Lakeland Bancorp, Inc. (NASDAQ:LBAI) – Equities research analysts at Piper Sandler dropped their Q1 2020 earnings per share (EPS) estimates for Lakeland Bancorp in a research note issued on Monday, March 23rd. Piper Sandler analyst F. Schiraldi now expects that the financial services provider will earn $0.28 per share for the quarter, down from their previous estimate of $0.33. Piper Sandler also issued estimates for Lakeland Bancorp’s Q2 2020 earnings at $0.26 EPS, Q3 2020 earnings at $0.27 EPS, Q4 2020 earnings at $0.28 EPS, FY2020 earnings at $1.08 EPS, Q1 2021 earnings at $0.26 EPS, Q2 2021 earnings at $0.28 EPS, Q3 2021 earnings at $0.29 EPS, Q4 2021 earnings at $0.30 EPS and FY2021 earnings at $1.13 EPS.
Several other research analysts have also recently issued reports on the company. ValuEngine cut Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. BidaskClub cut shares of Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, March 11th. Finally, Zacks Investment Research cut shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, March 11th. Two research 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 currently has an average rating of “Hold” and a consensus price target of $18.33.
Shares of NASDAQ LBAI opened at $9.97 on Thursday. Lakeland Bancorp has a fifty-two week low of $8.31 and a fifty-two week high of $17.63. The company has a market cap of $514.23 million, a price-to-earnings ratio of 7.17 and a beta of 0.93. The business’s 50 day moving average price is $14.10 and its 200-day moving average price is $15.84. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.96 and a current ratio of 0.96.
Lakeland Bancorp (NASDAQ:LBAI) last issued its quarterly earnings results on Friday, January 24th. The financial services provider reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.02. Lakeland Bancorp had a return on equity of 10.06% and a net margin of 24.95%. The firm had revenue of $57.53 million for the quarter, compared to the consensus estimate of $55.56 million.
In related news, EVP Paul Ho-Sing-Loy bought 2,900 shares of the company’s stock in a transaction on Tuesday, March 24th. The stock was bought at an average cost of $9.88 per share, with a total value of $28,652.00. Following the completion of the acquisition, the executive vice president now owns 18,528 shares in the company, valued at approximately $183,056.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert E. Mccracken bought 3,000 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was bought at an average cost of $8.70 per share, with a total value of $26,100.00. Over the last ninety days, insiders acquired 8,700 shares of company stock valued at $96,187. 4.23% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC grew its position in shares of Lakeland Bancorp by 130.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 1,840 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 1,040 shares during the last quarter. Great West Life Assurance Co. Can acquired a new position in Lakeland Bancorp in the fourth quarter valued at about $59,000. Eaton Vance Management acquired a new position in Lakeland Bancorp in the fourth quarter valued at about $182,000. Victory Capital Management Inc. raised its stake in Lakeland Bancorp by 28.5% in the fourth quarter. Victory Capital Management Inc. now owns 10,974 shares of the financial services provider’s stock valued at $191,000 after purchasing an additional 2,436 shares in the last quarter. Finally, Hotaling Investment Management LLC raised its stake in Lakeland Bancorp by 29.9% in the fourth quarter. Hotaling Investment Management LLC now owns 13,465 shares of the financial services provider’s stock valued at $234,000 after purchasing an additional 3,102 shares in the last quarter. Institutional investors and hedge funds own 56.49% 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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