Boenning Scattergood Begins Coverage on Lakeland Bancorp (LBAI)
Stock analysts at Boenning Scattergood assumed coverage on shares of Lakeland Bancorp (NASDAQ:LBAI) in a report issued on Monday, The Fly reports. The firm set a “neutral” rating on the financial services provider’s stock.
Several other analysts have also issued reports on LBAI. BidaskClub lowered shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, May 15th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $23.50 price target on shares of Lakeland Bancorp in a research report on Wednesday, August 1st. Finally, Zacks Investment Research lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Lakeland Bancorp currently has an average rating of “Hold” and a consensus price target of $21.17.
Shares of NASDAQ:LBAI traded down $0.05 on Monday, reaching $19.20. 46 shares of the company’s stock were exchanged, compared to its average volume of 107,745. Lakeland Bancorp has a twelve month low of $15.06 and a twelve month high of $21.90. The firm has a market cap of $914.09 million, a PE ratio of 17.25 and a beta of 0.81. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.50.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada lifted its stake in Lakeland Bancorp by 200.8% in the 1st quarter. Royal Bank of Canada now owns 6,453 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 4,308 shares during the last quarter. Strs Ohio bought a new position in Lakeland Bancorp in the 2nd quarter valued at approximately $168,000. Alpine Woods Capital Investors LLC bought a new position in Lakeland Bancorp in the 1st quarter valued at approximately $199,000. Xact Kapitalforvaltning AB lifted its stake in Lakeland Bancorp by 30.2% in the 1st quarter. Xact Kapitalforvaltning AB now owns 13,353 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 3,100 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in Lakeland Bancorp in the 1st quarter valued at approximately $300,000. Institutional investors and hedge funds own 54.47% of the company’s stock.
About Lakeland Bancorp
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial 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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