LKFN - Lakeland Financial Corp Stock Price, Fair Value and News

59.28USD+0.80 (+1.37%)Market Closed

Market Summary

USD59.28+0.80

Market Closed

1.37%

LKFN Alerts

2 major insider sales recently.

LKFN Stock Price

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LKFN RSI Chart

LKFN Valuation

Market Cap

1.5B

Price/Earnings (Trailing)

16.13

Price/Sales (Trailing)

4.4

EV/EBITDA

4.5

Price/Free Cashflow

LKFN Price/Sales (Trailing)

LKFN Profitability

EBT Margin

32.14%

Return on Equity

14.43%

Return on Assets

1.44%

Free Cashflow Yield

7.14%

LKFN Fundamentals

LKFN Revenue

Revenue (TTM)

343.3M

Rev. Growth (Yr)

20.69%

Rev. Growth (Qtr)

2.62%

LKFN Earnings

Earnings (TTM)

93.8M

Earnings Growth (Yr)

14.05%

Earnings Growth (Qtr)

17.32%

Breaking Down LKFN Revenue

Last 7 days

-3.5%

Last 30 days

-5.0%

Last 90 days

-3.9%

Trailing 12 Months

3.2%

How does LKFN drawdown profile look like?

LKFN Financial Health

Debt/Equity

0.08

Debt/Cashflow

2.28

LKFN Investor Care

Dividend Yield

3.1%

Dividend/Share (TTM)

1.84

Shares Dilution (1Y)

0.30%

Diluted EPS (TTM)

3.65

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2023	270.8M	301.6M	327.7M	343.3M
2022	193.3M	199.3M	212.5M	239.6M
2021	190.6M	191.4M	194.8M	193.2M
2020	212.2M	204.4M	195.6M	193.1M
2019	206.4M	212.2M	216.6M	215.2M
2018	173.6M	181.6M	189.4M	199.0M
2017	143.9M	150.3M	157.8M	165.7M
2016	126.1M	130.2M	134.3M	139.0M
2015	118.7M	119.7M	120.9M	122.5M
2014	109.7M	112.5M	115.3M	117.3M
2013	110.9M	108.1M	106.4M	107.7M
2012	120.9M	119.6M	117.8M	114.4M
2011	124.0M	123.8M	123.1M	121.9M
2010	0	118.7M	121.1M	123.5M
2009	0	0	0	116.3M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Lakeland Financial Corp

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 13, 2024	findlay david m	sold	-783,120	65.26	-12,000	ceo
Mar 12, 2024	leniski stephanie r	sold	-19,841	66.1389	-300	senior vice president
Mar 12, 2024	o'neill lisa m	sold	-98,550	65.7	-1,500	evp & cfo
Mar 11, 2024	ottinger eric h	sold	-350,237	66.75	-5,247	executive vice president
Mar 04, 2024	robinson-gay donald	sold	-58,871	65.9254	-893	senior vice president
Mar 04, 2024	ross steven d	sold	-83,850	64.5	-1,300	-
Feb 22, 2024	steiner jonathan p	sold	-212,093	63.73	-3,328	senior vice president
Feb 07, 2024	leniski stephanie r	sold	-161,710	63.1679	-2,560	senior vice president
Feb 06, 2024	leniski stephanie r	acquired	-	-	1,125	senior vice president
Feb 06, 2024	ottinger eric h	acquired	-	-	1,625	executive vice president

