# Lakeland Financial Corporation (LKFN)

> Source: Nexqual · https://nexqual.com/LKFN · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Lakeland Financial Corporation (LKFN), nexqual.com/LKFN" · informational, not investment advice.

**Price:** USD 60.4 (-0.51% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 60.4 · day 59.84–60.97 · 52w 54.36–64.55 · market cap null · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $283M, net income $114M (40.1% margin) (SEC filings).
- Valuation: P/E 13.2x (avg 17.0x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $618K; 5 not under a Rule 10b5-1 plan ($618K); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (5 analysts), mean target USD 66 (range 64–67).
- Total return with dividends: 1Y +10.1% vs S&P 500 +13.6%; 5Y -2.3% vs S&P 500 +79.8%.
- Next earnings: 2027-01-25, EPS estimate USD 1.14, revenue estimate $74.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $223M | $245M | $247M | $254M | $269M | $283M |
| Net income | $95.7M | $104M | $93.8M | $93.5M | $103M | $114M |
| EPS (diluted) | $3.74 | $4.04 | $3.65 | $3.63 | $4.01 | — |
| Free cash flow | $108M | $165M | $108M | $93.9M | $104M | $121M |
| Net margin | 43.0% | 42.4% | 38.0% | 36.9% | 38.4% | 40.1% |
| Revenue growth | +6.2% | +9.8% | +0.9% | +2.7% | +6.1% | — |
| Cash + short-term investments | $683M | $130M | $152M | $168M | $141M | — |
| Total debt | $75.0M | $297M | $50.0M | $0K | $184M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/E 13.2x · P/S 5.3x · P/FCF 12.4x · P/B 2.0x · FCF yield 8.05% · Earnings yield 7.58% · Dividend yield (paid, TTM) 3.48% · Buyback yield (TTM) 2.99%
P/E at fiscal year-ends: Dec 2025 14.2x, Dec 2024 19.0x, Dec 2023 17.9x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-05 | Robinson-Gay Donald | Senior Vice President | 500 | $32K | 6.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-30 | Clark Kyra E | Senior Vice President | 250 | $16K | 2.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-29 | Toothaker Bradley J | Director | 5,900 | $358K | 29.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-05…2026-05-06 | Ross Steven D | Director | 1,300 | $81K | 4.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Ottinger Eric H | Executive Vice President | 2,136 | $131K | 6% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 5 analysts; mean target USD 66 (low 64, high 67).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-28 | Stephens & Co. | Target raised | Equal-Weight | $66 → $67 |
| 2026-10-27 | Keefe, Bruyette & Woods | Target raised | Market Perform | $63 → $64 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +10.1% | -2.3% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +10.1% | -0.5% |
| Volatility (annualized) | 22.7% | 29.6% |
| Max drawdown | -12.1% (Feb 2026→Mar 2026) | -46.7% (Jan 2022→May 2023) |

## Peers (Banks - Regional)
FITB (Fifth Third Bancorp) USD 53.47 -0.22% · NU (Nu Holdings Ltd.) USD 11.97 -3.47% · TFC (Truist Financial Corporation) USD 48.42 -0.25% · DB (Deutsche Bank AG) USD 33.51 +4.33% · NWG (NatWest Group plc) USD 17.23 +2.13% · LYG (Lloyds Banking Group Plc) USD 5.5 +1.85%

## More
Full page: https://nexqual.com/LKFN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LKFN's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/721994/000072199426000018/lkfn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Visa (V) | "The Bank remains a party to a makewhole agreement with Visa as a requirement of entering the exchange." |

## Company outlook (8-K filed 2026-10-26)

- "We are pleased that our asset quality trends continue to be stable with historically-low troubled loan totals, and we remain optimistic about the manufacturing outlook in our state." Investment Portfolio Overview Total investment securities were $1.09 billion at September 30, 2026, reflecting a decrease of $74.3 million, or 6%, as compared to $1.16 billion at September 30, 2025."
- "The company anticipates receiving principal and interest cash flows of approximately $24.1 million during the remainder of 2026 from the investment securi ties portfolio a nd plans to use that liquidity to fund loan growth as well as reinvestments to the investment securities portfolio."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.14 | $1.13 | +1.3% | $74.8M | 5 |
| Next quarter (ends 2027-03-31) | $1.09 | $1.06 | +2.7% | $74.7M | 4 |
| Current fiscal year (ends 2026-12-31) | $4.45 | $4.38 | +1.6% | $291.8M | 5 |
| Next fiscal year (ends 2027-12-31) | $4.62 | $4.50 | +2.7% | $308.0M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-03-19 (includes earnings 2027-01-25): ±13.4%; last 8 reports averaged ±3.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 51 | 27.7% | ±8.2% |
| 2027-03-19 | 142 | 27.1% | ±13.4% |
| 2027-06-17 | 232 | 26.8% | ±17.1% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Oct 26, 2026 | Quarter ended Sep 30, 2026 | $1.14 | $1.09 | Beat +4.6% | +4.0% |
| Jul 27, 2026 | Quarter ended Jun 30, 2026 | $1.13 | $1.08 | Beat +4.6% | +4.2% |
| Apr 27, 2026 | Quarter ended Mar 31, 2026 | $1.04 | $1.01 | Beat +3.0% | +3.3% |
| Jan 26, 2026 | Quarter ended Dec 31, 2025 | $1.16 | $1.06 | Beat +9.4% | +2.0% |
| Oct 27, 2025 | — | — | — | — | -5.9% |
| Jul 25, 2025 | — | — | — | — | +5.5% |
| Apr 25, 2025 | — | — | — | — | +0.5% |
| Jan 24, 2025 | — | — | — | — | +3.3% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/721994/000072199426000079/0000721994-26-000079-index.htm |
| 2026-10-26 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/721994/000072199426000075/0000721994-26-000075-index.htm |
| 2026-10-26 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/721994/000072199426000074/0000721994-26-000074-index.htm |
| 2026-10-13 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/721994/000072199426000069/0000721994-26-000069-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/721994/000072199426000067/0000721994-26-000067-index.htm |
| 2026-07-31 | Schedule 13G | Vanguard Capital Management: 5.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/721994/000210011926001490/0002100119-26-001490-index.htm |
| 2026-07-27 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/721994/000072199426000064/0000721994-26-000064-index.htm |
| 2026-07-27 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/721994/000072199426000063/0000721994-26-000063-index.htm |
| 2026-07-14 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/721994/000072199426000058/0000721994-26-000058-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.