Lakeland Bancorp (LBAI) Downgraded to Sell at BidaskClub

Lakeland Bancorp (NASDAQ:LBAI) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

Several other equities research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods restated a “buy” rating and set a $24.50 price objective on shares of Lakeland Bancorp in a research report on Friday, December 22nd. Zacks Investment Research raised shares of Lakeland Bancorp from a “hold” rating to a “strong-buy” rating and set a $23.00 price objective on the stock in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Lakeland Bancorp has a consensus rating of “Buy” and an average price target of $23.75.

Shares of Lakeland Bancorp (NASDAQ:LBAI) opened at $20.30 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.52. The stock has a market cap of $942.32, a P/E ratio of 18.62 and a beta of 0.79. Lakeland Bancorp has a 1 year low of $15.06 and a 1 year high of $21.90.

Lakeland Bancorp (NASDAQ:LBAI) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The firm had revenue of $47.57 million during the quarter, compared to the consensus estimate of $47.79 million. Lakeland Bancorp had a net margin of 24.54% and a return on equity of 9.12%. sell-side analysts anticipate that Lakeland Bancorp will post 1.11 EPS for the current fiscal year.

In related news, Director Edward B. Deutsch sold 3,276 shares of Lakeland Bancorp stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $20.00, for a total value of $65,520.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Stephen R. Sr Tilton, Sr. sold 29,501 shares of Lakeland Bancorp stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $19.98, for a total transaction of $589,429.98. Following the completion of the transaction, the director now directly owns 664,210 shares in the company, valued at $13,270,915.80. The disclosure for this sale can be found here. Insiders sold 82,742 shares of company stock worth $1,662,872 over the last three months. 6.20% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. increased its stake in Lakeland Bancorp by 4.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 204,060 shares of the financial services provider’s stock valued at $3,929,000 after acquiring an additional 8,336 shares during the last quarter. Sterling Capital Management LLC acquired a new stake in Lakeland Bancorp in the third quarter valued at approximately $1,012,000. California Public Employees Retirement System boosted its position in Lakeland Bancorp by 6.9% in the third quarter. California Public Employees Retirement System now owns 112,063 shares of the financial services provider’s stock valued at $2,286,000 after buying an additional 7,263 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Lakeland Bancorp by 3.7% in the third quarter. Dimensional Fund Advisors LP now owns 2,397,428 shares of the financial services provider’s stock valued at $48,907,000 after buying an additional 84,832 shares in the last quarter. Finally, Brown Advisory Inc. boosted its position in Lakeland Bancorp by 46.0% in the third quarter. Brown Advisory Inc. now owns 23,838 shares of the financial services provider’s stock valued at $486,000 after buying an additional 7,514 shares in the last quarter. 52.97% of the stock is currently owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION NOTICE: This piece of content was published by American Banking News and is the property of of American Banking News. If you are accessing this piece of content on another domain, it was illegally stolen and republished in violation of United States and international copyright and trademark law. The original version of this piece of content can be accessed at https://www.americanbankingnews.com/2018/01/28/lakeland-bancorp-lbai-downgraded-to-sell-at-bidaskclub.html.

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 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lakeland Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply