Bleakley Financial Group LLC Sells 4,527 Shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI)

Bleakley Financial Group LLC reduced its holdings in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 20.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,355 shares of the financial services provider’s stock after selling 4,527 shares during the quarter. Bleakley Financial Group LLC’s holdings in Lakeland Bancorp were worth $257,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in LBAI. Advisor Group Holdings Inc. grew its stake in shares of Lakeland Bancorp by 335.6% in the first quarter. Advisor Group Holdings Inc. now owns 3,197 shares of the financial services provider’s stock valued at $54,000 after buying an additional 2,463 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Lakeland Bancorp by 18.7% in the first quarter. Bank of New York Mellon Corp now owns 341,162 shares of the financial services provider’s stock valued at $5,698,000 after buying an additional 53,844 shares in the last quarter. HighTower Advisors LLC bought a new position in shares of Lakeland Bancorp in the first quarter valued at $865,000. MetLife Investment Management LLC grew its stake in shares of Lakeland Bancorp by 93.5% in the first quarter. MetLife Investment Management LLC now owns 32,726 shares of the financial services provider’s stock valued at $547,000 after buying an additional 15,810 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Lakeland Bancorp by 4.7% in the first quarter. Rhumbline Advisers now owns 75,766 shares of the financial services provider’s stock valued at $1,265,000 after buying an additional 3,389 shares in the last quarter. 59.62% of the stock is owned by institutional investors.

Lakeland Bancorp Trading Down 0.7 %

Shares of Lakeland Bancorp stock opened at $11.56 on Tuesday. The business has a fifty day simple moving average of $12.02 and a two-hundred day simple moving average of $12.75. Lakeland Bancorp, Inc. has a 1 year low of $10.65 and a 1 year high of $16.00. The company has a market capitalization of $753.18 million, a price-to-earnings ratio of 9.03 and a beta of 0.85. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.93 and a quick ratio of 0.93.

Lakeland Bancorp (NASDAQ:LBAI) last announced 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 return on equity of 7.43% and a net margin of 16.42%. The business had revenue of $72.09 million during the quarter. Research analysts forecast that Lakeland Bancorp, Inc. will post 1.07 EPS for the current year.

Lakeland Bancorp Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 5.02%. The ex-dividend date of this dividend was Friday, February 2nd. Lakeland Bancorp’s dividend payout ratio is 45.31%.

Wall Street Analyst Weigh In

LBAI has been the subject of several analyst reports. Keefe, Bruyette & Woods decreased their target price on shares of Lakeland Bancorp from $17.50 to $16.65 and set a “market perform” rating for the company in a research note on Tuesday, January 30th. StockNews.com raised Lakeland Bancorp from a “sell” rating to a “hold” rating in a report on Friday.

Lakeland Bancorp Profile

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.