Regional banking company Lakeland Financial (NASDAQGS:LKFN) will be reporting earnings this Monday before market open. Here’s what you need to know.
Lake City Bank met analysts’ revenue expectations last quarter, reporting revenues of $71.98 million, up 6.7% year on year. It was a slower quarter for the company, with a miss of analysts’ net interest income 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 4.9% year on year, slowing from the 12.5% 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 will stay the course heading into earnings. Lake City Bank rarely misses Wall Street’s revenue estimates.
Looking at Lake City Bank’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Byline Bancorp delivered year-on-year revenue growth of 4.6%, beating analysts’ expectations by 3.7%, and First Citizens BancShares reported flat revenue, topping estimates by 2%. Byline Bancorp traded up 1.1% following the results.
Read our full analysis of Byline Bancorp’s results here and First Citizens BancShares’s results here.
Investors in the regional banks segment have had steady hands going into earnings, with share prices flat over the last month. Lake City Bank is down 2% during the same time and is heading into earnings with an average analyst price target of $66.50 (compared to the current share price of $58.34).
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