California Public Employees Retirement System lessened its holdings in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 12.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,475 shares of the financial services provider’s stock after selling 6,072 shares during the period. California Public Employees Retirement System owned about 0.16% of Lakeland Financial worth $1,666,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the business. Virginia Retirement Systems ET AL lifted its holdings in shares of Lakeland Financial by 4.2% during the 4th quarter. Virginia Retirement Systems ET AL now owns 17,500 shares of the financial services provider’s stock worth $703,000 after acquiring an additional 700 shares during the period. Quantamental Technologies LLC bought a new stake in shares of Lakeland Financial during the 4th quarter worth approximately $48,000. Teachers Advisors LLC lifted its holdings in shares of Lakeland Financial by 2.8% during the 3rd quarter. Teachers Advisors LLC now owns 47,223 shares of the financial services provider’s stock worth $2,195,000 after acquiring an additional 1,267 shares during the period. Opus Capital Group LLC lifted its holdings in shares of Lakeland Financial by 12.6% during the 4th quarter. Opus Capital Group LLC now owns 12,145 shares of the financial services provider’s stock worth $488,000 after acquiring an additional 1,357 shares during the period. Finally, Clean Yield Group bought a new stake in shares of Lakeland Financial during the 4th quarter worth approximately $60,000. Hedge funds and other institutional investors own 71.65% of the company’s stock.
NASDAQ:LKFN traded down $0.72 on Friday, hitting $47.16. The company had a trading volume of 34,046 shares, compared to its average volume of 79,368. The company has a market cap of $1.21 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 1.43 and a beta of 0.92. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.99 and a quick ratio of 0.99. Lakeland Financial Co. has a 52 week low of $37.79 and a 52 week high of $51.25.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 6th. Investors of record on Thursday, April 25th will be paid a $0.30 dividend. This is an increase from Lakeland Financial’s previous quarterly dividend of $0.26. The ex-dividend date is Wednesday, April 24th. This represents a $1.20 annualized dividend and a yield of 2.54%. Lakeland Financial’s dividend payout ratio is presently 33.23%.
In other Lakeland Financial news, Director Thomas Hiatt purchased 2,100 shares of the firm’s stock in a transaction on Thursday, February 7th. The stock was purchased at an average cost of $45.66 per share, for a total transaction of $95,886.00. Following the transaction, the director now owns 20,291 shares in the company, valued at approximately $926,487.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jonathan P. Steiner sold 1,991 shares of the company’s stock in a transaction that occurred on Wednesday, February 6th. The shares were sold at an average price of $45.19, for a total transaction of $89,973.29. Following the completion of the transaction, the senior vice president now owns 9,375 shares of the company’s stock, valued at $423,656.25. The disclosure for this sale can be found here. In the last three months, insiders sold 14,439 shares of company stock valued at $665,431. 4.60% of the stock is owned by insiders.
A number of brokerages have recently weighed in on LKFN. Zacks Investment Research raised shares of Lakeland Financial from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a report on Wednesday, February 27th. BidaskClub downgraded shares of Lakeland Financial from a “buy” rating to a “hold” rating in a report on Thursday, February 14th. Finally, ValuEngine raised shares of Lakeland Financial from a “sell” rating to a “hold” rating in a report on Friday, January 25th. Five analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and an average target price of $52.50.
Lakeland Financial Profile
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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