Overview

• Lakeland Financial Q3 net income rises 13% yr/yr to $26.4 mln

• Net interest income for Q3 increases 14% yr/yr

• Net interest margin improves to 3.50% from 3.16% yr/yr

Outlook

• Company did not provide specific financial guidance for future quarters or the full year

Result Drivers

• NET INTEREST MARGIN - Improved by 34 basis points to 3.50% due to reduced funding costs and favorable interest rate environment

• NONINTEREST INCOME - Increased by 9% driven by higher commercial loan fees and wealth advisory fees

• LOAN ORIGINATION - Exceeded $400 million, contributing to growth in commercial and industrial loan segments

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Lakeland Financial Corp is $68.00, about 9% above its October 24 closing price of $61.85

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago

Press Release: ID:nGNXbxX06t

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)