Financial transaction

$55.25 million in sales expected for Lakeland Financial Co. (NASDAQ:LKFN) this quarter


Analysts expect Lakeland Financial Co. (NASDAQ:LKFNGet a rating) to announce sales of $55.25 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts provided earnings estimates for Lakeland Financial, with the highest sales estimate of $57.00 million and the lowest estimate of $53.50 million. Lakeland Financial recorded sales of $56.24 million in the same quarter last year, which would indicate a negative growth rate of 1.8% year over year. The company is expected to announce its next results before the market opens on Monday, January 1.

According to Zacks, analysts expect Lakeland Financial to report revenue of $228.45 million for the current fiscal year, with estimates ranging from $223.90 to $233.00 million. For the next fiscal year, analysts expect the company to post sales of $245.35 million, with estimates ranging from $241.70 million to $249.00 million. Zacks Investment Research sales averages are an average average based on a survey of research analysts who cover Lakeland Financial.

Lakeland Financial (NASDAQ:LKFNGet a rating) last released its quarterly earnings data on Tuesday, January 25. The financial services provider reported earnings per share of $0.95 for the quarter, missing the consensus estimate of $0.97 per ($0.02). The company posted revenue of $54.72 million for the quarter, versus a consensus estimate of $57.47 million. Lakeland Financial had a return on equity of 14.09% and a net margin of 40.23%. In the same period a year earlier, the company had earned earnings per share of $0.97.

LKFN has been the subject of several recent research reports. StockNews.com began covering Lakeland Financial in a report on Thursday, March 31. They put a “sell” mark on the stock. Zacks Investment Research downgraded Lakeland Financial from a “buy” to a “hold” rating in a Wednesday, April 6 research report.

Shares of Lakeland Financial Action opened at $76.40 on Friday. The stock has a market capitalization of $1.97 billion, a PE ratio of 20.43 and a beta of 0.73. The company has a fifty-day simple moving average of $77.11 and a 200-day simple moving average of $76.96. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt ratio of 0.11. Lakeland Financial has a 12-month low of $56.06 and a 12-month high of $85.71.

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 5. Shareholders of record on Monday, April 25 will receive a dividend of $0.40 per share. The ex-date of this dividend is Friday, April 22. This represents a dividend of $1.60 on an annualized basis and a dividend yield of 2.09%. Lakeland Financial’s dividend payout ratio is 42.78%.

Separately, director Michael L. Kubacki sold 35,597 shares in a trade that took place on Friday, January 28. The shares were sold at an average price of $78.56, for a total transaction of $2,796,500.32. The transaction was disclosed in a document filed with the SEC, accessible via this link. Also, director Steven D. Ross sold 2,300 shares of the company in a transaction that took place on Tuesday, February 8. The shares were sold at an average price of $82.00, for a total transaction of $188,600.00. Disclosure of this sale can be found here. In the past ninety days, insiders have sold 71,521 shares of the company worth $5,719,506. 4.00% of the shares are held by insiders.

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in Lakeland Financial by 106.9% during the third quarter. BlackRock Inc. now owns 3,679,624 shares of the financial services provider worth $262,136,000 after buying an additional 1,901,122 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Lakeland Financial by 6.2% in the third quarter. Goldman Sachs Group Inc. now owns 982,738 shares of the financial services provider worth $70,010,000 after acquiring an additional 57,294 shares during the period. Copeland Capital Management LLC increased its position in Lakeland Financial by 1.9% in the first quarter. Copeland Capital Management LLC now owns 515,314 shares of the financial services provider worth $37,618,000 after acquiring an additional 9,371 shares during the period. Geode Capital Management LLC increased its position in Lakeland Financial by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 472,553 shares of the financial services provider worth $37,870,000 after acquiring 3,747 additional shares during the period. Finally, Boston Trust Walden Corp raised its position in Lakeland Financial by 2.2% in the first quarter. Boston Trust Walden Corp now owns 369,458 shares of the financial services provider worth $26,971,000 after acquiring an additional 7,777 shares during the period. Institutional investors and hedge funds hold 81.43% of the company’s shares.

About Lakeland Financial (Get a rating)

Lakeland Financial Corporation operates as a bank holding company for Lake City Bank which provides various banking products and services. The company accepts various deposit products, such as interest-free deposits, interest-bearing checks, savings, money market, NOW and demand deposits. Its lending products include commercial and industrial loans, commercial and multi-family residential real estate, agribusiness and agriculture, 1-4 family consumer mortgages and other consumer loans.

Further reading

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