Renaissance Technologies LLC trimmed its position in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 500,900 shares of the financial services provider’s stock after selling 22,200 shares during the period. Renaissance Technologies LLC’s holdings in Lakeland Bancorp were worth $9,642,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. lifted its holdings in Lakeland Bancorp by 4.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 204,060 shares of the financial services provider’s stock valued at $3,929,000 after acquiring an additional 8,336 shares during the period. First Trust Advisors LP lifted its holdings in 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 acquiring an additional 2,843 shares during the period. Citadel Advisors LLC acquired a new stake in Lakeland Bancorp in the third quarter valued at $579,000. California Public Employees Retirement System lifted its holdings in Lakeland Bancorp by 6.9% in the third quarter. California Public Employees Retirement System now owns 112,063 shares of the financial services provider’s stock valued at $2,286,000 after acquiring an additional 7,263 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in Lakeland Bancorp by 18.7% in the third quarter. Wells Fargo & Company MN now owns 106,641 shares of the financial services provider’s stock valued at $2,175,000 after acquiring an additional 16,780 shares during the period. Hedge funds and other institutional investors own 53.64% of the company’s stock.
In related news, Director Edward B. Deutsch sold 2,870 shares of the business’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $20.50, for a total value of $58,835.00. Following the completion of the transaction, the director now owns 11,905 shares of the company’s stock, valued at approximately $244,052.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas J. Marino bought 5,000 shares of the business’s stock in a transaction that occurred on Saturday, July 28th. The stock was purchased at an average cost of $19.08 per share, with a total value of $95,400.00. The disclosure for this purchase can be found here. Insiders have sold a total of 14,270 shares of company stock valued at $290,805 in the last ninety days. Corporate insiders own 6.20% of the company’s stock.
LBAI has been the subject of several research reports. Zacks Investment Research downgraded Lakeland Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, February 14th. BidaskClub downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 3rd. ValuEngine raised Lakeland Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $24.50 price target on shares of Lakeland Bancorp in a research note on Friday, December 22nd. Finally, FIG Partners reaffirmed a “market-perform” rating on shares of Lakeland Bancorp in a research note on Monday, January 29th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $23.25.
NASDAQ:LBAI opened at $19.80 on Friday. The firm has a market cap of $958.61, a PE ratio of 17.84 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.95 and a quick ratio of 0.95. Lakeland Bancorp, Inc. has a 52-week low of $15.06 and a 52-week high of $21.90.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings results on Friday, January 26th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, hitting the 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 9.31% and a net margin of 24.38%. analysts expect that Lakeland Bancorp, Inc. will post 1.36 EPS for the current fiscal year.
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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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