Lakeland Bancorp (NASDAQ:LBAI) Upgraded to “Hold” at BidaskClub
Several other analysts have also recently weighed in on LBAI. DA Davidson assumed coverage on Lakeland Bancorp in a report on Monday, August 26th. They set a buy rating and a $17.00 price objective for the company. Zacks Investment Research cut Lakeland Bancorp from a hold rating to a sell rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $18.50.
Shares of NASDAQ:LBAI opened at $16.21 on Thursday. The stock has a market capitalization of $800.25 million, a P/E ratio of 12.10 and a beta of 0.90. Lakeland Bancorp has a 1-year low of $13.77 and a 1-year high of $18.80. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $15.25 and a two-hundred day moving average price of $15.74.
Several institutional investors and hedge funds have recently modified their holdings of LBAI. Nuveen Asset Management LLC acquired a new position in shares of Lakeland Bancorp in the 2nd quarter valued at approximately $7,346,000. BlackRock Inc. grew its position in shares of Lakeland Bancorp by 9.8% in the 2nd quarter. BlackRock Inc. now owns 3,582,779 shares of the financial services provider’s stock valued at $57,862,000 after purchasing an additional 320,364 shares during the period. Banc Funds Co. LLC grew its position in shares of Lakeland Bancorp by 25.3% in the 1st quarter. Banc Funds Co. LLC now owns 1,420,028 shares of the financial services provider’s stock valued at $21,201,000 after purchasing an additional 286,852 shares during the period. Context BH Capital Management LP acquired a new position in shares of Lakeland Bancorp in the 1st quarter valued at approximately $2,085,000. Finally, Citadel Advisors LLC grew its position in shares of Lakeland Bancorp by 158.8% in the 2nd quarter. Citadel Advisors LLC now owns 106,353 shares of the financial services provider’s stock valued at $1,718,000 after purchasing an additional 65,251 shares during the period. Institutional investors and hedge funds own 55.31% of the company’s stock.
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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