Lakeland Bancorp, Inc. (LBAI) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) have received a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have given a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $22.00.
A number of research firms have recently weighed in on LBAI. Sandler O’Neill downgraded shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. Zacks Investment Research downgraded shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. BidaskClub downgraded shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, ValuEngine raised shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd.
In other Lakeland Bancorp news, insider Robert A. Vandenbergh sold 11,066 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $20.22, for a total transaction of $223,754.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Mark J. Fredericks sold 14,100 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $19.37, for a total transaction of $273,117.00. Following the transaction, the director now directly owns 203,496 shares in the company, valued at $3,941,717.52. The disclosure for this sale can be found here. Insiders have sold 45,479 shares of company stock worth $905,348 over the last three months. Company insiders own 6.20% of the company’s stock.
A number of institutional investors have recently bought and sold shares of LBAI. Victory Capital Management Inc. acquired a new position in Lakeland Bancorp during the first quarter valued at approximately $152,000. SG Americas Securities LLC acquired a new position in Lakeland Bancorp during the first quarter valued at approximately $169,000. Legal & General Group Plc increased its position 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 valued at $195,000 after buying an additional 559 shares during the last quarter. Verus Financial Partners Inc. increased its position 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 valued at $221,000 after buying an additional 61 shares during the last quarter. Finally, Virginia Retirement Systems ET AL acquired a new position in Lakeland Bancorp during the second quarter valued at approximately $228,000. 52.74% of the stock is currently owned by hedge funds and other institutional investors.
Lakeland Bancorp (NASDAQ:LBAI) opened at 18.10 on Friday. The firm has a market cap of $857.07 million, a PE ratio of 17.44 and a beta of 0.80. The company has a 50-day moving average price of $19.02 and a 200-day moving average price of $19.32. Lakeland Bancorp has a one year low of $12.78 and a one year high of $20.88.
Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.02. Lakeland Bancorp had a net margin of 23.94% and a return on equity of 9.21%. The business had revenue of $47.53 million for the quarter, compared to the consensus estimate of $46.39 million. Equities analysts predict that Lakeland Bancorp will post $1.10 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.21%. The ex-dividend date was Thursday, July 27th. Lakeland Bancorp’s payout ratio is 38.10%.
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.
Receive News & Ratings for Lakeland Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lakeland Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.