Lakeland Bancorp, Inc. (LBAI) Position Lifted by New York State Common Retirement Fund
New York State Common Retirement Fund boosted its holdings in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 12.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,700 shares of the financial services provider’s stock after acquiring an additional 5,399 shares during the period. New York State Common Retirement Fund owned 0.10% of Lakeland Bancorp worth $918,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Nationwide Fund Advisors lifted its holdings in Lakeland Bancorp by 5.7% in the second quarter. Nationwide Fund Advisors now owns 30,396 shares of the financial services provider’s stock valued at $573,000 after acquiring an additional 1,639 shares during the last quarter. Captrust Financial Advisors acquired a new position in Lakeland Bancorp in the second quarter valued at approximately $401,000. WBI Investments Inc. acquired a new position in Lakeland Bancorp in the second quarter valued at approximately $1,634,000. Alliancebernstein L.P. lifted its holdings in Lakeland Bancorp by 23.4% in the second quarter. Alliancebernstein L.P. now owns 51,745 shares of the financial services provider’s stock valued at $975,000 after acquiring an additional 9,800 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Lakeland Bancorp by 3.2% in the second quarter. Wells Fargo & Company MN now owns 89,861 shares of the financial services provider’s stock valued at $1,694,000 after acquiring an additional 2,746 shares during the last quarter. Hedge funds and other institutional investors own 52.49% of the company’s stock.
A number of research firms recently commented on LBAI. Zacks Investment Research upgraded Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a report on Tuesday, July 25th. BidaskClub lowered Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Lakeland Bancorp has a consensus rating of “Hold” and an average price target of $22.00.
Shares of Lakeland Bancorp, Inc. (LBAI) opened at $20.45 on Friday. The stock has a market capitalization of $968.37, a P/E ratio of 18.76 and a beta of 0.80. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.97 and a quick ratio of 0.97. Lakeland Bancorp, Inc. has a 12-month low of $14.00 and a 12-month high of $21.40.
Lakeland Bancorp (NASDAQ:LBAI) last announced its earnings results on Thursday, October 26th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $47.57 million for the quarter, compared to analyst estimates of $47.79 million. Lakeland Bancorp had a return on equity of 9.20% and a net margin of 24.54%. equities research analysts expect that Lakeland Bancorp, Inc. will post 1.12 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Friday, November 3rd. Lakeland Bancorp’s payout ratio is 36.70%.
In other Lakeland Bancorp news, Director Edward B. Deutsch sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $19.00, for a total value of $95,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robert A. Vandenbergh sold 12,738 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $20.56, for a total value of $261,893.28. The disclosure for this sale can be found here. 6.20% of the stock is owned by insiders.
Lakeland Bancorp Company 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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