Lakeland Financial Co. (NASDAQ:LKFN) Shares Sold by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System reduced its stake in shares of Lakeland Financial Co. (NASDAQ:LKFNGet Rating) by 36.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,102 shares of the financial services provider’s stock after selling 4,600 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Lakeland Financial were worth $538,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in LKFN. SG Americas Securities LLC lifted its stake in shares of Lakeland Financial by 29.9% during the first quarter. SG Americas Securities LLC now owns 2,593 shares of the financial services provider’s stock worth $189,000 after buying an additional 597 shares during the period. Mutual of America Capital Management LLC lifted its position in Lakeland Financial by 5.5% during the first quarter. Mutual of America Capital Management LLC now owns 3,646 shares of the financial services provider’s stock valued at $266,000 after purchasing an additional 190 shares during the period. Envestnet Asset Management Inc. lifted its position in Lakeland Financial by 4.6% during the first quarter. Envestnet Asset Management Inc. now owns 65,361 shares of the financial services provider’s stock valued at $4,771,000 after purchasing an additional 2,856 shares during the period. Advisor Group Holdings Inc. raised its position in shares of Lakeland Financial by 49.3% in the first quarter. Advisor Group Holdings Inc. now owns 13,370 shares of the financial services provider’s stock worth $686,000 after acquiring an additional 4,413 shares during the period. Finally, Aptus Capital Advisors LLC raised its position in shares of Lakeland Financial by 6.8% in the first quarter. Aptus Capital Advisors LLC now owns 37,264 shares of the financial services provider’s stock worth $2,720,000 after acquiring an additional 2,370 shares during the period. 81.26% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on LKFN shares. StockNews.com started coverage on shares of Lakeland Financial in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Stephens upped their price objective on shares of Lakeland Financial to $80.00 in a research report on Tuesday, August 23rd.

Insider Transactions at Lakeland Financial

In other news, Director Blake Augsburger sold 4,000 shares of the business’s stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $82.31, for a total transaction of $329,240.00. Following the completion of the sale, the director now owns 14,313 shares of the company’s stock, valued at $1,178,103.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Michael L. Kubacki sold 47,520 shares of the company’s stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $82.79, for a total transaction of $3,934,180.80. Following the completion of the sale, the director now owns 76,250 shares of the company’s stock, valued at approximately $6,312,737.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Blake Augsburger sold 4,000 shares of the company’s stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $82.31, for a total transaction of $329,240.00. Following the sale, the director now directly owns 14,313 shares of the company’s stock, valued at approximately $1,178,103.03. The disclosure for this sale can be found here. Insiders sold 52,932 shares of company stock valued at $4,373,483 over the last 90 days. Corporate insiders own 4.00% of the company’s stock.

Lakeland Financial Stock Down 0.2 %

LKFN stock opened at $76.26 on Friday. The stock has a market capitalization of $1.93 billion, a P/E ratio of 19.16 and a beta of 0.78. The firm has a 50-day simple moving average of $77.44 and a 200-day simple moving average of $73.89. Lakeland Financial Co. has a 52 week low of $64.05 and a 52 week high of $85.71.

Lakeland Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 7th. Stockholders of record on Tuesday, October 25th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, October 24th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.10%. Lakeland Financial’s dividend payout ratio is currently 40.20%.

Lakeland Financial Profile

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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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Institutional Ownership by Quarter for Lakeland Financial (NASDAQ:LKFN)

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