Zacks Investment Research cut shares of Lakeland Bancorp (NASDAQ:LBAI) from a buy rating to a hold rating in a report released on Wednesday morning.
According to Zacks, “LAKELAND BANCORP INC. is a bank holding company engaged in general banking business. “
A number of other brokerages have also commented on LBAI. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $24.50 price target on shares of Lakeland Bancorp in a research note on Friday, December 22nd. BidaskClub lowered Lakeland Bancorp from a hold rating to a sell rating in a research note on Wednesday, January 3rd. Finally, FIG Partners reaffirmed a market-perform rating on shares of Lakeland Bancorp in a research note on Monday, January 29th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $23.75.
Lakeland Bancorp (NASDAQ:LBAI) traded up $0.35 during trading hours on Wednesday, hitting $19.80. The stock had a trading volume of 101,700 shares, compared to its average volume of 123,678. Lakeland Bancorp has a 52-week low of $15.06 and a 52-week high of $21.90. The stock has a market capitalization of $921.03, a price-to-earnings ratio of 17.37 and a beta of 0.86. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.95 and a current ratio of 0.95.
Lakeland Bancorp (NASDAQ:LBAI) last announced its quarterly earnings results on Friday, January 26th. The financial services provider reported $0.29 EPS for the quarter, hitting analysts’ consensus estimates of $0.29. Lakeland Bancorp had a return on equity of 9.37% and a net margin of 24.38%. The company had revenue of $48.16 million during the quarter, compared to analyst estimates of $48.21 million. equities research analysts forecast that Lakeland Bancorp will post 1.36 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Investors of record on Monday, February 5th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Friday, February 2nd. Lakeland Bancorp’s payout ratio is 36.36%.
In related news, Director Robert K. Nicholson III sold 37,227 shares of the firm’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $20.04, for a total value of $746,029.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward B. Deutsch sold 3,276 shares of the stock in a transaction on Monday, November 20th. The stock was sold at an average price of $20.00, for a total value of $65,520.00. The disclosure for this sale can be found here. Insiders sold 75,204 shares of company stock valued at $1,503,679 in the last ninety days. 6.20% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of LBAI. Schwab Charles Investment Management Inc. raised its holdings in Lakeland Bancorp by 15.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 185,976 shares of the financial services provider’s stock worth $3,506,000 after purchasing an additional 25,119 shares in the last quarter. Wells Fargo & Company MN raised its holdings in Lakeland Bancorp by 3.2% in the second quarter. Wells Fargo & Company MN now owns 89,861 shares of the financial services provider’s stock worth $1,694,000 after purchasing an additional 2,746 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Lakeland Bancorp by 23.4% in the second quarter. Alliancebernstein L.P. now owns 51,745 shares of the financial services provider’s stock worth $975,000 after purchasing an additional 9,800 shares in the last quarter. Nationwide Fund Advisors raised its holdings in Lakeland Bancorp by 5.7% in the second quarter. Nationwide Fund Advisors now owns 30,396 shares of the financial services provider’s stock worth $573,000 after purchasing an additional 1,639 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in Lakeland Bancorp by 12.5% in the second quarter. New York State Common Retirement Fund now owns 48,700 shares of the financial services provider’s stock worth $918,000 after purchasing an additional 5,399 shares in the last quarter. Institutional investors and hedge funds own 52.48% of the company’s stock.
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Lakeland Bancorp Company Profile
Lakeland Bancorp, Inc is the bank holding company for Lakeland Bank (Lakeland). Lakeland operates under a state bank charter and provides full banking services. Lakeland generates commercial, mortgage and consumer loans and receives deposits from customers located in Northern and Central New Jersey. Lakeland also provides non-deposit products, such as securities brokerage services, including mutual funds and variable annuities.
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