Which funds bought or sold LKFN recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 12, 2024	Bridge City Capital, LLC	added	0.77	52,130	2,082,580	0.76%
Apr 12, 2024	HARBOR INVESTMENT ADVISORY, LLC	new	-	1,658	1,658	-%
Apr 11, 2024	Security Financial Services, INC.	unchanged	-	13,307	760,823	0.17%
Apr 09, 2024	MASSMUTUAL TRUST CO FSB/ADV	unchanged	-	95.00	5,438	-%
Apr 05, 2024	GAMMA Investing LLC	reduced	-48.72	-29,623	30,574	0.01%
Apr 05, 2024	CWM, LLC	reduced	-42.34	-7,000	9,000	-%
Apr 04, 2024	MOODY NATIONAL BANK TRUST DIVISION	unchanged	-	4,162	237,956	0.02%
Mar 22, 2024	PNC FINANCIAL SERVICES GROUP, INC.	reduced	-28.39	-5,211	304,046	-%
Mar 11, 2024	VANGUARD GROUP INC	added	2.37	34,738,300	120,395,000	-%
Mar 05, 2024	Fisher Asset Management, LLC	sold off	-100	-1,803	-	-%

Are Funds Buying or Selling LKFN?

Are funds buying LKFN calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own LKFN

No. of Funds

LKFN Alerts

2 major insider sales recently.

Unveiling Lakeland Financial Corp's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2024	neuberger berman group llc	4.62%	1,174,114	SC 13G/A
Feb 13, 2024	vanguard group inc	7.27%	1,847,688	SC 13G/A
Feb 07, 2024	victory capital management inc	-	1,627,094	SC 13G
Jan 23, 2024	blackrock inc.	14.6%	3,704,496	SC 13G/A
Feb 10, 2023	neuberger berman group llc	5.63%	1,428,286	SC 13G/A
Feb 09, 2023	vanguard group inc	7.28%	1,845,929	SC 13G/A
Jan 26, 2023	blackrock inc.	14.6%	3,695,501	SC 13G/A
Jan 20, 2023	blackrock inc.	14.6%	3,695,501	SC 13G/A
Feb 14, 2022	neuberger berman group llc	5.82%	1,472,452	SC 13G
Feb 10, 2022	vanguard group inc	6.27%	1,587,441	SC 13G

Recent SEC filings of Lakeland Financial Corp

View All Filings

Date Filed	Form Type	Document
Apr 10, 2024	8-K	Current Report
Apr 09, 2024	8-K	Current Report
Mar 14, 2024	4	Insider Trading
Mar 13, 2024	4	Insider Trading
Mar 13, 2024	4	Insider Trading
Mar 12, 2024	4	Insider Trading
Mar 07, 2024	4	Insider Trading
Mar 05, 2024	4	Insider Trading
Feb 29, 2024	ARS	ARS
Feb 29, 2024	DEFA14A	DEFA14A

Peers (Alternatives to Lakeland Financial Corp)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
JPM	526.7B	171.1B	-3.91%	31.81%	10.63	3.08	60.72%	31.52%
BAC	283.0B	130.3B	1.52%	21.78%	10.67	2.17	79.51%	-3.68%
WFC	203.8B	85.7B	-0.94%	43.72%	10.65	2.38	41.49%	39.96%
C	111.9B	133.3B	1.65%	18.16%	12.13	0.84	79.09%	-
CFG	15.1B	10.2B	-1.49%	13.37%	9.41	1.48	44.53%	-22.43%
KEY	13.5B	7.9B	-0.41%	19.27%	13.93	1.7	46.47%	-49.56%
MID-CAP
CMA	6.7B	4.2B	2.75%	17.44%	7.65	1.61	56.25%	-23.46%
ZION	6.0B	3.9B	1.56%	34.92%	8.8	1.52	45.91%	-25.03%
ABCB	3.1B	1.3B	-1.16%	34.79%	11.56	2.43	43.24%	-22.35%
ASB	3.1B	2.0B	0.10%	12.49%	16.74	1.56	70.97%	-50.03%
SMALL-CAP
AMNB	497.6M	120.2M	6.68%	49.76%	19.02	4.14	25.23%	-24.02%
ALRS	396.1M	164.9M	-4.97%	29.15%	33.87	2.4	42.66%	-70.76%
AROW	365.2M	162.6M	-7.04%	-2.86%	12.14	2.25	25.39%	-38.37%
ACNB	276.1M	96.6M	-8.72%	5.46%	8.71	2.86	11.02%	-11.37%
ASRV	39.4M	60.9M	-11.88%	-26.28%	-11.79	0.65	24.06%	-144.92%

