Regional banking company Lakeland Financial (NASDAQGS:LKFN) will be reporting earnings this Monday before market open. Here’s what to look for.
Lake City Bank beat analysts’ revenue expectations last quarter, reporting revenues of $70.91 million, up 9.6% year on year. It was a strong quarter for the company, with a decent beat of analysts’ revenue estimates and a beat of analysts’ EPS estimates.
Is Lake City Bank a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Lake City Bank’s revenue to grow 8.1% year on year, in line with the 7.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Lake City Bank has a history of exceeding Wall Street’s expectations.
Looking at Lake City Bank’s peers in the regional banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.2%, beating analysts’ expectations by 4.8%, and Republic Bancorp reported a revenue decline of 11.3%, falling short of estimates by 4.8%. OFG Bancorp traded up 7.6% following the results while Republic Bancorp was also up 1.4%.
Read our full analysis of OFG Bancorp’s results here and Republic Bancorp’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.6% on average over the last month. Lake City Bank is up 5.6% during the same time and is heading into earnings with an average analyst price target of $64 (compared to the current share price of $59.68).
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