Lakeland Financial (LKFN) Declares $0.28 Quarterly Dividend; Approves Three-for-Two Stock Split

Lakeland Financial (NASDAQ: LKFN) declared a quarterly dividend of $0.28 per share, or $1.12 annualized.

The dividend will be payable on August 5, 2016, to stockholders of record on July 25, 2016, with an ex-dividend date of July 21, 2016.

The annual yield on the dividend is 2.3 percent.

The Board of Directors also authorized a 3-for-2 stock split, to be effected in the form of a 50% stock dividend.

The cash dividend is payable on August 5, 2016, to shareholders of record on July 25, 2016 and will be paid on the number of shares outstanding prior to the stock split. The stock split, in the form of a dividend, will be distributed on August 5, 2016, to shareholders of record as of July 25, 2016. Any fractional shares resulting from the stock split will be paid in cash based on the average closing prices of Lakeland’s common stock over the five trading days immediately preceding the payment date. The Company’s quarterly cash dividend per share rate will be adjusted going forward for the 3-for-2 stock split.

David M. Findlay, President and Chief Executive Officer, commented, “These two actions are a reflection of both our strong performance in 2016 and our consistently strong performance over a long period of time. Over the past 10 years, our stock price has increased 112% compared to a decline of 13% for the Nasdaq Bank Index. Further, our total return since April 28, 2006 is 175% and takes into effect the impact of dividends paid.”

Findlay added, “We believe this stock split will place the market price of the Company's common stock in a more attractive range for investors and, by increasing the number of shares available for sale, we also expect this will help increase the liquidity in the Company’s common stock.”

For a dividend history and other dividend-related data on Lakeland Financial (LKFN) click here.

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