Systematic Financial Management LP Increases Stake in Lakeland Bancorp, Inc. (LBAI)
Systematic Financial Management LP grew its holdings in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 2.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,076,130 shares of the financial services provider’s stock after buying an additional 21,097 shares during the period. Systematic Financial Management LP’s holdings in Lakeland Bancorp were worth $19,424,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Millennium Management LLC bought a new position in Lakeland Bancorp in the 1st quarter worth about $3,791,000. Royal Bank of Canada boosted its stake in Lakeland Bancorp by 200.8% in the 1st quarter. Royal Bank of Canada now owns 6,453 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 4,308 shares in the last quarter. Xact Kapitalforvaltning AB boosted its stake in Lakeland Bancorp by 30.2% in the 1st quarter. Xact Kapitalforvaltning AB now owns 13,353 shares of the financial services provider’s stock worth $265,000 after purchasing an additional 3,100 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Lakeland Bancorp by 1,571.8% in the 1st quarter. Principal Financial Group Inc. now owns 215,196 shares of the financial services provider’s stock worth $4,272,000 after purchasing an additional 202,324 shares in the last quarter. Finally, Eastern Bank bought a new position in Lakeland Bancorp in the 2nd quarter worth about $399,000. Hedge funds and other institutional investors own 54.75% of the company’s stock.
In other Lakeland Bancorp news, Director Mary Ann Deacon bought 6,750 shares of the firm’s stock in a transaction on Thursday, November 1st. The stock was acquired at an average price of $16.51 per share, with a total value of $111,442.50. Following the transaction, the director now owns 25,733 shares in the company, valued at $424,851.83. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 6.07% of the stock is currently owned by insiders.
Shares of NASDAQ:LBAI opened at $16.36 on Tuesday. Lakeland Bancorp, Inc. has a fifty-two week low of $15.57 and a fifty-two week high of $21.90. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $780.66 million, a price-to-earnings ratio of 14.74 and a beta of 0.89.
Lakeland Bancorp (NASDAQ:LBAI) last issued its earnings results on Thursday, October 25th. The financial services provider reported $0.35 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.35. Lakeland Bancorp had a return on equity of 10.37% and a net margin of 26.69%. The business had revenue of $49.26 million during the quarter, compared to analyst estimates of $50.39 million. Sell-side analysts forecast that Lakeland Bancorp, Inc. will post 1.35 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 5th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date is Friday, November 2nd. Lakeland Bancorp’s dividend payout ratio (DPR) is 41.44%.
About Lakeland Bancorp
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial products and services for individuals and small to medium sized businesses. It offers commercial banking services, including savings, money market, and time accounts, as well as demand deposits; lending solutions, such as short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, mortgage loans, small business administration loans, commercial real estate loans, commercial and industrial loans, and equipment financing, as well as merchant credit card services; and Internet banking, mobile banking, wire transfer, night depository, and cash management services.
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