Lakeland Bancorp (NASDAQ:LBAI) Shares Down 2.9%

Lakeland Bancorp, Inc. (NASDAQ:LBAI) dropped 2.9% during trading on Tuesday . The stock traded as low as $11.98 and last traded at $11.98. Approximately 25,643 shares were traded during trading, a decline of 90% from the average daily volume of 244,997 shares. The stock had previously closed at $12.34.

Analyst Ratings Changes

LBAI has been the topic of several research reports. Keefe, Bruyette & Woods reduced their price target on Lakeland Bancorp from $17.50 to $16.65 and set a “market perform” rating on the stock in a report on Tuesday, January 30th. StockNews.com upgraded Lakeland Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday.

Lakeland Bancorp Price Performance

The company has a fifty day moving average of $12.52 and a 200 day moving average of $12.83. The firm has a market capitalization of $786.98 million, a P/E ratio of 9.45 and a beta of 0.85. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.93 and a quick ratio of 0.93.

Lakeland Bancorp (NASDAQ:LBAI) last announced its earnings results on Thursday, January 25th. The financial services provider reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $72.09 million for the quarter. Lakeland Bancorp had a return on equity of 7.43% and a net margin of 16.42%. Sell-side analysts predict that Lakeland Bancorp, Inc. will post 1.07 earnings per share for the current year.

Lakeland Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Monday, February 5th were issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 4.79%. The ex-dividend date was Friday, February 2nd. Lakeland Bancorp’s payout ratio is 45.31%.

Hedge Funds Weigh In On Lakeland Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc raised its position in shares of Lakeland Bancorp by 2.0% during the fourth quarter. Legal & General Group Plc now owns 26,706 shares of the financial services provider’s stock worth $470,000 after purchasing an additional 530 shares during the period. Bleakley Financial Group LLC raised its position in shares of Lakeland Bancorp by 3.7% during the second quarter. Bleakley Financial Group LLC now owns 22,416 shares of the financial services provider’s stock worth $300,000 after purchasing an additional 792 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Lakeland Bancorp by 26.1% during the first quarter. Great West Life Assurance Co. Can now owns 4,169 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 863 shares during the period. Boothbay Fund Management LLC raised its position in Lakeland Bancorp by 0.9% in the 1st quarter. Boothbay Fund Management LLC now owns 95,710 shares of the financial services provider’s stock valued at $1,497,000 after buying an additional 879 shares during the last quarter. Finally, Inspire Investing LLC raised its position in Lakeland Bancorp by 3.9% in the 3rd quarter. Inspire Investing LLC now owns 24,317 shares of the financial services provider’s stock valued at $307,000 after buying an additional 915 shares during the last quarter. 59.62% of the stock is currently 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.