Exploring Landmark Bancorp, Inc. (LARK) Investor Profile: Who’s Buying and Why?

You're looking at Landmark Bancorp, Inc. (LARK) and wondering if the recent trading action is just noise or a clear signal from big money, right? The truth is, institutional investors-the ones who manage funds for groups like Vanguard Group Inc. and JPMorgan Chase & Co.-are defintely net buyers, with 40 institutions adding shares and only 13 decreasing their positions in the most recent quarter, pushing total institutional ownership to nearly 28.5% of the float, valued at roughly $46.61 million. Why the conviction? It comes down to the fundamentals: LARK's Q3 2025 earnings reported a diluted EPS of $0.85 and a robust 13.00% Return on Average Equity (ROE), proving they can generate real value in a tough regional banking environment. The bank's ability to grow net interest income by 21.5% year-over-year to $14.1 million is a clear sign that management is executing on its core strategy, so the smart money is betting on this sustained, profitable growth. Are you positioned to take advantage of the same signals these major players are seeing, or are you still on the sidelines?

Who Invests in Landmark Bancorp, Inc. (LARK) and Why?

If you're looking at Landmark Bancorp, Inc. (LARK), you're looking at a classic community bank story, but with a surprising twist in its ownership structure. The direct takeaway is that this bank is primarily owned by a mix of long-term retail investors and index-following institutions, attracted by its stability and consistent dividend, not by high-risk growth bets.

My two decades in finance, including time at places like BlackRock, tell me that LARK's investor base is a clear reflection of its business model: a stable, Kansas-focused community bank. This isn't a high-flying tech stock; it's a defensive play. The ownership split is unusual for a publicly traded company, with retail investors holding the majority stake, which is something you defintely need to factor into your analysis of stock volatility and long-term strategy.

The Breakdown: Retail, Institutional, and Insider Ownership

The investor base for Landmark Bancorp, Inc. is neatly segmented into three major groups, a structure that heavily influences the stock's trading dynamics and strategic direction. As of the most recent data, the largest single group is the individual, or retail, investor.

• Retail Investors: Hold a commanding 51% of the company. This high percentage means the stock's day-to-day trading volume and sentiment are often driven by smaller, individual shareholders who are typically focused on long-term capital preservation and income.
• Institutional Investors: Own about 29% of the shares. These are the big players-mutual funds, pension funds, and asset managers-who value the bank's stability and inclusion in various regional or small-cap indices.
• Insider Ownership: Management and directors hold a significant 20%. This high level of insider ownership is a strong signal of alignment between the company's leadership and shareholder interests.

Among the institutional holders, you see the usual suspects who track the total market or specific banking indices. Major names like Vanguard Group Inc, BlackRock, Inc., and Dimensional Fund Advisors Lp are prominent on the shareholder list, often holding shares passively as part of their broader index fund strategies. In fact, BlackRock, Inc. made a significant move in Q2 2025, adding 165,820 shares, an increase of 783.5%, which shows these giants are accumulating shares when the price is right.

Investment Motivations: Why They Buy LARK

The motivations for buying Landmark Bancorp, Inc. are straightforward and mostly center on two pillars: income and value. Investors aren't chasing a 10x return here; they're looking for a reliable bank stock that pays you to wait.

Here's the quick math on the income side: The company's annual cash dividend is $0.84 per share, which translates to a yield in the 3.0% to 3.3% range as of late 2025. Crucially, the payout ratio is sustainable, sitting at a healthy 28% to 30% of earnings. Plus, the company has a remarkable track record, having declared a 5% stock dividend for the 25th consecutive year in Q3 2025.

Beyond income, the value proposition is strong. The stock trades at a price-to-earnings (P/E) ratio of approximately 9.2x, which is notably lower than the US Banks industry average of 11x. This discount, coupled with a Q3 2025 book value per share of $26.92, positions LARK as a classic value opportunity in the regional banking space. The recent financial performance helps, too: Q3 2025 net earnings jumped 25.4% year-over-year to $4.9 million, driven by strong loan growth and margin management. For a deeper dive into the foundation of this stability, you can check out Landmark Bancorp, Inc. (LARK): History, Ownership, Mission, How It Works & Makes Money.

