LSV Asset Management trimmed its holdings in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 2.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 273,683 shares of the financial services provider’s stock after selling 5,800 shares during the period. LSV Asset Management’s holdings in Lakeland Bancorp were worth $5,432,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Schwab Charles Investment Management Inc. boosted its holdings in shares of Lakeland Bancorp by 4.3% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 204,060 shares of the financial services provider’s stock worth $3,929,000 after purchasing an additional 8,336 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Lakeland Bancorp by 12.6% in the 4th quarter. Wells Fargo & Company MN now owns 120,095 shares of the financial services provider’s stock worth $2,312,000 after purchasing an additional 13,454 shares in the last quarter. Stone Ridge Asset Management LLC purchased a new position in shares of Lakeland Bancorp in the 4th quarter worth about $318,000. First Trust Advisors LP boosted its holdings in shares of Lakeland Bancorp by 2.3% in the 4th quarter. First Trust Advisors LP now owns 123,893 shares of the financial services provider’s stock worth $2,385,000 after purchasing an additional 2,843 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of Lakeland Bancorp in the 4th quarter worth about $296,000. Institutional investors and hedge funds own 54.01% of the company’s stock.
A number of equities analysts have recently issued reports on the company. BidaskClub upgraded Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Monday. Zacks Investment Research upgraded Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Friday, March 30th. FIG Partners reiterated a “market-perform” rating on shares of Lakeland Bancorp in a report on Monday, January 29th. Finally, Roth Capital set a $18.00 price objective on Lakeland Bancorp and gave the stock a “buy” rating in a report on Tuesday, May 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $21.50.
Shares of LBAI stock opened at $20.05 on Monday. The stock has a market cap of $951.89 million, a P/E ratio of 16.99 and a beta of 0.85. Lakeland Bancorp, Inc. has a 1-year low of $15.06 and a 1-year high of $21.90. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.95 and a quick ratio of 0.95.
Lakeland Bancorp (NASDAQ:LBAI) last issued its earnings results on Wednesday, April 25th. The financial services provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.01). The company had revenue of $47.57 million for the quarter, compared to analysts’ expectations of $47.79 million. Lakeland Bancorp had a net margin of 25.44% and a return on equity of 9.69%. equities research analysts expect that Lakeland Bancorp, Inc. will post 1.37 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, May 15th. Investors of record on Monday, May 7th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Friday, May 4th. This is a boost from Lakeland Bancorp’s previous quarterly dividend of $0.10. This represents a $0.46 annualized dividend and a yield of 2.29%. Lakeland Bancorp’s dividend payout ratio is currently 41.44%.
In related news, Director Edward B. Deutsch sold 2,870 shares of the stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $20.50, for a total transaction of $58,835.00. Following the completion of the sale, the director now directly owns 11,905 shares in the company, valued at approximately $244,052.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward B. Deutsch sold 6,200 shares of the stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $20.85, for a total value of $129,270.00. The disclosure for this sale can be found here. Corporate insiders own 6.07% of the company’s stock.
Lakeland Bancorp Profile
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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