Legal & General Group Plc Acquires 559 Shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI)
Legal & General Group Plc raised its position in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 5.9% during the first quarter, Holdings Channel reports. The institutional investor owned 9,989 shares of the financial services provider’s stock after buying an additional 559 shares during the period. Legal & General Group Plc’s holdings in Lakeland Bancorp were worth $195,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. American International Group Inc. boosted its stake in shares of Lakeland Bancorp by 7.5% in the first quarter. American International Group Inc. now owns 24,009 shares of the financial services provider’s stock worth $471,000 after buying an additional 1,685 shares in the last quarter. Teachers Advisors LLC boosted its stake in shares of Lakeland Bancorp by 2.8% in the fourth quarter. Teachers Advisors LLC now owns 78,265 shares of the financial services provider’s stock worth $1,526,000 after buying an additional 2,115 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Lakeland Bancorp during the first quarter worth $152,000. SG Americas Securities LLC acquired a new stake in shares of Lakeland Bancorp during the first quarter worth $169,000. Finally, Pacific Ridge Capital Partners LLC boosted its stake in shares of Lakeland Bancorp by 30.1% in the first quarter. Pacific Ridge Capital Partners LLC now owns 45,750 shares of the financial services provider’s stock worth $897,000 after buying an additional 10,580 shares in the last quarter. Hedge funds and other institutional investors own 52.42% of the company’s stock.
Shares of Lakeland Bancorp, Inc. (LBAI) traded down 1.08% during mid-day trading on Friday, reaching $18.25. 95,940 shares of the company were exchanged. Lakeland Bancorp, Inc. has a 12 month low of $12.50 and a 12 month high of $20.88. The firm has a market capitalization of $864.17 million, a price-to-earnings ratio of 17.58 and a beta of 0.80. The company’s 50-day moving average is $19.04 and its 200 day moving average is $19.33.
Lakeland Bancorp (NASDAQ:LBAI) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.28 EPS for the quarter, topping the consensus estimate of $0.26 by $0.02. Lakeland Bancorp had a net margin of 23.94% and a return on equity of 9.21%. The firm had revenue of $47.53 million for the quarter, compared to analysts’ expectations of $46.39 million. Analysts predict that Lakeland Bancorp, Inc. will post $1.10 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.19%. The ex-dividend date is Thursday, July 27th. Lakeland Bancorp’s dividend payout ratio (DPR) is presently 38.10%.
A number of brokerages recently weighed in on LBAI. Zacks Investment Research upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Tuesday, July 25th. BidaskClub cut shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. ValuEngine upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Sandler O’Neill cut shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Lakeland Bancorp presently has a consensus rating of “Hold” and a consensus price target of $22.00.
In other Lakeland Bancorp news, Director Edward B. Deutsch sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Mark J. Fredericks sold 14,100 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was 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 in the company, valued at $3,941,717.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,129 shares of company stock worth $957,235. 6.20% of the stock is owned by company insiders.
About Lakeland Bancorp
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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