Lakeland Bancorp, Inc. (LBAI) Expected to Announce Quarterly Sales of $47.96 Million
Wall Street analysts forecast that Lakeland Bancorp, Inc. (NASDAQ:LBAI) will post sales of $47.96 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Lakeland Bancorp’s earnings. The highest sales estimate is $48.14 million and the lowest is $47.79 million. Lakeland Bancorp reported sales of $44.94 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 6.7%. The company is expected to announce its next quarterly earnings results on Wednesday, October 25th.
On average, analysts expect that Lakeland Bancorp will report full-year sales of $47.96 million for the current year, with estimates ranging from $189.10 million to $190.90 million. For the next fiscal year, analysts anticipate that the firm will report sales of $204.48 million per share, with estimates ranging from $200.77 million to $208.20 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Lakeland Bancorp.
Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. Lakeland Bancorp had a return on equity of 9.21% and a net margin of 23.94%. The business had revenue of $47.53 million for the quarter, compared to analysts’ expectations of $46.39 million.
A number of equities research analysts recently issued reports on LBAI shares. Sandler O’Neill cut shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Friday, April 28th. Zacks Investment Research upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a report on Wednesday, May 3rd. ValuEngine upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, BidaskClub cut shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $22.00.
In other Lakeland Bancorp news, Director Mark J. Fredericks sold 14,100 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $19.37, for a total transaction of $273,117.00. Following the completion of the sale, the director now directly owns 203,496 shares in the company, valued at $3,941,717.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephen R. Sr Tilton, Sr. sold 1,808 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $20.18, for a total transaction of $36,485.44. Following the sale, the director now owns 693,805 shares of the company’s stock, valued at $14,000,984.90. The disclosure for this sale can be found here. Insiders sold 45,479 shares of company stock valued at $905,348 over the last quarter. 6.20% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. purchased a new stake in Lakeland Bancorp during the first quarter worth about $152,000. SG Americas Securities LLC purchased a new stake in Lakeland Bancorp during the first quarter worth about $169,000. Legal & General Group Plc boosted its stake in 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 worth $195,000 after buying an additional 559 shares during the period. Verus Financial Partners Inc. boosted its stake in Lakeland Bancorp by 0.5% in the second quarter. Verus Financial Partners Inc. now owns 11,735 shares of the financial services provider’s stock worth $221,000 after buying an additional 61 shares during the period. Finally, Virginia Retirement Systems ET AL purchased a new stake in Lakeland Bancorp during the second quarter worth about $228,000. Institutional investors own 52.74% of the company’s stock.
Shares of Lakeland Bancorp (NASDAQ LBAI) opened at 18.10 on Friday. Lakeland Bancorp has a 12-month low of $12.78 and a 12-month high of $20.88. The stock’s 50 day moving average price is $19.02 and its 200 day moving average price is $19.32. The firm has a market cap of $857.07 million, a PE ratio of 17.44 and a beta of 0.80.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, July 31st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Thursday, July 27th. Lakeland Bancorp’s dividend payout ratio is presently 38.10%.
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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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