Bank of New York Mellon Corp Has $12.05 Million Stake in Lakeland Financial Corporation (NASDAQ:LKFN)

Bank of New York Mellon Corp trimmed its position in shares of Lakeland Financial Corporation (NASDAQ:LKFN) by 3.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 202,754 shares of the financial services provider’s stock after selling 7,679 shares during the period. Bank of New York Mellon Corp owned 0.78% of Lakeland Financial worth $12,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. WINTON GROUP Ltd raised its stake in Lakeland Financial by 1.8% during the fourth quarter. WINTON GROUP Ltd now owns 16,615 shares of the financial services provider’s stock worth $1,142,000 after acquiring an additional 300 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Lakeland Financial by 0.6% during the 4th quarter. Swiss National Bank now owns 50,150 shares of the financial services provider’s stock worth $3,448,000 after buying an additional 300 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of Lakeland Financial by 6.6% during the 4th quarter. Bank of Montreal Can now owns 4,954 shares of the financial services provider’s stock worth $341,000 after buying an additional 306 shares in the last quarter. Bridge City Capital LLC boosted its holdings in shares of Lakeland Financial by 0.9% during the 4th quarter. Bridge City Capital LLC now owns 37,035 shares of the financial services provider’s stock worth $2,547,000 after buying an additional 329 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Lakeland Financial in the 4th quarter worth $25,000. 81.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LKFN has been the topic of several recent analyst reports. Hovde Group upgraded Lakeland Financial from a “market perform” rating to an “outperform” rating and set a $72.00 price objective on the stock in a research note on Tuesday, May 6th. Keefe, Bruyette & Woods lowered their target price on Lakeland Financial from $69.00 to $65.00 and set a “market perform” rating on the stock in a research note on Monday, April 28th.

Lakeland Financial Price Performance

Shares of LKFN stock opened at $65.19 on Monday. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 18.63 and a beta of 0.60. The business’s fifty day moving average is $61.49 and its 200 day moving average is $61.94. Lakeland Financial Corporation has a twelve month low of $50.00 and a twelve month high of $78.61. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.16.

Lakeland Financial (NASDAQ:LKFN) last released its earnings results on Friday, April 25th. The financial services provider reported $0.78 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.09). Lakeland Financial had a return on equity of 12.71% and a net margin of 21.08%. The company had revenue of $90.46 million during the quarter, compared to analysts’ expectations of $63.54 million. During the same period in the prior year, the company posted $0.91 earnings per share. Research analysts expect that Lakeland Financial Corporation will post 3.7 EPS for the current fiscal year.

Lakeland Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Friday, July 25th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend is Friday, July 25th. Lakeland Financial’s dividend payout ratio is currently 57.14%.

Insider Activity

In other news, Director Melinda Jo Truex purchased 8,309 shares of the business’s stock in a transaction on Thursday, May 22nd. The stock was acquired at an average price of $60.11 per share, for a total transaction of $499,453.99. Following the acquisition, the director directly owned 16,507 shares of the company’s stock, valued at $992,235.77. This represents a 101.35% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.00% of the company’s stock.

About Lakeland Financial

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.