Lakeland Bancorp (NASDAQ:LBAI) Lifted to “Hold” at StockNews.com

StockNews.com upgraded shares of Lakeland Bancorp (NASDAQ:LBAIFree Report) from a sell rating to a hold rating in a report issued on Wednesday.

Separately, Keefe, Bruyette & Woods cut their price objective on shares of Lakeland Bancorp from $17.50 to $16.65 and set a market perform rating on the stock in a report on Tuesday, January 30th.

Check Out Our Latest Stock Analysis on Lakeland Bancorp

Lakeland Bancorp Stock Performance

NASDAQ LBAI opened at $11.80 on Wednesday. The company has a fifty day simple moving average of $12.55 and a 200 day simple moving average of $12.83. Lakeland Bancorp has a 12-month low of $10.65 and a 12-month high of $16.14. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.44. The company has a market cap of $767.47 million, a P/E ratio of 9.22 and a beta of 0.85.

Lakeland Bancorp (NASDAQ:LBAIGet Free Report) last posted its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Lakeland Bancorp had a net margin of 16.42% and a return on equity of 7.43%. The business had revenue of $72.09 million during the quarter. Sell-side analysts predict that Lakeland Bancorp will post 1.07 earnings per share for the current fiscal year.

Lakeland Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Monday, February 5th were issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 4.92%. The ex-dividend date was Friday, February 2nd. Lakeland Bancorp’s dividend payout ratio is 45.31%.

Hedge Funds Weigh In On Lakeland Bancorp

A number of hedge funds have recently bought and sold shares of LBAI. Assenagon Asset Management S.A. bought a new stake in shares of Lakeland Bancorp during the 3rd quarter worth $2,623,000. Wolverine Asset Management LLC raised its stake in shares of Lakeland Bancorp by 42.4% during the 3rd quarter. Wolverine Asset Management LLC now owns 142,835 shares of the financial services provider’s stock worth $1,803,000 after purchasing an additional 42,542 shares during the period. Swiss National Bank raised its stake in shares of Lakeland Bancorp by 1.2% during the 3rd quarter. Swiss National Bank now owns 135,785 shares of the financial services provider’s stock worth $1,714,000 after purchasing an additional 1,600 shares during the period. Hsbc Holdings PLC raised its stake in shares of Lakeland Bancorp by 12.6% during the 3rd quarter. Hsbc Holdings PLC now owns 56,058 shares of the financial services provider’s stock worth $710,000 after purchasing an additional 6,293 shares during the period. Finally, GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in shares of Lakeland Bancorp during the 3rd quarter worth $530,000. 59.62% of the stock is owned by hedge funds and other institutional investors.

Lakeland Bancorp Company Profile

(Get Free Report)

Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial products and services for businesses and consumers. It provides commercial banking services, including savings, money market, and time accounts, as well as demand deposits. The company also offers lending services, including commercial real estate loans, commercial and industrial loans, short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, residential mortgage loans, small business administration loans, and merchant credit card services; financing solutions to small and medium-sized companies; online banking, mobile banking, and wire transfer services to the business community and municipal relationships; and cash management services, such as remote capture of deposits and overnight sweep repurchase agreements.

Further Reading

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