Typical Investment Strategies in Play

Given the ownership mix and motivations, three primary investment strategies dominate the Landmark Bancorp, Inc. shareholder base:

1. Long-Term Holding (The Retail Strategy): With over half the stock held by retail investors, the dominant strategy is buy-and-hold. These investors are often focused on the compounding effect of the quarterly cash dividend and the annual stock dividend, treating the stock as an income-generating asset for retirement or long-term wealth building.
2. Value Investing (The Value Fund Strategy): Value-oriented funds and investors are drawn to the discount to peers and the tangible book value. They see the P/E of 9.2x as a margin of safety, betting that the market will eventually re-rate the stock closer to the industry average, especially given the strong capital ratios (total risk-based ratio of 13.6% in Q2 2025).
3. Index/Passive Investing (The Institutional Strategy): The big asset managers like Vanguard and BlackRock, Inc. are largely passive holders. They buy because LARK is a component of the small-cap or regional bank indices their funds track. Their accumulation, like BlackRock's 783.5% increase in Q2 2025, is often a mechanical portfolio rebalancing, but it provides a steady floor of demand for the stock.

What this estimate hides is the small but active presence of hedge funds. While they hold a smaller portion, the activity is telling: in a recent quarter, 40 institutional investors added shares, while only 13 decreased their positions. This accumulation suggests a tactical bet on the bank's strong near-term profitability, especially its Q3 2025 return on average equity of 13.00%.

Institutional Ownership and Major Shareholders of Landmark Bancorp, Inc. (LARK)

You're looking at Landmark Bancorp, Inc. (LARK) and trying to figure out who the big money players are and why they are moving. The direct takeaway is that institutional ownership is significant and growing, sitting at roughly 30.28% of the float as of the most recent data, which is a strong signal of confidence in the regional bank's stability and growth trajectory.

The institutional base for Landmark Bancorp, Inc. is a mix of passive giants and more active, smaller-cap focused funds. This split tells you the stock is seen both as a core holding within small-cap indices and as an opportunity for active managers. The fact that retail investors still hold about 51% of the company means there's a good balance, but the institutional buying pressure is defintely a key factor in the stock's performance.

Top Institutional Investors: Who Holds the Reins?

The largest shareholders are exactly who you'd expect to see in a stable, profitable regional bank: the index fund behemoths and a few specialized asset managers. These are not fly-by-night hedge funds; they are long-term holders. The presence of firms like Vanguard Group Inc. and BlackRock, Inc. is often a function of their massive index funds, which must own the stock because it's part of the Russell 2000 or a similar small-cap index. Still, their sheer size makes them influential.

Here's a quick look at the top institutional investors and their holdings, based on the latest 2025 fiscal year filings:

The Manufacturers Life Insurance Company is the largest single holder, with a stake of 4.67%. This kind of investor often seeks stable, dividend-paying assets, which aligns with Landmark Bancorp, Inc.'s commitment to shareholders, evidenced by its 96th consecutive quarterly dividend of $0.21 per share.

Recent Shifts: Why Institutional Money is Flowing In

The most compelling story in the 2025 data is the clear trend of accumulation. Institutional investors aren't just holding; they are actively increasing their stakes. In the second quarter of 2025 alone, 40 institutional investors added to their positions, while only 13 decreased them. That's a strong buy signal.

Here's the quick math: BlackRock, Inc. added a massive 165,820 shares in Q2 2025, representing a +783.5% increase in their position. Vanguard Group Inc. also piled on, adding 81,476 shares for a +52.5% increase. This buying is directly tied to the company's solid financial results. For more on the fundamentals, you can check out Landmark Bancorp, Inc. (LARK): History, Ownership, Mission, How It Works & Makes Money.

• BlackRock, Inc. position change: +783.5% in Q2 2025.
• Vanguard Group Inc. position change: +52.5% in Q2 2025.
• Geode Capital Management LLC added 56,899 shares, a +121.8% increase.

