Zacks Investment Research lowered shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) from a buy rating to a hold rating in a research note published on Wednesday.

According to Zacks, “LAKELAND BANCORP INC. is a bank holding company engaged in general banking business. “

LBAI has been the topic of a number of other research reports. ValuEngine upgraded Lakeland Bancorp from a hold rating to a buy rating in a report on Friday, June 2nd. BidaskClub cut Lakeland Bancorp from a hold rating to a sell rating in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Lakeland Bancorp presently has an average rating of Hold and an average target price of $22.00.

Lakeland Bancorp (LBAI) opened at 19.25 on Wednesday. Lakeland Bancorp has a 1-year low of $13.15 and a 1-year high of $20.88. The firm’s 50-day moving average price is $18.53 and its 200-day moving average price is $19.13. The firm has a market cap of $911.53 million, a price-to-earnings ratio of 18.55 and a beta of 0.80.

Lakeland Bancorp (NASDAQ:LBAI) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. The firm had revenue of $47.53 million for the quarter, compared to analysts’ expectations of $46.39 million. Lakeland Bancorp had a return on equity of 9.21% and a net margin of 23.94%. On average, equities research analysts anticipate that Lakeland Bancorp will post $1.10 earnings per share for the current year.

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In other news, Director Edward B. Deutsch sold 5,000 shares of the firm’s stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $19.00, for a total transaction of $95,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Mark J. Fredericks sold 14,100 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $19.37, for a total value of $273,117.00. Following the sale, the director now owns 203,496 shares in the company, valued at approximately $3,941,717.52. The disclosure for this sale can be found here. Insiders have sold 24,100 shares of company stock worth $468,117 in the last 90 days. Insiders own 6.20% of the company’s stock.

Several hedge funds have recently bought and sold shares of LBAI. 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. Legal & General Group Plc boosted its holdings in shares of Lakeland Bancorp by 5.9% during the first quarter. Legal & General Group Plc now owns 9,989 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 559 shares during the last quarter. Verus Financial Partners Inc. boosted its holdings in shares of Lakeland Bancorp by 0.5% during the second quarter. Verus Financial Partners Inc. now owns 11,735 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 61 shares during the last quarter. Finally, Virginia Retirement Systems ET AL acquired a new stake in shares of Lakeland Bancorp during the second quarter worth $228,000. Institutional investors and hedge funds own 52.64% 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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