UBS Asset Management Americas Inc. increased its position in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 3.9% during the third quarter, Holdings Channel reports. The fund owned 29,220 shares of the financial services provider’s stock after buying an additional 1,100 shares during the period. UBS Asset Management Americas Inc. owned approximately 0.07% of Lakeland Bancorp worth $410,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mcrae Capital Management Inc. boosted its position in Lakeland Bancorp by 235.4% in the third quarter. Mcrae Capital Management Inc. now owns 377,884 shares of the financial services provider’s stock worth $5,305,000 after buying an additional 265,230 shares during the last quarter. First Trust Advisors LP boosted its position in Lakeland Bancorp by 8.7% in the second quarter. First Trust Advisors LP now owns 60,521 shares of the financial services provider’s stock worth $689,000 after buying an additional 4,841 shares during the last quarter. Emerald Mutual Fund Advisers Trust bought a new position in Lakeland Bancorp during the second quarter worth $749,000. Bank of New York Mellon Corp boosted its position in Lakeland Bancorp by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 204,663 shares of the financial services provider’s stock worth $2,329,000 after buying an additional 3,507 shares during the last quarter. Finally, Emerald Acquisition Ltd. bought a new position in Lakeland Bancorp during the second quarter worth $1,152,000. Hedge funds and other institutional investors own 42.94% of the company’s stock.
Shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) opened at 18.85 on Friday. Lakeland Bancorp, Inc. has a 52-week low of $9.72 and a 52-week high of $20.05. The stock has a 50 day moving average of $18.94 and a 200 day moving average of $15.17. The company has a market cap of $890.13 million, a price-to-earnings ratio of 19.84 and a beta of 0.89.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings data on Thursday, January 26th. The financial services provider reported $0.26 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.26. Lakeland Bancorp had a net margin of 22.49% and a return on equity of 9.39%. On average, equities research analysts expect that Lakeland Bancorp, Inc. will post $1.07 EPS for the current year.
The company also recently disclosed a dividend, which will be paid on Friday, February 17th. Shareholders of record on Tuesday, February 7th will be paid a dividend of $0.095 per share. The ex-dividend date is Friday, February 3rd. Lakeland Bancorp’s dividend payout ratio is currently 40.00%.
LBAI has been the topic of a number of research analyst reports. Raymond James Financial, Inc. cut shares of Lakeland Bancorp from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 27th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, December 20th. Finally, FIG Partners initiated coverage on shares of Lakeland Bancorp in a research note on Thursday, January 5th. They issued a “market perform” rating on the stock.
In other Lakeland Bancorp news, Director Edward B. Deutsch sold 55,604 shares of the firm’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $15.49, for a total transaction of $861,305.96. Following the completion of the sale, the director now directly owns 60,620 shares in the company, valued at approximately $939,003.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Stewart E. Mcclure, Jr. sold 15,567 shares of the firm’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $14.44, for a total transaction of $224,787.48. Following the sale, the insider now owns 141,802 shares of the company’s stock, valued at $2,047,620.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 194,568 shares of company stock valued at $3,081,768. 7.30% of the stock is owned by company insiders.
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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