Company did not provide specific guidance for the current quarter or full year in its press release
Overview
U.S. regional bank's Q2 revenue rose 7% and net income grew 5% yr/yr
Diluted EPS for Q2 rose 9% yr/yr to a record $1.13
Company repurchased 70,873 shares for $4.1 mln and raised dividend by 4%
Result drivers and key details
Loan growth — Co said Q2 loan growth was driven by increases in both commercial and consumer segments, including 10% growth in commercial and industrial loans and 16% growth in consumer 1-4 family mortgage loans.
Net interest margin — Net interest margin improved due to a reduction in funding costs that outpaced a decline in earning asset yields, supporting higher net interest income.
Noninterest income — Higher noninterest income was driven by increased wealth advisory fees and improved returns on bank-owned life insurance policies.
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell". The average consensus recommendation for the banks peer group is "hold". Wall Street's median 12-month price target for Lakeland Financial Corp is $65.50, about 7.2% above its July 24 closing price of $61.11. The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 13 three months ago.
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