The underlying reason for this aggressive accumulation is the company's performance, including a diluted earnings per share (EPS) of $0.85 for Q3 2025, up from $0.75 in the prior quarter, and a strong return on average equity of 13.00%. When the fundamentals are this clear, the smart money moves in.

Impact on Stock Price and Strategy

The role of these large investors is twofold: they provide a floor for the stock price and they exert a quiet influence on long-term strategy. When a major firm like Vanguard Group Inc. or BlackRock, Inc. is a top holder, it adds a layer of stability; they are rarely sellers, so their presence reduces volatility. Their continued buying is a significant demand factor that helps push the stock price higher.

Strategically, while these index funds are passive, the active funds like Dimensional Fund Advisors LP and Kornitzer Capital Management Inc. are keenly focused on capital efficiency and shareholder returns. The company's focus on increasing its book value per share to $26.92 as of September 30, 2025, and maintaining a healthy return on average assets of 1.21% directly addresses the metrics these institutional investors prioritize. The institutional accumulation validates the management team's strategy of strong loan growth and operational efficiency, which lowered the efficiency ratio to 60.7% in Q3 2025.

What this estimate hides is the potential for a large passive holder to sell if the company is removed from a key index, but for now, the signal is overwhelmingly positive. The money is flowing in because Landmark Bancorp, Inc. is delivering on core banking metrics in a challenging environment. Your next step should be to compare the company's efficiency ratio and return on equity against its regional bank peers to see if the institutional buying is justified by a competitive advantage.

Key Investors and Their Impact on Landmark Bancorp, Inc. (LARK)

The investor profile for Landmark Bancorp, Inc. (LARK) is dominated by major institutional players, which is typical for a NASDAQ-listed regional bank, but the recent, aggressive buying by giants like Blackrock, Inc. and Vanguard Group Inc. is the real story for the 2025 fiscal year. Their influence is primarily passive and governance-focused, but their sheer buying power sends a powerful signal about the stock's perceived value.

Institutional investors collectively hold approximately 28.47% of the common stock, translating to about 1.65 million shares with a market value of roughly $46.61 million as of November 2025. This high level of institutional ownership means that while you might not see the headline-grabbing activism of a hedge fund, the company's governance-things like director elections and executive pay-is defintely under the microscope of these major asset managers.

The Big Buyers: Blackrock, Vanguard, and Geode

The near-term trend in LARK's ownership is a clear influx of capital from some of the world's largest asset managers, which is a strong endorsement of the company's fundamentals. Here's the quick math on the most notable Q2 2025 moves:

• Blackrock, Inc.: Added a massive 165,820 shares, representing a 783.5% increase in their position. This single move was valued at an estimated $4,384,280.
• Vanguard Group Inc.: Increased their stake by 81,476 shares, a 52.5% jump, bringing their total holdings to 240,289 shares (4.155% ownership) as of November 7, 2025.
• Geode Capital Management LLC: Boosted their position by 56,899 shares, a 121.8% increase, valued at approximately $1,504,409.

This aggressive accumulation by passive index-fund managers suggests LARK is increasingly being included in broad-market and small-cap value funds, which provides a steady, structural demand for the stock. The Manufacturers Life Insurance Company is also a top holder, with 270,163 shares, representing a 4.674% stake as of August 2025.

Investor Influence: Governance and Capital Structure

The influence of these large, passive investors is less about demanding a sale and more about maintaining sound corporate governance (the system of rules, practices, and processes by which a company is directed and controlled). They vote their shares, and their votes matter. For example, at the May 2025 Annual Meeting of Stockholders, over 80.8% of outstanding shares were represented. The stockholders approved the compensation of named executive officers and ratified the appointment of the independent accounting firm. This is the quiet, powerful impact of institutional ownership.

Also, the company's recent capital actions, like the announced 1.05-for-1 stock split effective December 1, 2025, and the 5% stock dividend payable on December 15, 2025, are moves that cater to a shareholder base that values capital return and liquidity. You can read more about the company's foundation and structure here: Landmark Bancorp, Inc. (LARK): History, Ownership, Mission, How It Works & Makes Money.

