Lakeland Bancorp (NASDAQ:LBAI) Downgraded to “Sell” at BidaskClub
Several other brokerages also recently issued reports on LBAI. FIG Partners restated an outperform rating on shares of Lakeland Bancorp in a research note on Monday, May 6th. Zacks Investment Research cut Lakeland Bancorp from a hold rating to a sell rating in a research report on Thursday, August 1st. ValuEngine raised Lakeland Bancorp from a strong sell rating to a sell rating in a research report on Tuesday, April 30th. Finally, Boenning Scattergood raised Lakeland Bancorp from a neutral rating to an outperform rating and set a $19.00 target price for the company in a research report on Tuesday, April 30th. Three investment analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $19.00.
Shares of Lakeland Bancorp stock opened at $14.51 on Thursday. The company’s fifty day simple moving average is $15.75 and its 200-day simple moving average is $15.89. The company has a market cap of $759.36 million, a price-to-earnings ratio of 11.06 and a beta of 0.87. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.45. Lakeland Bancorp has a 1 year low of $13.77 and a 1 year high of $19.60.
Hedge funds have recently modified their holdings of the stock. LSV Asset Management lifted its position in Lakeland Bancorp by 5.7% in the first quarter. LSV Asset Management now owns 413,783 shares of the financial services provider’s stock worth $6,177,000 after purchasing an additional 22,300 shares during the period. Legal & General Group Plc lifted its position in Lakeland Bancorp by 12.4% in the fourth quarter. Legal & General Group Plc now owns 8,146 shares of the financial services provider’s stock worth $120,000 after purchasing an additional 897 shares during the period. Denali Advisors LLC bought a new position in Lakeland Bancorp in the second quarter worth $37,000. Legacy Advisors LLC lifted its position in Lakeland Bancorp by 42.8% in the second quarter. Legacy Advisors LLC now owns 82,436 shares of the financial services provider’s stock worth $1,331,000 after purchasing an additional 24,696 shares during the period. Finally, Millennium Management LLC lifted its position in Lakeland Bancorp by 6.2% in the fourth quarter. Millennium Management LLC now owns 131,184 shares of the financial services provider’s stock worth $1,943,000 after purchasing an additional 7,703 shares during the period. 55.89% of the stock is owned by hedge funds and other institutional investors.
Lakeland Bancorp Company Profile
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides various banking products and services for individuals and small to medium sized businesses. It offers commercial banking services, including savings, money market, and time accounts, as well as demand deposits; lending solutions, such as short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, mortgage loans, small business administration loans, commercial real estate loans, commercial and industrial loans, and equipment financing, as well as merchant credit card services; and Internet banking, mobile banking, wire transfer, night depository, and cash management services.
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