Rhumbline Advisers boosted its stake in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 47.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 65,381 shares of the financial services provider’s stock after buying an additional 20,995 shares during the period. Rhumbline Advisers owned approximately 0.14% of Lakeland Bancorp worth $968,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in LBAI. Hennessy Advisors Inc. purchased a new stake in Lakeland Bancorp during the 4th quarter valued at $3,554,000. Maltese Capital Management LLC raised its holdings in Lakeland Bancorp by 52.9% during the 3rd quarter. Maltese Capital Management LLC now owns 542,882 shares of the financial services provider’s stock valued at $9,799,000 after buying an additional 187,930 shares during the period. Renaissance Technologies LLC raised its holdings in Lakeland Bancorp by 17.1% during the 3rd quarter. Renaissance Technologies LLC now owns 648,630 shares of the financial services provider’s stock valued at $11,708,000 after buying an additional 94,730 shares during the period. Marshall Wace LLP purchased a new stake in Lakeland Bancorp during the 3rd quarter valued at $1,565,000. Finally, Dimensional Fund Advisors LP raised its holdings in Lakeland Bancorp by 2.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,749,713 shares of the financial services provider’s stock valued at $49,632,000 after buying an additional 75,488 shares during the period. Institutional investors own 56.47% of the company’s stock.
In other Lakeland Bancorp news, Director Robert K. Nicholson III bought 13,000 shares of Lakeland Bancorp stock in a transaction on Friday, December 21st. The shares were acquired at an average price of $14.45 per share, for a total transaction of $187,850.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James E. Hanson II bought 1,585 shares of Lakeland Bancorp stock in a transaction on Friday, February 1st. The stock was acquired at an average price of $15.78 per share, for a total transaction of $25,011.30. The disclosure for this purchase can be found here. Company insiders own 6.07% of the company’s stock.
LBAI stock opened at $15.96 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 0.96. Lakeland Bancorp, Inc. has a twelve month low of $13.77 and a twelve month high of $21.20. The firm has a market capitalization of $799.85 million, a price-to-earnings ratio of 11.91 and a beta of 0.89.
Lakeland Bancorp (NASDAQ:LBAI) last released its earnings results on Monday, January 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. Lakeland Bancorp had a return on equity of 10.67% and a net margin of 26.93%. The business had revenue of $49.83 million for the quarter, compared to analyst estimates of $49.63 million. Sell-side analysts predict that Lakeland Bancorp, Inc. will post 1.37 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, February 15th. Shareholders of record on Friday, February 8th were paid a $0.115 dividend. The ex-dividend date of this dividend was Thursday, February 7th. This represents a $0.46 dividend on an annualized basis and a yield of 2.88%. Lakeland Bancorp’s payout ratio is 34.33%.
A number of analysts have weighed in on the company. BidaskClub upgraded Lakeland Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 20th. Zacks Investment Research lowered Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 30th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $19.88.
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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.
Further Reading: Sell-Side Analysts
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