Bank of New York Mellon Corp Buys 20,210 Shares of Lakeland Bancorp, Inc. (LBAI)
Bank of New York Mellon Corp increased its stake in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 7.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 298,919 shares of the financial services provider’s stock after buying an additional 20,210 shares during the quarter. Bank of New York Mellon Corp owned about 0.63% of Lakeland Bancorp worth $4,427,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of LBAI. Hennessy Advisors Inc. bought a new position in Lakeland Bancorp during the 4th quarter worth $3,554,000. Maltese Capital Management LLC grew its stake in Lakeland Bancorp by 52.9% during the 3rd quarter. Maltese Capital Management LLC now owns 542,882 shares of the financial services provider’s stock worth $9,799,000 after buying an additional 187,930 shares during the last quarter. BlackRock Inc. grew its stake in Lakeland Bancorp by 3.6% during the 4th quarter. BlackRock Inc. now owns 3,286,931 shares of the financial services provider’s stock worth $48,680,000 after buying an additional 113,157 shares during the last quarter. Renaissance Technologies LLC grew its stake in Lakeland Bancorp by 17.1% during the 3rd quarter. Renaissance Technologies LLC now owns 648,630 shares of the financial services provider’s stock worth $11,708,000 after buying an additional 94,730 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in Lakeland Bancorp during the 3rd quarter worth $1,565,000. Hedge funds and other institutional investors own 53.23% of the company’s stock.
NASDAQ:LBAI opened at $15.67 on Tuesday. Lakeland Bancorp, Inc. has a 1 year low of $13.77 and a 1 year high of $21.15. The firm has a market capitalization of $794.87 million, a PE ratio of 11.69 and a beta of 0.87. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.46.
A number of research analysts recently commented on the company. Zacks Investment Research downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday. ValuEngine cut Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 21st. Finally, BidaskClub cut Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 7th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $19.88.
In other Lakeland Bancorp news, Director James E. Hanson II purchased 1,585 shares of the firm’s stock in a transaction dated Friday, February 1st. The stock was bought at an average price of $15.78 per share, with a total value of $25,011.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.07% of the company’s stock.
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Lakeland Bancorp Profile
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides various banking 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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