Lakeland Financial Co. (NASDAQ:LKFN) Shares Acquired by Truist Financial Corp

Truist Financial Corp grew its position in Lakeland Financial Co. (NASDAQ:LKFNGet Rating) by 60.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,376 shares of the financial services provider’s stock after purchasing an additional 8,402 shares during the period. Truist Financial Corp owned approximately 0.09% of Lakeland Financial worth $1,629,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Lakeland Financial by 3.5% during the 1st quarter. BlackRock Inc. now owns 3,807,592 shares of the financial services provider’s stock valued at $277,953,000 after buying an additional 128,992 shares during the period. Vanguard Group Inc. raised its holdings in shares of Lakeland Financial by 11.4% during the 1st quarter. Vanguard Group Inc. now owns 1,768,640 shares of the financial services provider’s stock valued at $129,111,000 after buying an additional 181,199 shares during the period. State Street Corp raised its holdings in shares of Lakeland Financial by 27.4% during 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 buying an additional 280,943 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Lakeland Financial by 14.9% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,097,813 shares of the financial services provider’s stock valued at $72,917,000 after buying an additional 142,591 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Lakeland Financial by 7.9% during the 2nd quarter. Victory Capital Management Inc. now owns 909,906 shares of the financial services provider’s stock valued at $60,436,000 after buying an additional 66,240 shares during the period. 80.45% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Lakeland Financial news, Director Michael L. Kubacki sold 47,520 shares of Lakeland Financial stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $82.79, for a total transaction of $3,934,180.80. Following the sale, the director now directly owns 76,250 shares in the company, valued at approximately $6,312,737.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Michael L. Kubacki sold 47,520 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $82.79, for a total value of $3,934,180.80. Following the completion of the sale, the director now directly owns 76,250 shares in the company, valued at approximately $6,312,737.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Brok A. Lahrman sold 312 shares of the business’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $82.03, for a total value of $25,593.36. Following the completion of the sale, the chief accounting officer now owns 588 shares of the company’s stock, valued at $48,233.64. The disclosure for this sale can be found here. Insiders have sold 51,832 shares of company stock worth $4,289,014 in the last three months. 4.00% of the stock is owned by insiders.

Lakeland Financial Stock Up 0.5 %

LKFN stock opened at $76.97 on Wednesday. Lakeland Financial Co. has a 52-week low of $64.05 and a 52-week high of $85.71. The stock’s 50 day moving average is $75.20 and its two-hundred day moving average is $75.42. The company has a market capitalization of $1.95 billion, a PE ratio of 19.34 and a beta of 0.76.

Lakeland Financial (NASDAQ:LKFNGet Rating) last posted its quarterly earnings data on Tuesday, October 25th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.09. Lakeland Financial had a return on equity of 17.06% and a net margin of 40.28%. The company had revenue of $62.66 million for the quarter, compared to the consensus estimate of $61.85 million. As a group, sell-side analysts anticipate that Lakeland Financial Co. will post 4.17 EPS for the current year.

Lakeland Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 6th. Shareholders of record on Wednesday, January 25th will be issued a dividend of $0.46 per share. The ex-dividend date of this dividend is Tuesday, January 24th. This is an increase from Lakeland Financial’s previous quarterly dividend of $0.40. This represents a $1.84 annualized dividend and a yield of 2.39%. Lakeland Financial’s payout ratio is currently 40.20%.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Lakeland Financial in a report on Wednesday, October 12th. They set a “hold” rating on the stock.

Lakeland Financial Company Profile

(Get Rating)

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.

See Also

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

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