Lakeland Bancorp, Inc. (LBAI) Expected to Announce Earnings of $0.29 Per Share
Equities analysts expect that Lakeland Bancorp, Inc. (NASDAQ:LBAI) will post earnings per share of $0.29 for the current quarter, according to Zacks. Two analysts have made estimates for Lakeland Bancorp’s earnings. Lakeland Bancorp reported earnings per share of $0.28 during the same quarter last year, which would indicate a positive year over year growth rate of 3.6%. The business is expected to announce its next quarterly earnings results on Wednesday, October 25th.
According to Zacks, analysts expect that Lakeland Bancorp will report full year earnings of $1.11 per share for the current financial year, with EPS estimates ranging from $1.10 to $1.12. For the next financial year, analysts expect that the firm will post earnings of $1.21 per share, with EPS estimates ranging from $1.20 to $1.21. Zacks Investment Research’s earnings per share averages are an average based on a survey of analysts that follow Lakeland Bancorp.
Lakeland Bancorp (NASDAQ:LBAI) last released its earnings results on Thursday, July 20th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The firm had revenue of $47.53 million for the quarter, compared to analyst estimates of $46.39 million. Lakeland Bancorp had a return on equity of 9.21% and a net margin of 23.94%.
Several brokerages have recently issued reports on LBAI. Zacks Investment Research lowered Lakeland Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, September 20th. BidaskClub lowered Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $22.00.
Lakeland Bancorp (NASDAQ:LBAI) opened at 20.50 on Thursday. The company’s 50-day moving average price is $19.13 and its 200-day moving average price is $19.17. The firm has a market capitalization of $970.72 million, a price-to-earnings ratio of 19.75 and a beta of 0.82. Lakeland Bancorp has a 12-month low of $13.15 and a 12-month high of $20.88.
In other Lakeland Bancorp news, Director Edward B. Deutsch sold 5,000 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark J. Fredericks sold 14,100 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $19.37, for a total value of $273,117.00. Following the completion of the transaction, the director now directly owns 203,496 shares in the company, valued at approximately $3,941,717.52. The disclosure for this sale can be found here. Insiders sold 24,100 shares of company stock worth $468,117 in the last three months. Insiders own 6.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in LBAI. Victory Capital Management Inc. acquired a new position in Lakeland Bancorp in the first quarter valued at about $152,000. SG Americas Securities LLC acquired a new position in Lakeland Bancorp in the first quarter valued at about $169,000. Legal & General Group Plc lifted 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 valued at $195,000 after buying an additional 559 shares during the period. Verus Financial Partners Inc. lifted 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 valued at $221,000 after buying an additional 61 shares during the period. Finally, Virginia Retirement Systems ET AL acquired a new position in Lakeland Bancorp in the second quarter valued at about $228,000. 52.64% of the stock is currently owned by hedge funds and other institutional investors.
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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.
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