Lakeland Bancorp, Inc. (LBAI) Stake Boosted by State Street Corp
State Street Corp raised its position in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 10.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 769,059 shares of the financial services provider’s stock after buying an additional 72,147 shares during the period. State Street Corp owned approximately 1.62% of Lakeland Bancorp worth $15,078,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of LBAI. Victory Capital Management Inc. acquired a new position in shares of Lakeland Bancorp during the first quarter worth about $152,000. SG Americas Securities LLC acquired a new position in shares of Lakeland Bancorp during the first quarter worth about $169,000. Legal & General Group Plc increased its position in shares of Lakeland Bancorp by 5.9% in the first quarter. Legal & General Group Plc now owns 9,989 shares of the financial services provider’s stock worth $195,000 after buying an additional 559 shares during the last quarter. Modera Wealth Management LLC acquired a new position in shares of Lakeland Bancorp during the first quarter worth about $292,000. Finally, American International Group Inc. increased its position in shares of Lakeland Bancorp by 7.5% in the first quarter. American International Group Inc. now owns 24,009 shares of the financial services provider’s stock worth $471,000 after buying an additional 1,685 shares during the last quarter. 52.74% of the stock is currently owned by institutional investors and hedge funds.
Lakeland Bancorp, Inc. (LBAI) traded up 0.28% during trading on Friday, hitting $18.10. The company had a trading volume of 143,005 shares. The firm’s 50 day moving average is $19.02 and its 200-day moving average is $19.32. Lakeland Bancorp, Inc. has a 52-week low of $12.78 and a 52-week high of $20.88. The stock has a market capitalization of $857.07 million, a price-to-earnings ratio of 17.44 and a beta of 0.80.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.02. The business had revenue of $47.53 million during the quarter, compared to analysts’ expectations of $46.39 million. Lakeland Bancorp had a net margin of 23.94% and a return on equity of 9.21%. On average, equities analysts forecast that Lakeland Bancorp, Inc. will post $1.10 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were given a dividend of $0.10 per share. The ex-dividend date was Thursday, July 27th. This represents a $0.40 annualized dividend and a dividend yield of 2.21%. Lakeland Bancorp’s dividend payout ratio (DPR) is currently 38.10%.
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A number of equities analysts have recently issued reports on LBAI shares. Zacks Investment Research raised Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research report on Tuesday, July 25th. ValuEngine raised Lakeland Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Sandler O’Neill downgraded Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 28th. Finally, BidaskClub downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $22.00.
In other news, Director Mark J. Fredericks sold 14,100 shares of Lakeland Bancorp stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $19.37, for a total transaction of $273,117.00. Following the completion of the sale, the director now directly owns 203,496 shares of the company’s stock, valued at approximately $3,941,717.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Edward B. Deutsch sold 5,000 shares of Lakeland Bancorp stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,479 shares of company stock valued at $905,348. Corporate 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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