State Street Corp lifted its stake in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 6.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 820,868 shares of the financial services provider’s stock after purchasing an additional 51,809 shares during the quarter. State Street Corp owned about 1.73% of Lakeland Bancorp worth $15,476,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the company. Alps Advisors Inc. raised its position in shares of Lakeland Bancorp by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 23,473 shares of the financial services provider’s stock worth $442,000 after purchasing an additional 60 shares during the period. Verus Financial Partners Inc. raised its position in shares of Lakeland Bancorp by 0.5% during the 2nd quarter. Verus Financial Partners Inc. now owns 11,735 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 61 shares during the period. Legal & General Group Plc raised its position in shares of Lakeland Bancorp by 5.9% during the 1st quarter. Legal & General Group Plc now owns 9,989 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 559 shares during the period. Victory Capital Management Inc. raised its position in shares of Lakeland Bancorp by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 9,108 shares of the financial services provider’s stock worth $172,000 after purchasing an additional 1,366 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of Lakeland Bancorp by 1.5% during the 2nd quarter. California Public Employees Retirement System now owns 104,800 shares of the financial services provider’s stock worth $1,975,000 after purchasing an additional 1,500 shares during the period. Institutional investors and hedge funds own 52.64% of the company’s stock.

Separately, Zacks Investment Research cut Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, September 20th. One 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 company. The stock has a consensus rating of “Hold” and a consensus price target of $22.00.

COPYRIGHT VIOLATION NOTICE: “State Street Corp Increases Stake in Lakeland Bancorp, Inc. (LBAI)” was first reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this piece of content on another publication, it was illegally stolen and republished in violation of United States & international trademark and copyright legislation. The correct version of this piece of content can be read at https://www.thecerbatgem.com/2017/11/22/state-street-corp-increases-stake-in-lakeland-bancorp-inc-lbai.html.

Shares of Lakeland Bancorp, Inc. (NASDAQ LBAI) opened at $20.40 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $954.16, a P/E ratio of 18.49 and a beta of 0.80. Lakeland Bancorp, Inc. has a 1 year low of $15.06 and a 1 year high of $21.40.

Lakeland Bancorp (NASDAQ:LBAI) last announced its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $47.57 million for the quarter, compared to analysts’ expectations of $47.79 million. Lakeland Bancorp had a return on equity of 9.12% and a net margin of 24.54%. research analysts predict that Lakeland Bancorp, Inc. will post 1.12 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Monday, November 6th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Friday, November 3rd. Lakeland Bancorp’s payout ratio is 36.70%.

In related news, insider Robert A. Vandenbergh sold 12,738 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $20.56, for a total value of $261,893.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward B. Deutsch sold 5,000 shares of the 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 disclosure for this sale can be found here. 6.20% of the stock is currently owned by corporate insiders.

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.

Institutional Ownership by Quarter for Lakeland Bancorp (NASDAQ:LBAI)

Receive News & Stock Ratings for Lakeland Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lakeland Bancorp Inc. and related stocks with our FREE daily email newsletter.