Mutual of America Capital Management LLC Trims Position in Lakeland Financial Co. (NASDAQ:LKFN)

Mutual of America Capital Management LLC lessened its holdings in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 88.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,451 shares of the financial services provider’s stock after selling 33,298 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Lakeland Financial were worth $290,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Nisa Investment Advisors LLC increased its holdings in shares of Lakeland Financial by 10,016.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,214 shares of the financial services provider’s stock worth $79,000 after buying an additional 1,202 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Lakeland Financial by 6.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,506 shares of the financial services provider’s stock worth $750,000 after buying an additional 732 shares during the last quarter. Boston Trust Walden Corp increased its holdings in shares of Lakeland Financial by 5.2% during the 4th quarter. Boston Trust Walden Corp now owns 339,586 shares of the financial services provider’s stock worth $22,127,000 after buying an additional 16,823 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Lakeland Financial during the 4th quarter worth $273,000. Finally, Raymond James & Associates increased its holdings in shares of Lakeland Financial by 1.8% during the 4th quarter. Raymond James & Associates now owns 40,160 shares of the financial services provider’s stock worth $2,617,000 after buying an additional 698 shares during the last quarter. Hedge funds and other institutional investors own 81.15% of the company’s stock.

Lakeland Financial Stock Up 2.5 %

Shares of NASDAQ LKFN opened at $62.90 on Wednesday. Lakeland Financial Co. has a 12-month low of $43.05 and a 12-month high of $73.22. The company has a market cap of $1.63 billion, a P/E ratio of 17.23 and a beta of 0.67. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.08. The stock has a fifty day moving average price of $63.11 and a 200 day moving average price of $60.53.

Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.10. The firm had revenue of $65.81 million during the quarter, compared to the consensus estimate of $59.81 million. Lakeland Financial had a return on equity of 14.89% and a net margin of 23.85%. During the same period in the prior year, the firm earned $1.01 EPS. Research analysts anticipate that Lakeland Financial Co. will post 3.49 EPS for the current fiscal year.

Lakeland Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 6th. Stockholders of record on Thursday, April 25th will be paid a dividend of $0.48 per share. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $1.92 annualized dividend and a dividend yield of 3.05%. Lakeland Financial’s dividend payout ratio is presently 52.60%.

Insider Activity

In other news, Director Michael L. Kubacki sold 26,600 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $71.51, for a total transaction of $1,902,166.00. Following the completion of the sale, the director now directly owns 39,800 shares in the company, valued at $2,846,098. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Donald Robinson-Gay sold 893 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $65.93, for a total transaction of $58,875.49. Following the completion of the sale, the senior vice president now directly owns 3,174 shares in the company, valued at $209,261.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael L. Kubacki sold 26,600 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $71.51, for a total value of $1,902,166.00. Following the sale, the director now owns 39,800 shares of the company’s stock, valued at $2,846,098. The disclosure for this sale can be found here. Insiders sold 53,728 shares of company stock worth $3,670,449 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on LKFN shares. Raymond James upped their price objective on Lakeland Financial from $60.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 26th. Stephens increased their price target on Lakeland Financial from $67.00 to $70.00 and gave the company an “equal weight” rating in a report on Friday, January 26th.

About Lakeland Financial

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.