Voya Investment Management LLC increased its stake in Lakeland Financial Corporation (NASDAQ:LKFN) by 5.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 15,045 shares of the financial services provider’s stock after purchasing an additional 758 shares during the quarter. Voya Investment Management LLC owned approximately 0.06% of Lakeland Financial Corporation worth $690,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Franklin Resources Inc. lifted its holdings in Lakeland Financial Corporation by 1.7% in the 2nd quarter. Franklin Resources Inc. now owns 1,948,115 shares of the financial services provider’s stock worth $89,380,000 after purchasing an additional 31,765 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Lakeland Financial Corporation by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 1,081,120 shares of the financial services provider’s stock worth $49,602,000 after purchasing an additional 25,465 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Lakeland Financial Corporation by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,020,218 shares of the financial services provider’s stock worth $43,992,000 after purchasing an additional 28,198 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Lakeland Financial Corporation by 12.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 806,256 shares of the financial services provider’s stock worth $34,766,000 after purchasing an additional 89,271 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Lakeland Financial Corporation by 1.4% in the 2nd quarter. Northern Trust Corp now owns 659,301 shares of the financial services provider’s stock worth $30,249,000 after purchasing an additional 8,968 shares during the last quarter. Hedge funds and other institutional investors own 69.37% of the company’s stock.

In related news, Director M Scott Welch purchased 5,557 shares of the firm’s stock in a transaction on Thursday, September 7th. The stock was purchased at an average cost of $41.83 per share, for a total transaction of $232,449.31. Following the completion of the purchase, the director now directly owns 112,148 shares in the company, valued at $4,691,150.84. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Batty Jill A. De sold 800 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $43.31, for a total value of $34,648.00. Following the completion of the transaction, the insider now owns 8,132 shares of the company’s stock, valued at $352,196.92. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 10,613 shares of company stock valued at $447,131 and sold 3,149 shares valued at $142,334. 5.00% of the stock is owned by company insiders.

Lakeland Financial Corporation (NASDAQ:LKFN) last posted its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.02. The firm had revenue of $44.12 million during the quarter, compared to the consensus estimate of $43.91 million. Lakeland Financial Corporation had a return on equity of 13.51% and a net margin of 30.67%.

The business also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Shareholders of record on Wednesday, October 25th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, October 24th. This represents a $0.88 dividend on an annualized basis and a yield of 1.82%. Lakeland Financial Corporation’s dividend payout ratio is 37.93%.

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LKFN has been the subject of several analyst reports. Zacks Investment Research upgraded Lakeland Financial Corporation from a “hold” rating to a “buy” rating and set a $49.00 target price for the company in a report on Monday, September 4th. BidaskClub lowered Lakeland Financial Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Finally, ValuEngine upgraded Lakeland Financial Corporation from a “hold” rating to a “buy” rating in a report on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $49.00.

Lakeland Financial Corporation Company Profile

Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.

Institutional Ownership by Quarter for Lakeland Financial Corporation (NASDAQ:LKFN)

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