Zacks: Brokerages Anticipate Lakeland Bancorp, Inc. (LBAI) Will Announce Earnings of $0.29 Per Share
Equities research analysts predict that Lakeland Bancorp, Inc. (NASDAQ:LBAI) will announce earnings of $0.29 per share for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Lakeland Bancorp’s earnings. Lakeland Bancorp reported earnings per share of $0.26 during the same quarter last year, which suggests a positive year-over-year growth rate of 11.5%. The company is scheduled to report its next quarterly earnings report on Thursday, January 25th.
According to Zacks, analysts expect that Lakeland Bancorp will report full-year earnings of $1.12 per share for the current financial year. For the next year, analysts expect that the business will post earnings of $1.20 per share. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that follow Lakeland Bancorp.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $47.57 million for the quarter, compared to the consensus estimate of $47.79 million. Lakeland Bancorp had a return on equity of 9.20% and a net margin of 24.54%.
A number of brokerages have issued reports on LBAI. Zacks Investment Research upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Tuesday, July 25th. BidaskClub lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $22.00.
In related news, Director Mark J. Fredericks sold 14,100 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $19.37, for a total transaction of $273,117.00. Following the sale, the director now owns 203,496 shares in the company, valued at approximately $3,941,717.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward B. Deutsch sold 5,000 shares of the stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $19.00, for a total transaction of $95,000.00. The disclosure for this sale can be found here. Corporate insiders own 6.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of LBAI. Victory Capital Management Inc. acquired a new stake in shares of Lakeland Bancorp during the 1st quarter worth approximately $152,000. SG Americas Securities LLC acquired a new stake in shares of Lakeland Bancorp during the 1st quarter worth approximately $169,000. Legal & General Group Plc boosted its position in shares of Lakeland Bancorp by 5.9% during the 1st quarter. Legal & General Group Plc now owns 9,989 shares of the financial services provider’s stock worth $195,000 after acquiring an additional 559 shares in the last quarter. Palouse Capital Management Inc. acquired a new stake in shares of Lakeland Bancorp during the 3rd quarter worth approximately $206,000. Finally, Verus Financial Partners Inc. boosted its position in shares of Lakeland Bancorp by 0.5% during the 2nd quarter. Verus Financial Partners Inc. now owns 11,735 shares of the financial services provider’s stock worth $221,000 after acquiring an additional 61 shares in the last quarter. Institutional investors and hedge funds own 52.49% of the company’s stock.
Shares of Lakeland Bancorp (NASDAQ:LBAI) opened at 19.05 on Tuesday. The firm’s 50-day moving average price is $20.00 and its 200-day moving average price is $19.32. The firm has a market capitalization of $902.06 million, a P/E ratio of 18.35 and a beta of 0.82. Lakeland Bancorp has a 12-month low of $13.88 and a 12-month high of $21.40.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Monday, November 6th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.99%. Lakeland Bancorp’s payout ratio is presently 36.70%.
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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