Choreo LLC Sells 3,838 Shares of Lakeland Financial Co. (NASDAQ:LKFN)

Choreo LLC cut its holdings in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 32.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,029 shares of the financial services provider’s stock after selling 3,838 shares during the period. Choreo LLC’s holdings in Lakeland Financial were worth $552,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of LKFN. Albert D Mason Inc. raised its holdings in Lakeland Financial by 0.8% in the fourth quarter. Albert D Mason Inc. now owns 22,638 shares of the financial services provider’s stock worth $1,557,000 after purchasing an additional 177 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Lakeland Financial by 58.0% in the 3rd quarter. GAMMA Investing LLC now owns 640 shares of the financial services provider’s stock worth $42,000 after buying an additional 235 shares during the last quarter. nVerses Capital LLC raised its stake in shares of Lakeland Financial by 60.0% during the 3rd quarter. nVerses Capital LLC now owns 800 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 300 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Lakeland Financial by 3.2% during the second quarter. The Manufacturers Life Insurance Company now owns 12,896 shares of the financial services provider’s stock valued at $793,000 after acquiring an additional 397 shares during the last quarter. Finally, Sippican Capital Advisors boosted its stake in Lakeland Financial by 2.4% in the fourth quarter. Sippican Capital Advisors now owns 19,376 shares of the financial services provider’s stock valued at $1,332,000 after acquiring an additional 445 shares in the last quarter. 81.15% of the stock is owned by hedge funds and other institutional investors.

Lakeland Financial Stock Performance

Lakeland Financial stock opened at $69.34 on Wednesday. The stock has a market cap of $1.77 billion, a PE ratio of 19.10 and a beta of 0.68. The stock has a 50-day moving average of $69.45 and a two-hundred day moving average of $67.80. Lakeland Financial Co. has a one year low of $57.45 and a one year high of $78.61.

Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings data on Friday, January 24th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.05. Lakeland Financial had a net margin of 21.74% and a return on equity of 13.31%. As a group, sell-side analysts predict that Lakeland Financial Co. will post 3.7 EPS for the current fiscal year.

Lakeland Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Saturday, January 25th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, January 24th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.88%. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.48. Lakeland Financial’s dividend payout ratio (DPR) is currently 55.10%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $74.00 price target (up from $73.00) on shares of Lakeland Financial in a research report on Monday, January 27th.

Insider Transactions at Lakeland Financial

In related news, EVP Eric H. Ottinger sold 3,959 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $73.50, for a total value of $290,986.50. Following the completion of the transaction, the executive vice president now owns 32,475 shares in the company, valued at $2,386,912.50. This trade represents a 10.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.30% of the company’s stock.

Lakeland Financial Profile

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.