Lakeland Bancorp, Inc. (NASDAQ:LBAI) Stake Decreased by First Manhattan Co.
First Manhattan Co. lowered its stake in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,200 shares of the financial services provider’s stock after selling 400 shares during the period. First Manhattan Co. owned about 0.10% of Lakeland Bancorp worth $870,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the company. Victory Capital Management Inc. bought a new stake in shares of Lakeland Bancorp during the first quarter valued at $152,000. SG Americas Securities LLC bought a new stake in shares of Lakeland Bancorp during the first quarter valued at $169,000. Legal & General Group Plc increased its stake in shares of Lakeland Bancorp by 5.9% in the first quarter. Legal & General Group Plc now owns 9,989 shares of the financial services provider’s stock valued at $195,000 after buying an additional 559 shares in the last quarter. Verus Financial Partners Inc. increased its stake in shares of Lakeland Bancorp by 0.5% in the second quarter. Verus Financial Partners Inc. now owns 11,735 shares of the financial services provider’s stock valued at $221,000 after buying an additional 61 shares in the last quarter. Finally, Modera Wealth Management LLC bought a new stake in shares of Lakeland Bancorp during the first quarter valued at $292,000. Institutional investors and hedge funds own 52.42% of the company’s stock.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. Lakeland Bancorp had a net margin of 23.94% and a return on equity of 9.35%. The business had revenue of $47.53 million during the quarter, compared to the consensus estimate of $46.39 million.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is Thursday, July 27th. Lakeland Bancorp’s payout ratio is currently 38.10%.
Several analysts have recently weighed in on the stock. BidaskClub downgraded shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Tuesday, July 25th. ValuEngine upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Sandler O’Neill downgraded shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $22.00.
In other news, Director Mark J. Fredericks sold 14,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $19.37, for a total transaction of $273,117.00. Following the completion of the sale, the director now owns 203,496 shares of the company’s stock, valued at $3,941,717.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Timothy J. Matteson sold 2,650 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $19.58, for a total transaction of $51,887.00. The disclosure for this sale can be found here. Insiders have sold 48,129 shares of company stock valued at $957,235 in the last three months. Corporate insiders own 6.20% of the company’s stock.
Lakeland Bancorp Company Profile
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.
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