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WARSAW, IN – Lakeland Financial Corporation (NASDAQ:LKFN), a $1.37 billion market cap financial institution, has declared a quarterly cash dividend and extended its stock repurchase program, according to a recent 8-K filing with the Securities and Exchange Commission. On Monday, the company's Board of Directors announced a dividend of $0.50 per share on its common stock, payable on May 5, 2025, to shareholders of record as of April 25, 2025. The current dividend yield stands at 3.76%, reflecting the company's impressive 31-year streak of consistent dividend payments. InvestingPro data reveals that Lakeland Financial has raised its dividend for 11 consecutive years, with 8 more dividend-related insights available to subscribers.
In addition to the dividend, Lakeland Financial's Board has reauthorized and extended its share repurchase program through April 30, 2027. The program permits the company to buy back shares of its common stock up to an aggregate purchase price of $30 million. The repurchases may occur in the open market, through block trades, or in privately negotiated transactions. As of the date of the announcement, the full $30 million authority remains available for repurchases. The timing appears strategic, as the stock currently trades near its 52-week low of $51.41, with InvestingPro analysis indicating the shares are currently undervalued. However, there is no obligation for the company to repurchase any specific dollar amount or number of shares, and the program may be altered, paused, or stopped at any time.
This financial maneuvering by Lakeland Financial reflects a common practice among publicly traded companies to return value to shareholders and potentially improve earnings per share by reducing the number of shares outstanding. The announcement is based on the company's latest SEC filing and is not indicative of broader industry trends or future performance.
Investors and shareholders are advised to consider these developments in the context of their individual investment strategies and the performance of the financial sector at large. The information disclosed is strictly based on Lakeland Financial Corporation's regulatory filing and does not constitute investment advice.
In other recent news, Lakeland Financial announced a series of developments that may interest investors. The company reported an increase in its quarterly dividend to $0.50 per share, up from $0.48, with the dividend set for distribution on February 5, 2025. This increase continues Lakeland Financial's trend of annual dividend growth, highlighting its strong operational performance and solid capital position. Additionally, Raymond (NSE:RYMD) James analyst David Long adjusted the stock's price target to $71.00 from $76.00, maintaining an Outperform rating, following discussions with the company's top executives about loan growth potential and capital management strategies.
In another development, Lakeland Financial appointed 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 and was disclosed in an 8-K filing with the SEC. Furthermore, 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 are designed to align executive interests with those of shareholders, focusing on long-term performance and retention. Keefe, Bruyette & Woods maintained a Market Perform rating with a steady price target of $73.00, reflecting expectations that the stock will perform in line with the market.
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