Parametric Portfolio Associates LLC Reduces Stake in Lakeland Bancorp, Inc. (NASDAQ:LBAI)
Parametric Portfolio Associates LLC lowered its stake in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 1.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,261 shares of the financial services provider’s stock after selling 615 shares during the period. Parametric Portfolio Associates LLC owned approximately 0.10% of Lakeland Bancorp worth $946,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the company. GSA Capital Partners LLP raised its stake in Lakeland Bancorp by 80.3% in the fourth quarter. GSA Capital Partners LLP now owns 18,414 shares of the financial services provider’s stock valued at $359,000 after buying an additional 8,203 shares during the last quarter. Two Sigma Investments LP bought a new stake in Lakeland Bancorp during the fourth quarter valued at about $758,000. First Manhattan Co. raised its stake in Lakeland Bancorp by 62.4% in the first quarter. First Manhattan Co. now owns 88,004 shares of the financial services provider’s stock valued at $1,235,000 after buying an additional 33,804 shares during the last quarter. Teachers Advisors LLC raised its stake in Lakeland Bancorp by 2.8% in the fourth quarter. Teachers Advisors LLC now owns 78,265 shares of the financial services provider’s stock valued at $1,526,000 after buying an additional 2,115 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Lakeland Bancorp by 32.6% in the first quarter. Wells Fargo & Company MN now owns 87,115 shares of the financial services provider’s stock valued at $1,708,000 after buying an additional 21,414 shares during the last quarter. Institutional investors and hedge funds own 52.74% of the company’s stock.
Lakeland Bancorp, Inc. (NASDAQ:LBAI) traded up 0.28% during mid-day trading on Friday, reaching $18.10. The company’s stock had a trading volume of 143,005 shares. The firm has a 50 day moving average price of $19.02 and a 200 day moving average price of $19.32. The company has a market cap of $857.07 million, a price-to-earnings ratio of 17.44 and a beta of 0.80. Lakeland Bancorp, Inc. has a 52-week low of $12.78 and a 52-week high of $20.88.
Lakeland Bancorp (NASDAQ:LBAI) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.02. Lakeland Bancorp had a net margin of 23.94% and a return on equity of 9.21%. The firm had revenue of $47.53 million for the quarter, compared to analysts’ expectations of $46.39 million. Equities research analysts anticipate that Lakeland Bancorp, Inc. will post $1.10 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $0.40 annualized dividend and a dividend yield of 2.21%. Lakeland Bancorp’s dividend payout ratio is currently 38.10%.
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LBAI has been the topic of several analyst reports. Zacks Investment Research upgraded Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Tuesday, July 25th. ValuEngine upgraded Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Sandler O’Neill lowered Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Friday, April 28th. Finally, BidaskClub lowered Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $22.00.
In other Lakeland Bancorp news, Director Stephen R. Sr Tilton, Sr. sold 13,505 shares of Lakeland Bancorp stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $20.14, for a total transaction of $271,990.70. Following the transaction, the director now owns 701,022 shares of the company’s stock, valued at approximately $14,118,583.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert A. Vandenbergh sold 11,066 shares of Lakeland Bancorp stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $20.22, for a total transaction of $223,754.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,479 shares of company stock worth $905,348. Insiders own 6.20% of the company’s stock.
About Lakeland Bancorp
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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