Lakeland Bancorp, Inc. (LBAI) Position Cut by Vantage Investment Advisors LLC
Vantage Investment Advisors LLC decreased its position in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 1.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,129 shares of the financial services provider’s stock after selling 478 shares during the period. Vantage Investment Advisors LLC owned approximately 0.05% of Lakeland Bancorp worth $455,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in LBAI. Victory Capital Management Inc. acquired a new position in Lakeland Bancorp in the first quarter valued at $152,000. SG Americas Securities LLC acquired a new position in Lakeland Bancorp in the first quarter valued at $169,000. Legal & General Group Plc lifted its holdings in 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 valued at $195,000 after buying an additional 559 shares during the period. Verus Financial Partners Inc. lifted its holdings in Lakeland Bancorp by 0.5% in the second quarter. Verus Financial Partners Inc. now owns 11,735 shares of the financial services provider’s stock valued at $221,000 after buying an additional 61 shares during the period. Finally, Virginia Retirement Systems ET AL acquired a new position in Lakeland Bancorp in the second quarter valued at $228,000. Institutional investors and hedge funds own 52.64% of the company’s stock.
Shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) traded up 0.57% during trading on Friday, hitting $17.75. 223,071 shares of the stock traded hands. Lakeland Bancorp, Inc. has a 12 month low of $13.12 and a 12 month high of $20.88. The firm has a market cap of $840.50 million, a price-to-earnings ratio of 17.10 and a beta of 0.80. The company has a 50 day moving average price of $18.70 and a 200 day moving average price of $19.22.
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 during the quarter, compared to analysts’ expectations of $46.39 million. Analysts anticipate that Lakeland Bancorp, Inc. will post $1.10 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were given a $0.10 dividend. The ex-dividend date was Thursday, July 27th. This represents a $0.40 annualized dividend and a dividend yield of 2.25%. Lakeland Bancorp’s dividend payout ratio is 38.10%.
Several research firms recently issued reports on LBAI. Zacks Investment Research lowered shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 10th. BidaskClub lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Finally, ValuEngine upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. Lakeland Bancorp 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 the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $19.37, for a total value 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 at the SEC website. Also, insider Robert A. Vandenbergh sold 11,066 shares of the firm’s stock in a transaction dated 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. Over the last ninety days, insiders sold 45,479 shares of company stock valued at $905,348. Corporate insiders own 6.20% of the company’s stock.
Lakeland Bancorp Profile
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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