Lakeland Bancorp (NASDAQ:LBAI) Shares Up 12.5% Following Insider Buying Activity

Lakeland Bancorp, Inc. (NASDAQ:LBAI)’s share price shot up 12.5% on Thursday following insider buying activity. The company traded as high as $11.30 and last traded at $11.22, 224,365 shares traded hands during trading. An increase of 37% from the average session volume of 163,528 shares. The stock had previously closed at $9.97.

Specifically, Director Robert E. Mccracken purchased 3,000 shares of the firm’s stock in a transaction on Wednesday, March 18th. The shares were bought at an average cost of $8.70 per share, for a total transaction of $26,100.00. Also, EVP Paul Ho-Sing-Loy purchased 2,900 shares of the firm’s stock in a transaction on Tuesday, March 24th. The stock was bought at an average price of $9.88 per share, for a total transaction of $28,652.00. Following the completion of the transaction, the executive vice president now directly owns 18,528 shares in the company, valued at $183,056.64. The disclosure for this purchase can be found here. Insiders purchased a total of 8,700 shares of company stock worth $96,187 in the last quarter. Insiders own 4.23% of the company’s stock.

LBAI has been the topic of several research analyst reports. ValuEngine lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Zacks Investment Research lowered shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, March 11th. Finally, BidaskClub lowered shares of Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, March 11th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $18.33.

The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $514.23 million, a price-to-earnings ratio of 8.07 and a beta of 0.93. The firm’s 50-day simple moving average is $14.10 and its 200-day simple moving average is $15.84.

Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings results on Friday, January 24th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.02. Lakeland Bancorp had a net margin of 24.95% and a return on equity of 10.06%. The company had revenue of $57.53 million for the quarter, compared to analyst estimates of $55.56 million. Equities research analysts forecast that Lakeland Bancorp, Inc. will post 1.34 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its position in shares of Lakeland Bancorp by 7.5% during the 4th quarter. Renaissance Technologies LLC now owns 1,103,400 shares of the financial services provider’s stock valued at $19,177,000 after acquiring an additional 77,100 shares in the last quarter. State Street Corp boosted its position in shares of Lakeland Bancorp by 3.5% during the 4th quarter. State Street Corp now owns 1,096,969 shares of the financial services provider’s stock valued at $19,065,000 after acquiring an additional 37,472 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Lakeland Bancorp by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 715,787 shares of the financial services provider’s stock valued at $12,440,000 after acquiring an additional 16,741 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Lakeland Bancorp by 6.4% during the 4th quarter. Nuveen Asset Management LLC now owns 543,715 shares of the financial services provider’s stock valued at $9,449,000 after acquiring an additional 32,766 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Lakeland Bancorp by 19.6% during the 4th quarter. Bank of New York Mellon Corp now owns 381,465 shares of the financial services provider’s stock valued at $6,629,000 after acquiring an additional 62,492 shares in the last quarter. Institutional investors and hedge funds own 56.49% of the company’s stock.

About Lakeland Bancorp (NASDAQ:LBAI)

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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