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In recent transactions reported to the SEC, Scott Welch, a director at Lakeland Financial Corp (NASDAQ:LKFN), a $1.56 billion market cap regional bank that InvestingPro analysis suggests is currently undervalued, made significant acquisitions of the company’s common stock. On March 7 and March 10, Welch purchased a total of 10,000 shares. The transactions, made indirectly through Welch’s spouse, amounted to a total value of $613,374. The shares were acquired at prices ranging from $61.29 to $62.15 per share. Following these transactions, Welch’s indirect ownership increased to 201,356 shares. The company maintains a strong dividend track record, having paid dividends for 31 consecutive years with 11 years of consecutive increases. InvestingPro data reveals several more key insights about LKFN’s financial health and growth prospects.
In other recent news, Lakeland Financial Corp has announced the appointment of Stephanie R. Leniski as Executive Vice President and Chief Retail Banking Officer. This appointment is part of the company’s strategic leadership planning and includes a Change in Control Agreement to ensure management stability. Additionally, Lakeland Financial has updated its executive compensation plans, introducing new forms for restricted stock unit awards under its 2017 Amended and Restated Equity Incentive Plan. These changes aim to align executive interests with those of shareholders by incentivizing long-term performance and retention.
In another development, the Board of Directors authorized an increase in the quarterly dividend to $0.50 per share, up from $0.48. The dividend will be distributed on February 5, 2025, to shareholders of record by January 25, 2025. Keefe, Bruyette & Woods maintained a Market Perform rating for Lakeland Financial, with a steady price target of $73.00, viewing the dividend increase as a modest positive. This reflects the company’s strong operational performance and commitment to returning value to its shareholders.
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