Equities analysts forecast that Lakeland Bancorp, Inc. (NASDAQ:LBAI) will report $47.79 million in sales for the current quarter, according to Zacks. Two analysts have provided estimates for Lakeland Bancorp’s earnings, with estimates ranging from $47.54 million to $48.03 million. Lakeland Bancorp posted sales of $47.42 million during the same quarter last year, which suggests a positive year over year growth rate of 0.8%. The firm is expected to announce its next quarterly earnings results on Thursday, April 26th.
On average, analysts expect that Lakeland Bancorp will report full year sales of $47.79 million for the current year, with estimates ranging from $197.44 million to $200.80 million. For the next financial year, analysts forecast that the firm will post sales of $214.77 million per share, with estimates ranging from $211.94 million to $217.60 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Lakeland Bancorp.
Lakeland Bancorp (NASDAQ:LBAI) last issued its quarterly earnings data on Friday, January 26th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.29. The business had revenue of $48.16 million during the quarter, compared to the consensus estimate of $48.21 million. Lakeland Bancorp had a return on equity of 9.37% and a net margin of 24.38%.
Several brokerages have recently issued reports on LBAI. BidaskClub upgraded Lakeland Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, January 11th. Zacks Investment Research downgraded Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, February 14th. FIG Partners reiterated a “market-perform” rating on shares of Lakeland Bancorp in a research report on Monday, January 29th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $24.50 price objective on shares of Lakeland Bancorp in a research report on Friday, December 22nd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $23.75.
Shares of Lakeland Bancorp (NASDAQ LBAI) traded up $0.35 during midday trading on Friday, hitting $20.30. The stock had a trading volume of 165,400 shares, compared to its average volume of 128,412. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market capitalization of $961.29, a P/E ratio of 18.13 and a beta of 0.86. Lakeland Bancorp has a fifty-two week low of $15.06 and a fifty-two week high of $21.90.
The company also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Monday, February 5th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $0.40 annualized dividend and a yield of 1.97%. Lakeland Bancorp’s payout ratio is 36.36%.
In related news, Director Mark J. Fredericks sold 5,200 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $19.75, for a total transaction of $102,700.00. Following the sale, the director now owns 204,869 shares of the company’s stock, valued at $4,046,162.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert K. Nicholson III sold 37,227 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $20.04, for a total value of $746,029.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,928 shares of company stock worth $1,438,159. 6.20% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. California Public Employees Retirement System raised its holdings in Lakeland Bancorp by 1.5% during the second quarter. California Public Employees Retirement System now owns 104,800 shares of the financial services provider’s stock worth $1,975,000 after purchasing an additional 1,500 shares in the last quarter. Nationwide Fund Advisors increased its holdings in shares of Lakeland Bancorp by 5.7% in the second quarter. Nationwide Fund Advisors now owns 30,396 shares of the financial services provider’s stock valued at $573,000 after buying an additional 1,639 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Lakeland Bancorp by 3.2% in the second quarter. Wells Fargo & Company MN now owns 89,861 shares of the financial services provider’s stock valued at $1,694,000 after buying an additional 2,746 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Lakeland Bancorp by 2.3% in the fourth quarter. First Trust Advisors LP now owns 123,893 shares of the financial services provider’s stock valued at $2,385,000 after buying an additional 2,843 shares in the last quarter. Finally, Voya Investment Management LLC increased its holdings in shares of Lakeland Bancorp by 20.9% in the second quarter. Voya Investment Management LLC now owns 18,191 shares of the financial services provider’s stock valued at $343,000 after buying an additional 3,150 shares in the last quarter. 52.63% of the stock is currently owned by hedge funds and other institutional investors.
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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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