Lakeland Bancorp, Inc. (LBAI) Posts Earnings Results, Hits Expectations

Lakeland Bancorp, Inc. (LBAI) Posts  Earnings Results, Hits Expectations

Lakeland Bancorp, Inc. (NASDAQ:LBAI) issued its quarterly earnings results on Thursday. The financial services provider reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. Lakeland Bancorp had a return on equity of 9.39% and a net margin of 22.49%.

Shares of Lakeland Bancorp (NASDAQ:LBAI) opened at 18.85 on Monday. The company’s 50-day moving average price is $18.94 and its 200-day moving average price is $15.17. The firm has a market cap of $890.13 million, a PE ratio of 19.84 and a beta of 0.89. Lakeland Bancorp has a 52-week low of $9.72 and a 52-week high of $20.05.

The company also recently disclosed a dividend, which will be paid on Friday, February 17th. Investors of record on Tuesday, February 7th will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Friday, February 3rd. Lakeland Bancorp’s payout ratio is 40.00%.

In other Lakeland Bancorp news, Director Edward B. Deutsch sold 55,604 shares of the company’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $15.49, for a total transaction of $861,305.96. Following the transaction, the director now owns 60,620 shares of the company’s stock, valued at approximately $939,003.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Stewart E. Mcclure, Jr. sold 15,567 shares of the company’s stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $14.44, for a total value of $224,787.48. Following the transaction, the insider now directly owns 141,802 shares in the company, valued at approximately $2,047,620.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 158,772 shares of company stock worth $2,573,464. Company insiders own 7.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Banc Funds Co. LLC increased its position in Lakeland Bancorp by 0.3% in the second quarter. Banc Funds Co. LLC now owns 1,609,554 shares of the financial services provider’s stock worth $18,317,000 after buying an additional 4,492 shares during the period. Vanguard Group Inc. increased its position in Lakeland Bancorp by 4.8% in the second quarter. Vanguard Group Inc. now owns 1,189,613 shares of the financial services provider’s stock worth $13,539,000 after buying an additional 54,772 shares during the period. Northern Trust Corp increased its position in Lakeland Bancorp by 1.8% in the third quarter. Northern Trust Corp now owns 1,130,021 shares of the financial services provider’s stock worth $15,866,000 after buying an additional 20,009 shares during the period. BlackRock Fund Advisors increased its position in Lakeland Bancorp by 8.7% in the third quarter. BlackRock Fund Advisors now owns 1,086,822 shares of the financial services provider’s stock worth $15,259,000 after buying an additional 87,086 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its position in Lakeland Bancorp by 0.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,086,031 shares of the financial services provider’s stock worth $15,248,000 after buying an additional 4,013 shares during the period. 42.94% of the stock is currently owned by institutional investors.

A number of brokerages have recently weighed in on LBAI. FIG Partners began coverage on Lakeland Bancorp in a report on Thursday, January 5th. They set a “market perform” rating on the stock. Zacks Investment Research downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, December 20th. Finally, Raymond James Financial, Inc. downgraded Lakeland Bancorp from an “outperform” rating to a “market perform” rating in a report on Thursday, October 27th. They noted that the move was a valuation call.

About Lakeland Bancorp

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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