12,100 Shares in Lakeland Bancorp, Inc. (LBAI) Acquired by Virginia Retirement Systems ET AL
Virginia Retirement Systems ET AL bought a new position in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,100 shares of the financial services provider’s stock, valued at approximately $228,000.
Several other institutional investors have also modified their holdings of the stock. Legal & General Group Plc raised its holdings in shares of Lakeland Bancorp by 11.9% during the second quarter. Legal & General Group Plc now owns 11,178 shares of the financial services provider’s stock worth $211,000 after purchasing an additional 1,189 shares during the last quarter. Bank of New York Mellon Corp grew its position in Lakeland Bancorp by 10.5% during the second quarter. Bank of New York Mellon Corp now owns 457,918 shares of the financial services provider’s stock valued at $8,632,000 after buying an additional 43,563 shares during the period. Alps Advisors Inc. grew its position in Lakeland Bancorp by 0.3% during the second quarter. Alps Advisors Inc. now owns 23,473 shares of the financial services provider’s stock valued at $442,000 after buying an additional 60 shares during the period. Rhumbline Advisers grew its position in Lakeland Bancorp by 6.2% during the second quarter. Rhumbline Advisers now owns 51,984 shares of the financial services provider’s stock valued at $980,000 after buying an additional 3,052 shares during the period. Finally, First Trust Advisors LP grew its position in Lakeland Bancorp by 53.0% during the second quarter. First Trust Advisors LP now owns 177,325 shares of the financial services provider’s stock valued at $3,343,000 after buying an additional 61,420 shares during the period. 52.64% of the stock is owned by hedge funds and other institutional investors.
Shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) opened at 18.15 on Tuesday. The firm has a market cap of $859.44 million, a price-to-earnings ratio of 17.49 and a beta of 0.80. Lakeland Bancorp, Inc. has a 52-week low of $13.12 and a 52-week high of $20.88. The company’s 50-day moving average is $18.68 and its 200 day moving average is $19.21.
Lakeland Bancorp (NASDAQ:LBAI) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.02. The company had revenue of $47.53 million during the quarter, compared to the consensus estimate of $46.39 million. Lakeland Bancorp had a net margin of 23.94% and a return on equity of 9.21%. On average, analysts expect that Lakeland Bancorp, Inc. will post $1.10 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were given a dividend of $0.10 per share. The ex-dividend date was Thursday, July 27th. This represents a $0.40 dividend on an annualized basis and a yield of 2.20%. Lakeland Bancorp’s payout ratio is currently 38.10%.
In other news, Director Stephen R. Sr Tilton, Sr. sold 13,505 shares of the stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $20.14, for a total value of $271,990.70. Following the completion of the transaction, the director now owns 701,022 shares in the company, valued at approximately $14,118,583.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen R. Sr Tilton, Sr. sold 1,808 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $20.18, for a total transaction of $36,485.44. Following the completion of the transaction, the director now owns 693,805 shares of the company’s stock, valued at approximately $14,000,984.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,413 shares of company stock valued at $681,593. 6.20% of the stock is owned by insiders.
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Several analysts recently commented on the stock. Zacks Investment Research lowered shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. BidaskClub lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, ValuEngine upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $22.00.
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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