Kennedy Capital Management Inc. lessened its stake in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 3.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 365,066 shares of the financial services provider’s stock after selling 11,251 shares during the period. Kennedy Capital Management Inc. owned approximately 0.77% of Lakeland Bancorp worth $6,881,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. Swiss National Bank raised its holdings in Lakeland Bancorp by 7.0% during the 2nd quarter. Swiss National Bank now owns 74,785 shares of the financial services provider’s stock valued at $1,410,000 after buying an additional 4,900 shares during the period. Principal Financial Group Inc. purchased a new stake in Lakeland Bancorp during the 2nd quarter valued at $527,000. Victory Capital Management Inc. raised its holdings in Lakeland Bancorp by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 9,108 shares of the financial services provider’s stock valued at $172,000 after buying an additional 1,366 shares during the period. Virginia Retirement Systems ET AL purchased a new stake in Lakeland Bancorp during the 2nd quarter valued at $228,000. Finally, Legal & General Group Plc raised its holdings in Lakeland Bancorp by 11.9% during the 2nd quarter. Legal & General Group Plc now owns 11,178 shares of the financial services provider’s stock valued at $211,000 after buying an additional 1,189 shares during the period. Institutional investors own 52.64% of the company’s stock.
Several analysts recently weighed in on LBAI shares. Zacks Investment Research lowered Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, May 30th. ValuEngine upgraded Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, BidaskClub lowered Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $22.00.
In other Lakeland Bancorp news, Director Stephen R. Sr Tilton, Sr. sold 1,808 shares of Lakeland Bancorp stock in a transaction on Friday, June 16th. The stock was sold at an average price of $20.18, for a total value of $36,485.44. Following the sale, the director now owns 693,805 shares in the company, valued at $14,000,984.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward B. Deutsch sold 5,000 shares of Lakeland Bancorp stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. The disclosure for this sale can be found here. Insiders have sold 34,413 shares of company stock worth $681,593 in the last three months. 6.20% of the stock is currently owned by corporate insiders.
Shares of Lakeland Bancorp, Inc. (NASDAQ LBAI) opened at 18.15 on Tuesday. The stock 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 12-month low of $13.12 and a 12-month high of $20.88. The company’s 50-day moving average price is $18.68 and its 200 day moving average price is $19.21.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.02. The company had revenue of $47.53 million for the quarter, compared to analyst estimates of $46.39 million. Lakeland Bancorp had a return on equity of 9.21% and a net margin of 23.94%. On average, equities analysts predict that Lakeland Bancorp, Inc. will post $1.10 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, July 31st were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Thursday, July 27th. Lakeland Bancorp’s dividend payout ratio (DPR) is currently 38.10%.
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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