Wells Fargo & Company MN increased its stake in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 26.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,985 shares of the financial services provider’s stock after buying an additional 30,985 shares during the period. Wells Fargo & Company MN owned 0.30% of Lakeland Bancorp worth $2,423,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in LBAI. Banc Funds Co. LLC raised its stake in Lakeland Bancorp by 25.3% in the first quarter. Banc Funds Co. LLC now owns 1,420,028 shares of the financial services provider’s stock worth $21,201,000 after buying an additional 286,852 shares in the last quarter. Context BH Capital Management LP bought a new position in shares of Lakeland Bancorp during the first quarter valued at approximately $2,085,000. GSA Capital Partners LLP bought a new position in shares of Lakeland Bancorp during the second quarter valued at approximately $843,000. Acadian Asset Management LLC increased its stake in shares of Lakeland Bancorp by 1,217.4% during the first quarter. Acadian Asset Management LLC now owns 43,487 shares of the financial services provider’s stock valued at $648,000 after purchasing an additional 40,186 shares in the last quarter. Finally, Legacy Advisors LLC increased its stake in shares of Lakeland Bancorp by 42.8% during the second quarter. Legacy Advisors LLC now owns 82,436 shares of the financial services provider’s stock valued at $1,331,000 after purchasing an additional 24,696 shares in the last quarter. 55.31% of the stock is owned by institutional investors.
Shares of NASDAQ LBAI traded up $0.21 on Wednesday, reaching $15.62. 3,704 shares of the company’s stock traded hands, compared to its average volume of 167,861. Lakeland Bancorp, Inc. has a 12 month low of $13.77 and a 12 month high of $18.35. The business’s 50 day simple moving average is $15.19 and its two-hundred day simple moving average is $15.70. The company has a market cap of $796.72 million, a price-to-earnings ratio of 11.59 and a beta of 0.90. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.45.
A number of brokerages have weighed in on LBAI. BidaskClub raised shares of Lakeland Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 12th. DA Davidson reaffirmed a “buy” rating on shares of Lakeland Bancorp in a research note on Wednesday, September 11th. Finally, Zacks Investment Research downgraded shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $18.50.
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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