Pinnacle Associates Ltd. cut its stake in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 57.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,953 shares of the financial services provider’s stock after selling 80,921 shares during the period. Pinnacle Associates Ltd. owned approximately 0.13% of Lakeland Bancorp worth $1,243,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Victory Capital Management Inc. grew its position in shares of Lakeland Bancorp by 17.6% in the second quarter. Victory Capital Management Inc. now owns 9,108 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 1,366 shares during the last quarter. Legal & General Group Plc grew its position 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 purchasing an additional 559 shares during the last quarter. Palouse Capital Management Inc. acquired a new stake in shares of Lakeland Bancorp in the third quarter valued at approximately $206,000. Virginia Retirement Systems ET AL acquired a new stake in shares of Lakeland Bancorp in the second quarter valued at approximately $228,000. Finally, Biondo Investment Advisors LLC acquired a new stake in shares of Lakeland Bancorp in the second quarter valued at approximately $236,000. 52.97% of the stock is owned by institutional investors.

In related news, insider Robert A. Vandenbergh sold 12,738 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $20.56, for a total transaction of $261,893.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Edward B. Deutsch sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $19.00, for a total transaction of $95,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,014 shares of company stock worth $422,413. 6.20% of the stock is owned by company insiders.

Separately, Zacks Investment Research lowered shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, September 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $22.00.

Shares of Lakeland Bancorp, Inc. (NASDAQ LBAI) opened at $20.85 on Monday. The company has a market cap of $987.30, a P/E ratio of 19.13 and a beta of 0.78. Lakeland Bancorp, Inc. has a 1 year low of $15.06 and a 1 year high of $21.90. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.95 and a quick ratio of 0.95.

Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. Lakeland Bancorp had a net margin of 24.54% and a return on equity of 9.12%. The business had revenue of $47.57 million for the quarter, compared to analyst estimates of $47.79 million. sell-side analysts predict that Lakeland Bancorp, Inc. will post 1.12 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Monday, November 6th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 1.92%. Lakeland Bancorp’s dividend payout ratio (DPR) is currently 36.70%.

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Lakeland Bancorp 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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Institutional Ownership by Quarter for Lakeland Bancorp (NASDAQ:LBAI)

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