Cannell & Co. lifted its position in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI – Free Report) by 20.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,000 shares of the financial services provider’s stock after buying an additional 3,000 shares during the quarter. Cannell & Co.’s holdings in Lakeland Bancorp were worth $241,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd bought a new position in Lakeland Bancorp during the 1st quarter worth about $48,000. Advisor Group Holdings Inc. lifted its position in shares of Lakeland Bancorp by 335.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 3,197 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 2,463 shares during the period. Great West Life Assurance Co. Can boosted its stake in shares of Lakeland Bancorp by 26.1% during the first quarter. Great West Life Assurance Co. Can now owns 4,169 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 863 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in Lakeland Bancorp by 24.8% during the first quarter. Ameritas Investment Partners Inc. now owns 4,784 shares of the financial services provider’s stock valued at $80,000 after buying an additional 950 shares during the period. Finally, HM Payson & Co. increased its holdings in Lakeland Bancorp by 66.7% during the second quarter. HM Payson & Co. now owns 5,000 shares of the financial services provider’s stock valued at $67,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 59.84% of the company’s stock.
Lakeland Bancorp Trading Up 10.4 %
NASDAQ LBAI opened at $12.90 on Wednesday. Lakeland Bancorp, Inc. has a 52 week low of $10.65 and a 52 week high of $20.02. The company has a 50 day moving average price of $12.25 and a 200 day moving average price of $13.33. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.46. The firm has a market cap of $838.89 million, a PE ratio of 8.66 and a beta of 0.85.
Lakeland Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Shareholders of record on Monday, November 6th will be issued a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 4.50%. The ex-dividend date of this dividend is Friday, November 3rd. Lakeland Bancorp’s dividend payout ratio is presently 38.93%.
Analysts Set New Price Targets
A number of analysts have weighed in on the company. StockNews.com assumed coverage on Lakeland Bancorp in a report on Thursday, October 5th. They set a “sell” rating for the company. TheStreet cut Lakeland Bancorp from a “b-” rating to a “c+” rating in a research note on Monday.
About Lakeland Bancorp
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that offers various banking products and services for individuals and small to medium sized businesses. It provides commercial banking services, including savings, money market, and time accounts, as well as demand deposits.
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