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In a recent transaction, Welch M Scott, a director at Lakeland Financial Corp (NASDAQ:LKFN), purchased 5,000 shares of the company’s common stock. The shares were acquired at a price of $61.40 each, totaling $307,000. The timing appears strategic, as InvestingPro data shows the stock trading in oversold territory, with shares down significantly over the past three months. The $1.57 billion market cap company currently trades at a P/E ratio of 16.8x. Following this purchase, Scott’s total holdings in the company increased to 39,000 shares. The transaction, which took place on March 11, 2025, was conducted indirectly through an LLP. InvestingPro analysis suggests the stock is currently undervalued, while noting the company’s impressive 31-year track record of maintaining dividend payments, including 11 consecutive years of dividend increases. For more insights and analysis, including 8 additional ProTips, visit InvestingPro.
In other recent news, Lakeland Financial Corp has announced the appointment of Stephanie R. Leniski as Executive Vice President and Chief Retail Banking Officer, effective February 19, 2025. This appointment is part of the company’s strategic leadership planning, accompanied by a Change in Control Agreement to ensure management stability. Additionally, Lakeland Financial updated its executive compensation plans, introducing new forms for time-based and performance-based restricted stock unit awards under its 2017 Amended and Restated Equity Incentive Plan. These changes aim to align executive interests with those of shareholders, focusing on long-term performance and retention.
Furthermore, Lakeland Financial’s Board of Directors has authorized an increase in the quarterly dividend to $0.50 per share, up from $0.48 per share. This dividend hike is consistent with the company’s history of annual dividend growth, reflecting its strong operational performance. Keefe, Bruyette & Woods maintained a Market Perform rating for Lakeland Financial, with a steady price target of $73.00, noting the dividend increase as a "modest positive." These developments highlight Lakeland Financial’s commitment to shareholder returns and robust corporate governance practices.
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