Lakeland Bancorp (NASDAQ:LBAI) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Lakeland Bancorp (NASDAQ:LBAI) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

Separately, Keefe, Bruyette & Woods lowered their target price on Lakeland Bancorp from $17.50 to $16.65 and set a market perform rating for the company in a research note on Tuesday, January 30th.

Lakeland Bancorp Price Performance

LBAI opened at $12.58 on Tuesday. The stock has a 50-day moving average price of $11.99 and a 200-day moving average price of $12.72. Lakeland Bancorp has a 12-month low of $10.65 and a 12-month high of $16.00. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $819.59 million, a P/E ratio of 9.83 and a beta of 0.85.

Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Lakeland Bancorp had a return on equity of 7.40% and a net margin of 16.00%. The firm had revenue of $72.09 million during the quarter. Equities analysts predict that Lakeland Bancorp will post 1.07 earnings per share for the current fiscal year.

Lakeland Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 8th. Stockholders of record on Monday, April 29th will be paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 4.61%. The ex-dividend date is Friday, April 26th. Lakeland Bancorp’s dividend payout ratio (DPR) is presently 45.31%.

Institutional Investors Weigh In On Lakeland Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new stake in shares of Lakeland Bancorp in the 3rd quarter valued at about $2,623,000. Vanguard Group Inc. grew its holdings in shares of Lakeland Bancorp by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 3,611,587 shares of the financial services provider’s stock worth $45,578,000 after acquiring an additional 34,769 shares during the period. Wolverine Asset Management LLC grew its holdings in shares of Lakeland Bancorp by 42.4% during the 3rd quarter. Wolverine Asset Management LLC now owns 142,835 shares of the financial services provider’s stock worth $1,803,000 after acquiring an additional 42,542 shares during the period. Swiss National Bank grew its holdings in shares of Lakeland Bancorp by 1.2% during the 3rd quarter. Swiss National Bank now owns 135,785 shares of the financial services provider’s stock worth $1,714,000 after acquiring an additional 1,600 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in shares of Lakeland Bancorp by 12.6% during the 3rd quarter. Hsbc Holdings PLC now owns 56,058 shares of the financial services provider’s stock worth $710,000 after acquiring an additional 6,293 shares during the period. Institutional investors own 59.62% of the company’s stock.

About Lakeland Bancorp

Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial products and services for businesses and consumers. It provides commercial banking services, including savings, money market, and time accounts, as well as demand deposits. The company also offers lending services, including commercial real estate loans, commercial and industrial loans, short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, residential mortgage loans, small business administration loans, and merchant credit card services; financing solutions to small and medium-sized companies; online banking, mobile banking, and wire transfer services to the business community and municipal relationships; and cash management services, such as remote capture of deposits and overnight sweep repurchase agreements.