Lakeland Bancorp, Inc. (NASDAQ:LBAI) Expected to Post Quarterly Sales of $46.39 Million
Wall Street brokerages expect Lakeland Bancorp, Inc. (NASDAQ:LBAI) to report sales of $46.39 million for the current quarter, Zacks reports. Two analysts have made estimates for Lakeland Bancorp’s earnings, with estimates ranging from $46.10 million to $46.68 million. Lakeland Bancorp reported sales of $39.99 million during the same quarter last year, which indicates a positive year over year growth rate of 16%. The firm is scheduled to announce its next quarterly earnings report before the market opens on Thursday, July 20th.
According to Zacks, analysts expect that Lakeland Bancorp will report full year sales of $46.39 million for the current year, with estimates ranging from $188.73 million to $189.10 million. For the next year, analysts anticipate that the business will report sales of $205.66 million per share, with estimates ranging from $203.12 million to $208.20 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Lakeland Bancorp.
Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings data on Thursday, April 27th. The financial services provider reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.02. Lakeland Bancorp had a return on equity of 8.85% and a net margin of 23.44%. The firm had revenue of $47.42 million for the quarter, compared to analysts’ expectations of $44.54 million.
Several research firms recently commented on LBAI. Sandler O’Neill lowered Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Friday, April 28th. Zacks Investment Research lowered Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 10th. Finally, ValuEngine raised Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Lakeland Bancorp currently has a consensus rating of “Hold” and an average target price of $21.00.
In other Lakeland Bancorp news, CAO Timothy J. Matteson sold 2,650 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $19.58, for a total value of $51,887.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stephen R. Sr Tilton, Sr. sold 1,808 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $20.18, for a total value of $36,485.44. Following the completion of the sale, the director now directly owns 693,805 shares in the company, valued at $14,000,984.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,029 shares of company stock worth $603,568. 6.20% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. acquired a new stake in shares of Lakeland Bancorp during the first quarter valued at approximately $152,000. SG Americas Securities LLC acquired a new stake in shares of Lakeland Bancorp during the first quarter valued at approximately $169,000. Legal & General Group Plc raised its stake in shares of 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 last quarter. Modera Wealth Management LLC acquired a new stake in shares of Lakeland Bancorp during the first quarter valued at approximately $292,000. Finally, GSA Capital Partners LLP raised its stake in shares of Lakeland Bancorp by 80.3% in the fourth quarter. GSA Capital Partners LLP now owns 18,414 shares of the financial services provider’s stock valued at $359,000 after buying an additional 8,203 shares during the last quarter. 52.52% of the stock is currently owned by institutional investors.
Lakeland Bancorp (NASDAQ:LBAI) traded up 1.85% on Friday, hitting $19.30. The stock had a trading volume of 110,648 shares. Lakeland Bancorp has a 12 month low of $11.04 and a 12 month high of $20.88. The stock has a market cap of $913.85 million, a P/E ratio of 19.15 and a beta of 0.79. The company’s 50 day moving average is $19.17 and its 200-day moving average is $19.30.
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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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