Principal Financial Group Inc. decreased its position in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 0.8% in the 4th quarter, Holdings Channel reports. The firm owned 221,794 shares of the financial services provider’s stock after selling 1,724 shares during the period. Principal Financial Group Inc.’s holdings in Lakeland Bancorp were worth $3,285,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new stake in Lakeland Bancorp in the 4th quarter valued at about $49,000. Algert Global LLC purchased a new stake in Lakeland Bancorp in the 4th quarter valued at about $153,000. Hotaling Investment Management LLC purchased a new stake in Lakeland Bancorp in the 4th quarter valued at about $156,000. Panagora Asset Management Inc. purchased a new stake in Lakeland Bancorp in the 3rd quarter valued at about $156,000. Finally, Citigroup Inc. grew its holdings in Lakeland Bancorp by 39.2% in the 4th quarter. Citigroup Inc. now owns 19,600 shares of the financial services provider’s stock valued at $290,000 after buying an additional 5,515 shares during the period. 53.33% of the stock is owned by hedge funds and other institutional investors.
Several analysts have commented on the company. Zacks Investment Research cut Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. BidaskClub upgraded Lakeland Bancorp from a “strong sell” rating to a “sell” rating in a report on Wednesday, February 20th. Finally, ValuEngine cut Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, March 21st. Three analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $19.88.
Shares of NASDAQ:LBAI opened at $15.99 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.96 and a quick ratio of 0.96. Lakeland Bancorp, Inc. has a 1 year low of $13.77 and a 1 year high of $21.15. The stock has a market cap of $790.33 million, a PE ratio of 11.93 and a beta of 0.87.
Lakeland Bancorp (NASDAQ:LBAI) last issued its earnings results on Monday, January 28th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. Lakeland Bancorp had a return on equity of 10.67% and a net margin of 26.93%. The business had revenue of $49.83 million during the quarter, compared to analysts’ expectations of $49.63 million. As a group, sell-side analysts forecast that Lakeland Bancorp, Inc. will post 1.35 EPS for the current year.
In other news, Director James E. Hanson II bought 1,585 shares of the firm’s stock in a transaction dated Friday, February 1st. The stock was acquired at an average price of $15.78 per share, for a total transaction of $25,011.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 6.07% of the stock is currently owned by insiders.
About Lakeland Bancorp
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides various banking products and services for individuals and small to medium sized businesses. It offers commercial banking services, including savings, money market, and time accounts, as well as demand deposits; lending solutions, such as short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, mortgage loans, small business administration loans, commercial real estate loans, commercial and industrial loans, and equipment financing, as well as merchant credit card services; and Internet banking, mobile banking, wire transfer, night depository, and cash management services.
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