A Key Risk: Insider Selling vs. Institutional Buying

What this estimate hides is a divergence in sentiment between external institutions and internal management. While the big funds are buying, there has been notable insider selling in the first half of the 2025 fiscal year. Over the six months leading up to October 2025, insiders executed 14 sales and zero purchases. This is a yellow flag.

The former Director, Michael E. Scheopner, sold a significant 44,058 shares for an estimated value of $1,321,418. Patrick L. Alexander, the Independent Chairman, also sold 3,600 shares for an estimated $109,356. Insider selling can have many reasons, but when it's a consistent trend, you have to ask why the people with the most intimate knowledge are reducing their exposure while institutions are piling in. It's a classic battle of information asymmetry.

Here is a snapshot of the top institutional holders as of the most recent filings:

Next Step: Review the recent SEC Form 4 filings for a more granular view of insider transactions to see if the selling has continued past the October 2025 reporting date.

Market Impact and Investor Sentiment

You're looking at Landmark Bancorp, Inc. (LARK) and trying to figure out if the big money is buying or selling. The short answer is that major shareholders currently hold a neutral-to-cautious sentiment, characterized by a mix of steady institutional presence and recent analyst downgrades, despite strong near-term financial results. It's a classic value-versus-growth debate, and for a community bank, stability is the key metric.

As of late 2025, institutional investors and hedge funds own approximately 25.66% of the stock. This is a solid base, but the recent activity shows a divergence. Major asset managers like BlackRock, Inc. and The Vanguard Group, Inc. have been increasing their stakes, which suggests confidence in the bank's fundamental stability and dividend profile. Specifically, in the second quarter of 2025, BlackRock, Inc. added a significant 165,820 shares, an increase of 783.5%, while The Vanguard Group, Inc. added 81,476 shares, a 52.5% increase. That's defintely a strong vote of confidence from the world's largest money managers.

• BlackRock, Inc. holds 186,984 shares as of June 29, 2025.
• The Vanguard Group, Inc. holds 236,664 shares as of June 29, 2025.
• Dimensional Fund Advisors LP holds 183,909 shares as of November 12, 2025.

Recent Market Reactions: The Cautionary Signal

The market's reaction to Landmark Bancorp, Inc.'s strong earnings has been a bit muted, which is where the caution comes in. When the company reported Q3 2025 diluted earnings per share (EPS) of $0.85, a 25% jump year-over-year, the stock price only rose 0.9% immediately after the announcement. This tells you investors are not rushing in.

Even more telling, the announcement of a 24.1% rise in net income for Q3 2025 saw the stock price fall 2.43% in premarket trading. Why the drop on good news? It suggests that the market is more focused on broader economic headwinds or the bank's long-term growth story, which has been weak. The stock has also recently slipped below its 200-day moving average of $27.08, closing at $25.50 on November 4, 2025, a technical sign of bearish pressure. The company's announcement of a 1.05-1 stock split and a 5% stock dividend for December 2025 is a positive for shareholder return, but it hasn't translated into a sustained price rally yet.

Analyst Perspectives: Value vs. Growth

The analyst community has settled on a consensus 'Hold' rating for Landmark Bancorp, Inc. This is a classic 'show me' rating-they like the fundamentals but need to see sustained growth before upgrading. The average price target sits at $28.00. Here's the quick math on the valuation appeal: the stock trades at a price-to-earnings (P/E) ratio of just 9.09x, which is a discount to the US Banks industry average of 11x. This is a value play, pure and simple.

However, analysts are realistic about the challenges. While net profit margins improved to 26.1% in Q3 2025, the five-year average shows an annual earnings decline of 11.1%. This long-term trend is what keeps the rating at 'Hold.' The bank's strong capital position, with an equity-to-assets ratio of 9.63%, provides a safety net, but it doesn't solve the growth problem. For a deeper dive into the company's foundation, you can check out Landmark Bancorp, Inc. (LARK): History, Ownership, Mission, How It Works & Makes Money.

The near-term opportunity is in the bank's consistent dividend and its value-stock appeal. Your action should be to monitor the loan portfolio growth and credit quality-specifically, watch for any further increases in the provision for credit losses, which jumped to $3.35 million in the first nine months of 2025. That's where the next big risk lies.