BidaskClub Lowers Lakeland Bancorp (NASDAQ:LBAI) to Sell

BidaskClub downgraded shares of Lakeland Bancorp (NASDAQ:LBAI) from a hold rating to a sell rating in a report published on Tuesday, BidAskClub reports.

Several other brokerages have also recently commented on LBAI. Zacks Investment Research upgraded Lakeland Bancorp from a hold rating to a buy rating and set a $18.00 price target for the company in a research report on Wednesday, May 1st. Boenning Scattergood upgraded Lakeland Bancorp from a neutral rating to an outperform rating and set a $19.00 price target for the company in a research report on Tuesday, April 30th. FIG Partners reiterated an outperform rating on shares of Lakeland Bancorp in a research report on Monday, May 6th. Finally, ValuEngine upgraded Lakeland Bancorp from a strong sell rating to a sell rating in a research report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. Lakeland Bancorp presently has an average rating of Hold and an average price target of $20.13.

Shares of LBAI opened at $15.77 on Tuesday. The firm has a market capitalization of $788.90 million, a P/E ratio of 11.77 and a beta of 0.90. Lakeland Bancorp has a 52-week low of $13.77 and a 52-week high of $20.85. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.46.

Lakeland Bancorp (NASDAQ:LBAI) last released its earnings results on Monday, April 29th. The financial services provider reported $0.31 earnings per share for the quarter, hitting the consensus estimate of $0.31. Lakeland Bancorp had a return on equity of 10.34% and a net margin of 25.63%. The business had revenue of $54.33 million during the quarter, compared to the consensus estimate of $53.67 million. On average, sell-side analysts anticipate that Lakeland Bancorp will post 1.43 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Thursday, May 9th were given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.17%. This is a boost from Lakeland Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Wednesday, May 8th. Lakeland Bancorp’s payout ratio is presently 37.31%.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers grew its holdings in Lakeland Bancorp by 47.3% in the 4th quarter. Rhumbline Advisers now owns 65,381 shares of the financial services provider’s stock valued at $968,000 after buying an additional 20,995 shares in the last quarter. Algert Global LLC purchased a new stake in Lakeland Bancorp in the 4th quarter valued at $153,000. LSV Asset Management grew its holdings in Lakeland Bancorp by 23.9% in the 4th quarter. LSV Asset Management now owns 391,483 shares of the financial services provider’s stock valued at $5,797,000 after buying an additional 75,400 shares in the last quarter. Prudential Financial Inc. grew its holdings in Lakeland Bancorp by 1.6% in the 4th quarter. Prudential Financial Inc. now owns 98,286 shares of the financial services provider’s stock valued at $1,456,000 after buying an additional 1,530 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in Lakeland Bancorp in the 4th quarter valued at $49,000. Hedge funds and other institutional investors own 55.09% of the company’s stock.

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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