Lakeland Bancorp, Inc. (NASDAQ:LBAI) has received a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokers that have covered the stock in the last year is $20.50.
A number of brokerages have recently issued reports on LBAI. BidaskClub downgraded shares of Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, September 22nd. Zacks Investment Research upgraded shares of Lakeland Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, August 21st. Boenning Scattergood began coverage on shares of Lakeland Bancorp in a report on Monday, September 10th. They set a “neutral” rating for the company. ValuEngine downgraded shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $23.50 price target on shares of Lakeland Bancorp in a report on Wednesday, August 1st.
A number of institutional investors have recently bought and sold shares of LBAI. Royal Bank of Canada increased its holdings 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 valued at $128,000 after purchasing an additional 4,308 shares during the last quarter. Strs Ohio acquired a new stake in Lakeland Bancorp in the 2nd quarter valued at approximately $168,000. Xact Kapitalforvaltning AB increased its holdings 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 valued at $265,000 after purchasing an additional 3,100 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Lakeland Bancorp in the 1st quarter valued at approximately $300,000. Finally, Victory Capital Management Inc. increased its holdings in Lakeland Bancorp by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 19,294 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 2,648 shares during the last quarter. Hedge funds and other institutional investors own 54.52% of the company’s stock.
Lakeland Bancorp (NASDAQ:LBAI) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.35. The business had revenue of $49.26 million during the quarter, compared to the consensus estimate of $50.39 million. Lakeland Bancorp had a net margin of 26.69% and a return on equity of 10.45%. On average, sell-side analysts expect that Lakeland Bancorp will post 1.35 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, November 5th will be issued a $0.115 dividend. The ex-dividend date of this dividend is Friday, November 2nd. This represents a $0.46 annualized dividend and a yield of 2.79%. Lakeland Bancorp’s dividend payout ratio (DPR) is presently 41.44%.
Lakeland Bancorp Company Profile
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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