Lakeland Financial Corp News

Latest updates

Lakeland Financial Corp Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Income Statement (Quarterly)																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	2.6%	91.00	89.00	84.00	79.00	75.00	63.00	54.00	48.00	48.00	49.00	48.00	48.00	50.00	46.00	47.00	50.00	52.00	55.00	55.00	53.00	54.00
EBITDA Margin	-5.5%	0.91*	0.97*	1.08*	1.26*	1.39*	1.51*	1.55*	1.57*	1.56*	1.55*	1.54*	1.49*	-	-	-	-	-	-	-	-	-
Interest Expenses	0.4%	49.00	48.00	49.00	52.00	57.00	52.00	49.00	45.00	45.00	46.00	44.00	44.00	45.00	40.00	40.00	39.00	39.00	40.00	38.00	38.00	40.00
Income Taxes	43.7%	6.00	4.00	2.00	4.00	5.00	6.00	6.00	5.00	6.00	5.00	6.00	5.00	6.00	5.00	4.00	4.00	5.00	5.00	5.00	4.00	5.00
Earnings Before Taxes	21.3%	36.00	30.00	16.00	28.00	31.00	35.00	31.00	28.00	30.00	30.00	30.00	28.00	31.00	28.00	24.00	21.00	28.00	27.00	27.00	26.00	27.00
EBT Margin	0.1%	0.32*	0.32*	0.37*	0.46*	0.52*	0.58*	0.60*	0.61*	0.61*	0.61*	0.61*	0.58*	-	-	-	-	-	-	-	-	-
Net Income	17.3%	30.00	25.00	15.00	24.00	26.00	29.00	26.00	24.00	24.00	24.00	24.00	23.00	25.00	23.00	20.00	17.00	22.00	21.00	22.00	22.00	21.00
Net Income Margin	-0.7%	0.27*	0.28*	0.31*	0.39*	0.43*	0.48*	0.49*	0.50*	0.50*	0.49*	0.49*	0.47*	-	-	-	-	-	-	-	-	-
Free Cashflow	-48.3%	26.00	49.00	8.00	25.00	33.00	42.00	42.00	47.00	27.00	25.00	34.00	22.00	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	1.5%	6,524	6,427	6,510	6,412	6,432	6,288	6,265	6,572	6,557	6,223	6,233	6,017	5,830	5,551	5,441	5,030	4,947	4,948	4,976	4,892	4,875
Cash Equivalents	3.8%	152	146	173	154	130	205	170	475	683	557	573	502	250	129	126	133	99.00	137	196	189	217
Net PPE	-1.0%	58.00	59.00	59.00	59.00	58.00	58.00	59.00	59.00	59.00	60.00	60.00	60.00	59.00	60.00	60.00	61.00	60.00	60.00	59.00	59.00	58.00
Goodwill	0%	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00
Liabilities	0.1%	5,874	5,870	5,918	5,810	5,863	5,769	5,703	5,963	5,852	5,540	5,555	5,365	5,173	4,914	4,820	4,424	4,349	4,364	4,410	4,349	4,354
Short Term Borrowings	-	-	-	-	-	-	-	-	-	-	-	-	-	11.00	-	-	-	-	-	-	-	-
Long Term Debt	-44.4%	50.00	90.00	400	200	297	-	-	-	75.00	-	-	-	-	-	-	-	170	31.00	146	153	276
Shareholder's Equity	16.6%	650	557	592	602	569	519	562	609	705	683	677	652	657	637	621	607	598	584	565	543	522
Retained Earnings	2.6%	693	675	661	659	646	630	612	597	583	568	552	536	529	512	497	485	475	-1.33	447	433	419
Shares Outstanding	0.0%	25.00	25.00	25.00	25.00	25.00	26.00	26.00	26.00	25.00	25.00	25.00	25.00	-	-	-	-	-	-	-	-	-
Minority Interest	0%	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Float	-	-	-	1,189	-	-	-	1,614	-	-	-	1,482	-	-	-	1,111	-	-	-	1,129	-	-

