Shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) have been assigned a consensus rating of “Hold” from the seven analysts that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $20.50.
Several equities research analysts have recently issued reports on the company. BidaskClub lowered Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday. Boenning Scattergood assumed coverage on Lakeland Bancorp in a report on Monday, September 10th. They set a “neutral” rating for the company. Zacks Investment Research raised Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research note on Thursday, October 25th. Finally, FIG Partners raised Lakeland Bancorp from a “market perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research note on Friday, October 26th.
Shares of Lakeland Bancorp stock traded up $0.13 during trading on Monday, hitting $16.53. 204,066 shares of the stock traded hands, compared to its average volume of 112,156. The firm has a market cap of $778.76 million, a price-to-earnings ratio of 14.89 and a beta of 0.89. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.96. Lakeland Bancorp has a twelve month low of $15.57 and a twelve month high of $21.90.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Monday, November 5th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Friday, November 2nd. Lakeland Bancorp’s payout ratio is 41.44%.
In related news, insider Thomas Shara acquired 5,000 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The shares were acquired at an average cost of $16.12 per share, with a total value of $80,600.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mary Ann Deacon acquired 6,750 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The stock was bought at an average cost of $16.51 per share, for a total transaction of $111,442.50. Following the completion of the purchase, the director now directly owns 25,733 shares in the company, valued at approximately $424,851.83. The disclosure for this purchase can be found here. 6.07% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of LBAI. Royal Bank of Canada increased its position in Lakeland Bancorp by 200.8% in the 1st quarter. Royal Bank of Canada now owns 6,453 shares of the financial services provider’s stock worth $128,000 after buying an additional 4,308 shares during the period. Strs Ohio bought a new position in Lakeland Bancorp in the 2nd quarter worth approximately $168,000. Panagora Asset Management Inc. bought a new position in Lakeland Bancorp in the 3rd quarter worth approximately $156,000. Engineers Gate Manager LP bought a new position in Lakeland Bancorp in the 3rd quarter worth approximately $305,000. Finally, Xact Kapitalforvaltning AB increased its position in Lakeland Bancorp by 29.2% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 17,253 shares of the financial services provider’s stock worth $342,000 after buying an additional 3,900 shares during the period. 54.85% of the stock is currently owned by institutional investors and hedge funds.
Lakeland Bancorp Company Profile
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial products and services for individuals and small to medium sized businesses. It offers commercial banking services, including savings, money market, and time accounts, as well as demand deposits; lending solutions, such as short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, mortgage loans, small business administration loans, commercial real estate loans, commercial and industrial loans, and equipment financing, as well as merchant credit card services; and Internet banking, mobile banking, wire transfer, night depository, and cash management services.
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