Lakeland Bancorp, Inc. (NASDAQ:LBAI) released its earnings results on Thursday. The financial services provider reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02, Morningstar.com reports. Lakeland Bancorp had a net margin of 23.44% and a return on equity of 8.85%. The firm had revenue of $47.53 million during the quarter, compared to analyst estimates of $46.39 million.

Lakeland Bancorp (LBAI) traded up 0.52% during mid-day trading on Friday, reaching $19.35. 60,615 shares of the company’s stock traded hands. The stock has a market capitalization of $916.22 million, a PE ratio of 19.20 and a beta of 0.79. Lakeland Bancorp has a 12 month low of $11.66 and a 12 month high of $20.88. The firm’s 50-day moving average price is $19.16 and its 200 day moving average price is $19.27.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.40 annualized dividend and a yield of 2.08%. Lakeland Bancorp’s payout ratio is 39.60%.

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In related news, CAO Timothy J. Matteson sold 2,650 shares of the firm’s stock in a transaction 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen R. Sr Tilton, Sr. sold 13,505 shares of the firm’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $20.14, for a total value of $271,990.70. Following the completion of the transaction, the director now directly owns 701,022 shares of the company’s stock, valued at $14,118,583.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,029 shares of company stock valued at $603,568. 6.20% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of LBAI. State Street Corp boosted its position in shares of Lakeland Bancorp by 10.2% in the fourth quarter. State Street Corp now owns 696,912 shares of the financial services provider’s stock valued at $13,589,000 after buying an additional 64,465 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Lakeland Bancorp by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,030,179 shares of the financial services provider’s stock valued at $39,588,000 after buying an additional 120,939 shares during the period. Federated Investors Inc. PA boosted its position in shares of Lakeland Bancorp by 70.7% in the fourth quarter. Federated Investors Inc. PA now owns 24,840 shares of the financial services provider’s stock valued at $484,000 after buying an additional 10,290 shares during the period. Renaissance Technologies LLC boosted its position in shares of Lakeland Bancorp by 38.7% in the fourth quarter. Renaissance Technologies LLC now owns 268,600 shares of the financial services provider’s stock valued at $5,238,000 after buying an additional 74,900 shares during the period. Finally, GSA Capital Partners LLP boosted its position 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 period. 52.52% of the stock is owned by hedge funds and other institutional investors.

Several research firms have weighed in on LBAI. BidaskClub lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research lowered shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, June 29th. ValuEngine upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Sandler O’Neill lowered shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $21.00.

About Lakeland Bancorp

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.

Earnings History for Lakeland Bancorp (NASDAQ:LBAI)

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