Lakeland Bancorp (NASDAQ:LBAI) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Thursday.
Separately, Zacks Investment Research lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, January 30th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $19.88.
Get Lakeland Bancorp alerts:Lakeland Bancorp stock opened at $15.85 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.96 and a current ratio of 0.96. Lakeland Bancorp has a 1-year low of $13.77 and a 1-year high of $21.20. The stock has a market capitalization of $803.46 million, a P/E ratio of 11.83 and a beta of 0.85.
Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings data on Monday, January 28th. The financial services provider reported $0.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. The company had revenue of $49.83 million for the quarter, compared to analyst estimates of $49.63 million. Lakeland Bancorp had a net margin of 26.93% and a return on equity of 10.78%. Sell-side analysts expect that Lakeland Bancorp will post 1.37 EPS for the current fiscal year.
In other news, Director James E. Hanson II bought 1,585 shares of the stock in a transaction on Friday, February 1st. The stock was bought at an average cost of $15.78 per share, for a total transaction of $25,011.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert K. Nicholson III bought 13,000 shares of the stock in a transaction on Friday, December 21st. The stock was purchased at an average price of $14.45 per share, with a total value of $187,850.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 15,585 shares of company stock valued at $227,511. 6.07% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. American Century Companies Inc. acquired a new stake in shares of Lakeland Bancorp during the fourth quarter worth $711,000. Geode Capital Management LLC lifted its stake in shares of Lakeland Bancorp by 8.1% during the fourth quarter. Geode Capital Management LLC now owns 531,252 shares of the financial services provider’s stock worth $7,867,000 after buying an additional 39,672 shares during the period. Millennium Management LLC lifted its stake in shares of Lakeland Bancorp by 6.2% during the fourth quarter. Millennium Management LLC now owns 131,184 shares of the financial services provider’s stock worth $1,943,000 after buying an additional 7,703 shares during the period. Legal & General Group Plc lifted its stake in shares of Lakeland Bancorp by 12.4% during the fourth quarter. Legal & General Group Plc now owns 8,146 shares of the financial services provider’s stock worth $120,000 after buying an additional 897 shares during the period. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Lakeland Bancorp by 2.5% during the fourth quarter. Thrivent Financial for Lutherans now owns 117,920 shares of the financial services provider’s stock worth $1,845,000 after buying an additional 2,914 shares during the period. Institutional investors own 55.58% of the company’s stock.
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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