Lakeland Financial Co. (NASDAQ:LKFN) announced a quarterly dividend on Tuesday, October 9th, NASDAQ reports. Stockholders of record on Thursday, October 25th will be given a dividend of 0.26 per share by the financial services provider on Monday, November 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Wednesday, October 24th. This is an increase from Lakeland Financial’s previous quarterly dividend of $0.10.
Lakeland Financial has decreased its dividend by an average of 8.4% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Lakeland Financial has a dividend payout ratio of 34.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Lakeland Financial to earn $3.26 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 31.9%.
Shares of NASDAQ:LKFN traded down $0.37 during midday trading on Friday, hitting $44.25. 124,642 shares of the stock were exchanged, compared to its average volume of 108,209. The company has a current ratio of 0.97, a quick ratio of 0.99 and a debt-to-equity ratio of 0.22. Lakeland Financial has a 52-week low of $39.41 and a 52-week high of $52.43. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of 18.51, a P/E/G ratio of 1.44 and a beta of 0.76.
Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.02. Lakeland Financial had a return on equity of 15.54% and a net margin of 30.88%. The business had revenue of $48.36 million during the quarter, compared to analyst estimates of $48.60 million. On average, sell-side analysts forecast that Lakeland Financial will post 3.08 EPS for the current year.
LKFN has been the topic of several recent research reports. BidaskClub lowered Lakeland Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 30th. Zacks Investment Research lowered Lakeland Financial from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Boenning Scattergood restated a “hold” rating on shares of Lakeland Financial in a report on Friday, October 26th. Keefe, Bruyette & Woods restated a “hold” rating and set a $51.00 target price on shares of Lakeland Financial in a report on Thursday, July 26th. Finally, ValuEngine lowered Lakeland Financial from a “hold” rating to a “sell” rating in a report on Thursday, September 27th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock currently has an average rating of “Hold” and an average price target of $49.00.
In other news, Director Emily E. Pichon sold 500 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $50.85, for a total value of $25,425.00. Following the sale, the director now directly owns 15,363 shares of the company’s stock, valued at $781,208.55. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Batty Jill A. De sold 1,800 shares of Lakeland Financial stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $48.81, for a total value of $87,858.00. Following the sale, the insider now directly owns 10,386 shares in the company, valued at $506,940.66. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 10,124 shares of company stock worth $430,613 and sold 2,600 shares worth $128,298. Company insiders own 4.40% of the company’s stock.
Lakeland Financial Company Profile
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.
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