Lakeland Bancorp (LBAI) Cut to Hold at BidaskClub
BidaskClub lowered shares of Lakeland Bancorp (NASDAQ:LBAI) from a buy rating to a hold rating in a research report report published on Saturday.
Separately, Zacks Investment Research downgraded Lakeland Bancorp from a buy rating to a hold rating in a research note on Wednesday, September 20th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Lakeland Bancorp currently has a consensus rating of Hold and an average target price of $22.00.
Shares of Lakeland Bancorp (NASDAQ:LBAI) opened at $19.95 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market capitalization of $951.79, a PE ratio of 18.44 and a beta of 0.78. Lakeland Bancorp has a 12 month low of $15.06 and a 12 month high of $21.90.
Lakeland Bancorp (NASDAQ:LBAI) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The company had revenue of $47.57 million during the quarter, compared to the consensus estimate of $47.79 million. Lakeland Bancorp had a return on equity of 9.12% and a net margin of 24.54%. analysts anticipate that Lakeland Bancorp will post 1.12 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 2.01%. Lakeland Bancorp’s dividend payout ratio (DPR) is currently 36.70%.
In other Lakeland Bancorp news, Director Edward B. Deutsch sold 5,000 shares of Lakeland Bancorp stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $19.00, for a total transaction of $95,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robert A. Vandenbergh sold 12,738 shares of Lakeland Bancorp stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $20.56, for a total transaction of $261,893.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,014 shares of company stock worth $422,413. Insiders own 6.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of LBAI. Victory Capital Management Inc. raised its holdings in shares of Lakeland Bancorp by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 9,108 shares of the financial services provider’s stock worth $172,000 after purchasing an additional 1,366 shares during the period. Legal & General Group Plc raised its holdings in shares of Lakeland Bancorp by 5.9% in the 1st quarter. Legal & General Group Plc now owns 9,989 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 559 shares during the period. Palouse Capital Management Inc. bought a new stake in shares of Lakeland Bancorp in the 3rd quarter worth approximately $206,000. Virginia Retirement Systems ET AL bought a new stake in shares of Lakeland Bancorp in the 2nd quarter worth approximately $228,000. Finally, Biondo Investment Advisors LLC bought a new stake in shares of Lakeland Bancorp in the 2nd quarter worth approximately $236,000. 52.97% of the stock is currently owned by hedge funds and other institutional investors.
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About Lakeland Bancorp
Lakeland Bancorp, Inc is the bank holding company for Lakeland Bank (Lakeland). Lakeland operates under a state bank charter and provides full banking services. Lakeland generates commercial, mortgage and consumer loans and receives deposits from customers located in Northern and Central New Jersey. Lakeland also provides non-deposit products, such as securities brokerage services, including mutual funds and variable annuities.
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