Lakeland Bancorp, Inc. (NASDAQ:LBAI) Receives $20.17 Average Price Target from Analysts
Lakeland Bancorp, Inc. (NASDAQ:LBAI) has received an average recommendation of “Hold” from the six ratings firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation and four have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $20.17.
Several research firms recently issued reports on LBAI. Zacks Investment Research lowered Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. BidaskClub lowered Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 11th. FIG Partners reaffirmed an “outperform” rating on shares of Lakeland Bancorp in a research report on Monday, May 6th. Finally, ValuEngine lowered Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 21st.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Legal & General Group Plc increased its holdings in shares of Lakeland Bancorp by 12.4% during the fourth quarter. Legal & General Group Plc now owns 8,146 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 897 shares during the period. Bank of Montreal Can boosted its position in Lakeland Bancorp by 12.6% during the 1st quarter. Bank of Montreal Can now owns 13,091 shares of the financial services provider’s stock worth $196,000 after acquiring an additional 1,467 shares during the period. Prudential Financial Inc. boosted its position in Lakeland Bancorp by 1.6% during the 4th quarter. Prudential Financial Inc. now owns 98,286 shares of the financial services provider’s stock worth $1,456,000 after acquiring an additional 1,530 shares during the period. Thrivent Financial for Lutherans boosted its position in Lakeland Bancorp by 2.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 117,920 shares of the financial services provider’s stock worth $1,845,000 after acquiring an additional 2,914 shares during the period. Finally, Brinker Capital Inc. boosted its position in Lakeland Bancorp by 23.5% during the 1st quarter. Brinker Capital Inc. now owns 15,878 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 3,017 shares during the period. 55.09% of the stock is currently owned by hedge funds and other institutional investors.
Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.31 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. The business had revenue of $54.33 million for the quarter, compared to analyst estimates of $53.67 million. Lakeland Bancorp had a return on equity of 10.34% and a net margin of 25.63%. Sell-side analysts expect that Lakeland Bancorp will post 1.43 earnings per share for the current year.
Lakeland Bancorp Company Profile
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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