Cashflow (Last 12 Months)

(In Thousands)

Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	-47.6%	26,505	50,571	9,462	27,443	34,492	43,691	43,455	47,704	27,902	26,916	35,158	23,792	25,963	20,525	21,225	19,515	28,165	27,215	21,000	23,659	29,807
Share Based Compensation	-14.8%	1,861	2,185	-2,554	2,161	1,098	2,093	2,360	2,260	1,023	1,785	2,969	1,381	968	375	34.00	413	561	1,359	1,067	1,200	1,293
Cashflow From Investing	-408.5%	-32,533	10,544	-83,303	50,360	-192,211	-40,467	-64,627	-329,219	-213,838	-53,419	-120,249	55,960	-166,297	-109,468	-406,506	-29,753	-47,237	-26,179	-72,497	-22,780	-85,041
Cashflow From Financing	113.2%	11,572	-87,972	93,457	-54,564	83,199	32,063	-284,337	73,299	311,943	10,926	155,956	172,266	261,180	91,689	379,035	43,438	-18,122	-60,831	59,114	-29,048	89,836
Dividend Payments	0.0%	11,783	11,782	11,780	11,749	10,214	10,214	10,212	10,198	8,667	8,664	8,662	8,647	7,628	7,626	7,623	7,689	7,687	7,687	7,684	6,581	6,578
Buy Backs	-59.2%	84.00	206	81.00	204	74.00	220	73.00	212	63.00	214	63.00	219	55.00	212	53.00	10,227	54.00	215	51.00	195	45.00

LKFN Income Statement

2023-12-31

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest and fees on loans
Taxable	$ 304,130	$ 202,004	$ 170,081
Tax exempt	3,885	1,664	470
Interest and dividends on securities
Taxable	13,153	14,132	9,086
Tax exempt	16,396	19,553	13,033
Other interest income	5,703	2,214	549
Total interest income	343,267	239,567	193,219
Interest on deposits	137,791	36,281	14,827
Interest on borrowings
Short-term	8,441	272	7
Long-term	0	127	297
Total interest expense	146,232	36,680	15,131
NET INTEREST INCOME	197,035	202,887	178,088
Provision for credit losses	5,850	9,375	1,077
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES	191,185	193,512	177,011
NONINTEREST INCOME
Wealth advisory fees	9,080	8,636	8,750
Investment brokerage fees	1,815	2,318	1,975
Service charges on deposit accounts	10,773	11,595	10,608
Loan and service fees	11,750	12,214	11,922
Merchant and interchange fee income	3,651	3,560	3,023
Bank owned life insurance income	3,133	432	2,467
Interest rate swap fee income	794	579	1,035
Mortgage banking income (loss)	(254)	633	1,418
Net securities gains (losses)	(25)	21	797
Other income	9,141	1,874	2,725
Total noninterest income	49,858	41,862	44,720
NONINTEREST EXPENSE
Salaries and employee benefits	59,147	58,530	57,882
Net occupancy expense	6,360	6,287	5,728
Equipment costs	5,632	5,763	5,530
Data processing fees and supplies	14,003	12,826	12,674
Corporate and business development	4,807	5,198	4,262
FDIC insurance and other regulatory fees	3,363	1,999	2,242
Professional fees	8,583	6,483	7,064
Wire fraud loss	18,058	0	0
Other expense	10,757	13,124	8,905
Total noninterest expense	130,710	110,210	104,287
INCOME BEFORE INCOME TAX EXPENSE	110,333	125,164	117,444
Income tax expense	16,566	21,347	21,711
NET INCOME	$ 93,767	$ 103,817	$ 95,733
BASIC WEIGHTED AVERAGE COMMON SHARES (in shares)	25,604,751	25,528,328	25,475,994
BASIC EARNINGS PER COMMON SHARE (in USD per share)	$ 3.67	$ 4.07	$ 3.76
DILUTED WEIGHTED AVERAGE COMMON SHARES (in shares)	25,723,165	25,712,538	25,620,105
DILUTED EARNINGS PER COMMON SHARE (in USD per share)	$ 3.65	$ 4.04	$ 3.74

