Lakeland Financial Co. (NASDAQ:LKFN) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its position in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,485,104 shares of the financial services provider’s stock after selling 53,302 shares during the quarter. Victory Capital Management Inc. owned 5.82% of Lakeland Financial worth $96,710,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Pathway Financial Advisers LLC purchased a new stake in Lakeland Financial during the first quarter worth $664,000. Envestnet Asset Management Inc. boosted its stake in shares of Lakeland Financial by 5.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 233,836 shares of the financial services provider’s stock worth $14,386,000 after acquiring an additional 12,846 shares in the last quarter. Raymond James & Associates grew its position in shares of Lakeland Financial by 132.5% during the 2nd quarter. Raymond James & Associates now owns 98,219 shares of the financial services provider’s stock valued at $6,042,000 after acquiring an additional 55,975 shares during the period. GAMMA Investing LLC increased its stake in shares of Lakeland Financial by 58.0% in the 3rd quarter. GAMMA Investing LLC now owns 640 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 235 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Lakeland Financial by 382.0% in the 3rd quarter. SG Americas Securities LLC now owns 8,551 shares of the financial services provider’s stock worth $557,000 after purchasing an additional 6,777 shares during the period. Institutional investors and hedge funds own 81.15% of the company’s stock.

Insider Buying and Selling

In other Lakeland Financial news, SVP James Rickard Donovan sold 800 shares of Lakeland Financial stock in a transaction on Friday, September 13th. The shares were sold at an average price of $65.42, for a total transaction of $52,336.00. Following the sale, the senior vice president now owns 9,568 shares of the company’s stock, valued at $625,938.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, President Kristin Pruitt sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $67.06, for a total value of $804,720.00. Following the completion of the sale, the president now directly owns 10,252 shares in the company, valued at $687,499.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP James Rickard Donovan sold 800 shares of Lakeland Financial stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $65.42, for a total value of $52,336.00. Following the transaction, the senior vice president now owns 9,568 shares in the company, valued at approximately $625,938.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,950 shares of company stock worth $868,383. 3.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised their price objective on Lakeland Financial from $64.00 to $65.00 and gave the company a “market perform” rating in a report on Monday, July 29th.

Lakeland Financial Stock Down 1.8 %

LKFN opened at $74.25 on Thursday. The firm’s fifty day simple moving average is $66.10 and its two-hundred day simple moving average is $64.08. Lakeland Financial Co. has a 52-week low of $52.90 and a 52-week high of $78.31. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 19.29 and a beta of 0.65.

Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Friday, October 25th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Lakeland Financial had a net margin of 22.85% and a return on equity of 13.64%. The firm had revenue of $106.94 million for the quarter, compared to analyst estimates of $59.90 million. During the same period last year, the company posted $0.98 EPS. On average, research analysts forecast that Lakeland Financial Co. will post 3.42 EPS for the current year.

Lakeland Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Friday, October 25th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Friday, October 25th. Lakeland Financial’s dividend payout ratio is presently 49.87%.

Lakeland Financial Profile

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.