Lakeland Financial (NASDAQ:LKFN) downgraded by Zacks Investment Research to Hold

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Lakeland Financial (NASDAQ:LKFN – Get an assessment) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note released Wednesday to investors, Zacks.com reports.

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

Separately, StockNews.com began covering Lakeland Financial shares in a research note on Thursday, March 31. They put a “sell” mark on the stock.

NASDAQ LKFN shares opened at $73.12 on Wednesday. The company has a market capitalization of $1.89 billion, a PE ratio of 19.55 and a beta of 0.72. Lakeland Financial has a 12-month low of $56.06 and a 12-month high of $85.71. The company’s fifty-day simple moving average is $78.73 and its 200-day simple moving average is $76.42. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt ratio of 0.11.

Lakeland Financial (NASDAQ:LKFN – Get Rating) last released its results on Tuesday, January 25. The financial services provider reported earnings per share (EPS) of $0.95 for the quarter, missing Thomson Reuters’ consensus estimate of $0.97 per ($0.02). The company posted revenue of $54.72 million for the quarter, versus a consensus estimate of $57.47 million. Lakeland Financial had a return on equity of 14.09% and a net margin of 40.23%. In the same period a year earlier, the company had earned earnings per share of $0.97. On average, stock analysts predict that Lakeland Financial will post 3.7 earnings per share for the current year.

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Separately, CFO Lisa M. O’Neill sold 1,250 shares in a trade dated Tuesday, March 15. The shares were sold at an average price of $82.22, for a total value of $102,775.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Additionally, SVP Jonathan P. Steiner sold 1,500 shares in a trade dated Friday, January 28. The shares were sold at an average price of $78.30, for a total transaction of $117,450.00. The disclosure of this sale can be found here. In the past 90 days, insiders have sold 71,521 shares of the company worth $5,719,506. Company insiders own 4.00% of the company’s shares.

Hedge funds have recently changed their positions in the business. Fifth Third Bancorp increased its stake in Lakeland Financial by 141.5% during the third quarter. Fifth Third Bancorp now owns 454 shares of the financial services provider worth $32,000 after buying 266 more shares in the last quarter. Pinebridge Investments LP acquired a new stake in Lakeland Financial during the fourth quarter worth approximately $96,000. SG Americas Securities LLC acquired a new stake in Lakeland Financial during the third quarter worth approximately $163,000. Raymond James & Associates purchased a new stake in Lakeland Financial during the fourth quarter worth approximately $232,000. Finally, Mutual of America Capital Management LLC acquired a new stake in Lakeland Financial during the third quarter worth approximately $240,000. Institutional investors hold 81.43% of the company’s shares.

Lakeland Financial Company Profile (Get a rating)

Lakeland Financial Corporation operates as a bank holding company for Lake City Bank which provides various banking products and services. The company accepts various deposit products, such as interest-free deposits, interest-bearing checks, savings, money market, NOW and demand deposits. Its lending products include commercial and industrial loans, commercial and multi-family residential real estate, agribusiness and agriculture, 1-4 family consumer mortgages and other consumer loans.

Further reading

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