LKFN Balance Sheet

2023-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and due from banks	$ 70,451	$ 80,992
Short-term investments	81,373	49,290
Total cash and cash equivalents	151,824	130,282
Securities available-for-sale, at fair value	1,051,728	1,185,528
Securities held-to-maturity, at amortized cost (fair value of $119,215 and $111,029 respectively)	129,918	128,242
Real estate mortgage loans held-for-sale	1,158	357
Loans, net of allowance for credit losses of $71,972 and $72,606	4,844,562	4,637,790
Land, premises and equipment, net	57,899	58,097
Bank owned life insurance	109,114	108,407
Federal Reserve and Federal Home Loan Bank Stock	21,420	15,795
Accrued interest receivable	30,011	27,994
Goodwill	4,970	4,970
Other assets	121,425	134,909
Total assets	6,524,029	6,432,371
LIABILITIES
Noninterest bearing deposits	1,353,477	1,736,761
Interest bearing deposits	4,367,048	3,723,859
Total deposits	5,720,525	5,460,620
Federal Funds purchased	0	22,000
Federal Home Loan Bank advances	50,000	275,000
Total borrowings	50,000	297,000
Accrued interest payable	20,893	3,186
Other liabilities	82,818	102,678
Total liabilities	5,874,236	5,863,484
Commitments, off-balance sheet risks and contingencies (Notes 1 and 17)
STOCKHOLDERS’ EQUITY
Common stock	127,692	127,004
Retained earnings	692,760	646,100
Accumulated other comprehensive income (loss)	(155,195)	(188,923)
Treasury stock, at cost (473,120 shares and 475,902 shares as of December 31, 2023 and 2022, respectively)	(15,553)	(15,383)
Total stockholders’ equity	649,704	568,798
Noncontrolling interest	89	89
Total equity	649,793	568,887
Total liabilities and equity	$ 6,524,029	$ 6,432,371

About Lakeland Financial Corp

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in the United States. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, construction, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans. The company also offers retail and merchant credit card services; corporate treasury management, wealth advisory, and trust services; retail brokerage services, including various financial and investment products, such as annuities and life insurance; and mobile business banking and on-line treasury management services. It serves commercial real estate, manufacturing, agriculture, construction, retail, wholesale, finance and insurance, accommodation and food services, and health care industries. The company was founded in 1872 and is headquartered in Warsaw, Indiana.

CEO	Mr. David M. Findlay
WEBSITE	lakecitybank.com
INDUSTRY	Banks Diversified
EMPLOYEES	632

Lakeland Financial Corp Frequently Asked Questions

What is the ticker symbol for Lakeland Financial Corp? What does LKFN stand for in stocks?

LKFN is the stock ticker symbol of Lakeland Financial Corp. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Lakeland Financial Corp (LKFN)?

As of Mon Apr 15 2024, market cap of Lakeland Financial Corp is 1.51 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of LKFN stock?

You can check LKFN's fair value in chart for subscribers.

What is the fair value of LKFN stock?

You can check LKFN's fair value in chart for subscribers. The fair value of Lakeland Financial Corp is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Lakeland Financial Corp is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for LKFN so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Lakeland Financial Corp a good stock to buy?

The fair value guage provides a quick view whether LKFN is over valued or under valued. Whether Lakeland Financial Corp is cheap or expensive depends on the assumptions which impact Lakeland Financial Corp's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for LKFN.

What is Lakeland Financial Corp's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Mon Apr 15 2024, LKFN's PE ratio (Price to Earnings) is 16.13 and Price to Sales (PS) ratio is 4.4. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. LKFN PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Lakeland Financial Corp's stock?

In the past 10 years, Lakeland Financial Corp has provided 0.11 (multiply by 100 for percentage) rate of return.