Lakeland Financial Co. (NASDAQ:LKFN) declared a quarterly dividend on Tuesday, July 9th, Zacks reports. Stockholders of record on Thursday, July 25th will be given a dividend of 0.30 per share by the financial services provider on Monday, August 5th. This represents a $1.20 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Wednesday, July 24th.
Lakeland Financial has increased its dividend by an average of 1.9% annually over the last three years and has increased its dividend every year for the last 7 years. Lakeland Financial has a payout ratio of 39.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Lakeland Financial to earn $3.41 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 35.2%.
LKFN stock opened at $44.39 on Monday. Lakeland Financial has a 12 month low of $37.79 and a 12 month high of $51.25. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 1.35 and a beta of 0.95. The company’s 50 day simple moving average is $45.74. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.06.
Lakeland Financial (NASDAQ:LKFN) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. Lakeland Financial had a net margin of 33.75% and a return on equity of 16.34%. The business had revenue of $49.73 million during the quarter, compared to analyst estimates of $49.25 million. Equities analysts forecast that Lakeland Financial will post 3.28 earnings per share for the current year.
In related news, insider Batty Jill A. De sold 4,200 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $48.00, for a total value of $201,600.00. Following the completion of the sale, the insider now owns 6,186 shares in the company, valued at approximately $296,928. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.60% of the stock is currently owned by corporate insiders.
Several research firms recently commented on LKFN. Boenning Scattergood reissued a “hold” rating on shares of American Water Works in a research note on Thursday, May 2nd. Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Finally, BidaskClub lowered shares of Westport Fuel Systems from a “buy” rating to a “hold” rating in a research note on Friday. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The company has an average rating of “Hold” and an average price target of $52.50.
Lakeland Financial Company 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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