Lakeland Bancorp (NASDAQ:LBAI) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Lakeland Bancorp (NASDAQ:LBAI) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

Separately, Keefe, Bruyette & Woods lowered their target price on Lakeland Bancorp from $17.50 to $16.65 and set a market perform rating for the company in a research note on Tuesday, January 30th.

Lakeland Bancorp Price Performance

NASDAQ LBAI opened at $12.52 on Tuesday. The business has a 50 day simple moving average of $11.98 and a 200 day simple moving average of $12.72. Lakeland Bancorp has a 52-week low of $10.65 and a 52-week high of $16.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $815.68 million, a price-to-earnings ratio of 9.84 and a beta of 0.85.

Lakeland Bancorp (NASDAQ:LBAI) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Lakeland Bancorp had a return on equity of 7.40% and a net margin of 16.00%. The business had revenue of $72.09 million during the quarter. Analysts anticipate that Lakeland Bancorp will post 1.07 earnings per share for the current fiscal year.

Lakeland Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 8th. Stockholders of record on Monday, April 29th will be paid a dividend of $0.145 per share. The ex-dividend date is Friday, April 26th. This represents a $0.58 annualized dividend and a dividend yield of 4.63%. Lakeland Bancorp’s dividend payout ratio is currently 45.31%.

Hedge Funds Weigh In On Lakeland Bancorp

Several hedge funds have recently made changes to their positions in LBAI. Rise Advisors LLC bought a new position in shares of Lakeland Bancorp during the 1st quarter worth approximately $29,000. Parallel Advisors LLC grew its stake in shares of Lakeland Bancorp by 4,563.6% in the fourth quarter. Parallel Advisors LLC now owns 2,052 shares of the financial services provider’s stock valued at $30,000 after buying an additional 2,008 shares in the last quarter. Lindbrook Capital LLC grew its stake in shares of Lakeland Bancorp by 4,356.0% in the fourth quarter. Lindbrook Capital LLC now owns 2,228 shares of the financial services provider’s stock valued at $33,000 after buying an additional 2,178 shares in the last quarter. Signaturefd LLC grew its stake in shares of Lakeland Bancorp by 212.5% in the fourth quarter. Signaturefd LLC now owns 2,597 shares of the financial services provider’s stock valued at $38,000 after buying an additional 1,766 shares in the last quarter. Finally, Private Wealth Management Group LLC bought a new position in shares of Lakeland Bancorp in the fourth quarter valued at $47,000. 59.62% of the stock is owned by institutional investors.

About Lakeland Bancorp

Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial products and services for businesses and consumers. It provides commercial banking services, including savings, money market, and time accounts, as well as demand deposits. The company also offers lending services, including commercial real estate loans, commercial and industrial loans, short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, residential mortgage loans, small business administration loans, and merchant credit card services; financing solutions to small and medium-sized companies; online banking, mobile banking, and wire transfer services to the business community and municipal relationships; and cash management services, such as remote capture of deposits and overnight sweep repurchase agreements.