Vanguard Group Inc. Has $36.02 Million Position in Lakeland Bancorp, Inc. (LBAI)
Vanguard Group Inc. boosted its stake in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 3.2% during the first quarter, Holdings Channel reports. The institutional investor owned 1,837,832 shares of the financial services provider’s stock after buying an additional 56,392 shares during the period. Vanguard Group Inc.’s holdings in Lakeland Bancorp were worth $36,022,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Modera Wealth Management LLC purchased a new position in Lakeland Bancorp during the first quarter valued at $292,000. Pinnacle Associates Ltd. purchased a new position in Lakeland Bancorp during the first quarter valued at $3,202,000. Teachers Advisors LLC boosted its position in Lakeland Bancorp by 2.8% in the fourth quarter. Teachers Advisors LLC now owns 78,265 shares of the financial services provider’s stock valued at $1,526,000 after buying an additional 2,115 shares in the last quarter. Wells Fargo & Company MN boosted its position in Lakeland Bancorp by 32.6% in the first quarter. Wells Fargo & Company MN now owns 87,115 shares of the financial services provider’s stock valued at $1,708,000 after buying an additional 21,414 shares in the last quarter. Finally, American International Group Inc. boosted its position in Lakeland Bancorp by 7.5% in the first quarter. American International Group Inc. now owns 24,009 shares of the financial services provider’s stock valued at $471,000 after buying an additional 1,685 shares in the last quarter. 52.74% of the stock is owned by institutional investors and hedge funds.
Lakeland Bancorp, Inc. (NASDAQ:LBAI) traded down 0.27% on Tuesday, reaching $18.75. The company had a trading volume of 22,688 shares. The stock has a market capitalization of $887.85 million, a P/E ratio of 18.06 and a beta of 0.80. Lakeland Bancorp, Inc. has a 12-month low of $12.03 and a 12-month high of $20.88. The stock’s 50-day moving average price is $19.05 and its 200-day moving average price is $19.33.
Lakeland Bancorp (NASDAQ:LBAI) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The business had revenue of $47.53 million for the quarter, compared to analysts’ expectations of $46.39 million. Lakeland Bancorp had a return on equity of 9.21% and a net margin of 23.94%. On average, equities research analysts anticipate that Lakeland Bancorp, Inc. will post $1.10 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Investors of record on Monday, July 31st will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, July 27th. This represents a $0.40 dividend on an annualized basis and a yield of 2.13%. Lakeland Bancorp’s dividend payout ratio (DPR) is 38.10%.
Several equities research analysts have issued reports on the company. Sandler O’Neill downgraded Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Friday, April 28th. Zacks Investment Research downgraded Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. ValuEngine raised Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, BidaskClub downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $22.00.
In other Lakeland Bancorp news, Director Stephen R. Sr Tilton, Sr. sold 1,808 shares of the firm’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $20.18, for a total value of $36,485.44. Following the sale, the director now owns 693,805 shares of the company’s stock, valued at approximately $14,000,984.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mark J. Fredericks sold 14,100 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $19.37, for a total value of $273,117.00. Following the completion of the sale, the director now directly owns 203,496 shares in the company, valued at approximately $3,941,717.52. The disclosure for this sale can be found here. Insiders have sold a total of 45,479 shares of company stock worth $905,348 in the last three months. 6.20% of the stock is currently owned by insiders.
Lakeland Bancorp Company Profile
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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