after purchasing an additional 280,943 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Lakeland Financial by 0.6% in the 4th quarter. Victory Capital Management Inc. now owns 942,136 shares of the financial services provider’s stock worth $68,748,000 after buying an additional 5,666 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Lakeland Financial by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 467,827 shares of the financial services provider’s stock worth $34,137,000 after buying an additional 17,612 shares during the last quarter. 80.67% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Lakeland Financial

In related news, Director Emily E. Pichon acquired 1,025 shares of the firm’s stock in a transaction on Monday, May 8th. The stock was bought at an average price of $47.80 per share, for a total transaction of $48,995.00. Following the completion of the purchase, the director now directly owns 16,238 shares of the company’s stock, valued at approximately $776,176.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.40% of the stock is currently owned by corporate insiders.

Lakeland Financial Stock Down 1.1 %

Shares of NASDAQ LKFN opened at $55.44 on Tuesday. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 15.27 and a beta of 0.69. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.68. Lakeland Financial Co. has a 52-week low of $43.05 and a 52-week high of $83.57. The business’s 50 day moving average is $52.23 and its two-hundred day moving average is $59.08.

Lakeland Financial (NASDAQ:LKFN – Get Free Report) last posted its quarterly earnings data on Friday, July 28th. The financial services provider reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.34). Lakeland Financial had a return on equity of 16.37% and a net margin of 27.14%. The company had revenue of $95.98 million for the quarter, compared to analysts’ expectations of $59.40 million. During the same period in the prior year, the company posted $1.00 EPS. Research analysts predict that Lakeland Financial Co. will post 3.45 EPS for the current year.

Lakeland Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 7th. Investors of record on Tuesday, July 25th will be issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 3.32%. The ex-dividend date is Monday, July 24th. Lakeland Financial’s dividend payout ratio (DPR) is presently 50.69%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on LKFN shares. StockNews.com upgraded Lakeland Financial to a “sell” rating in a report on Monday. Raymond James lowered their target price on Lakeland Financial from $66.00 to $64.00 and set an “outperform” rating on the stock in a report on Monday, July 24th. Finally, TheStreet cut Lakeland Financial from a “b-” rating to a “c+” rating in a report on Monday, July 24th.

Lakeland Financial Company Profile

(Free Report)

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in the United States. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits.