Northern Trust Corp Buys 8,355 Shares of Lakeland Bancorp, Inc. (LBAI)

Northern Trust Corp grew its stake in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 0.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,260,720 shares of the financial services provider’s stock after acquiring an additional 8,355 shares during the period. Northern Trust Corp owned about 2.66% of Lakeland Bancorp worth $25,025,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. lifted its holdings in shares of Lakeland Bancorp by 1.9% in the fourth quarter. BlackRock Inc. now owns 2,989,563 shares of the financial services provider’s stock valued at $57,549,000 after purchasing an additional 57,104 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Lakeland Bancorp by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 407,714 shares of the financial services provider’s stock valued at $7,847,000 after purchasing an additional 18,730 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in shares of Lakeland Bancorp by 5.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 214,319 shares of the financial services provider’s stock valued at $4,255,000 after purchasing an additional 10,259 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Lakeland Bancorp by 31.2% in the first quarter. Thrivent Financial for Lutherans now owns 141,093 shares of the financial services provider’s stock valued at $2,800,000 after purchasing an additional 33,540 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Lakeland Bancorp by 10.2% in the first quarter. Wells Fargo & Company MN now owns 132,402 shares of the financial services provider’s stock valued at $2,629,000 after purchasing an additional 12,307 shares in the last quarter. Institutional investors own 54.34% of the company’s stock.

LBAI opened at $20.55 on Friday. The firm has a market capitalization of $978.00 million, a PE ratio of 17.46 and a beta of 0.85. Lakeland Bancorp, Inc. has a 12-month low of $15.06 and a 12-month high of $21.90. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.48.

Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings results on Wednesday, April 25th. The financial services provider reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.01). Lakeland Bancorp had a return on equity of 9.69% and a net margin of 25.44%. The company had revenue of $47.57 million during the quarter, compared to analyst estimates of $47.79 million. sell-side analysts anticipate that Lakeland Bancorp, Inc. will post 1.37 EPS for the current fiscal year.

A number of 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, May 21st. Zacks Investment Research upgraded Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a report on Friday, March 30th. Roth Capital set a $18.00 target price on Lakeland Bancorp and gave the company a “buy” rating in a report on Tuesday, May 8th. Finally, ValuEngine lowered Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $21.50.

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.

Institutional Ownership by Quarter for Lakeland Bancorp (NASDAQ:LBAI)

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