StockNews.com upgraded shares of Lakeland Bancorp (NASDAQ:LBAI – Free Report) from a sell rating to a hold rating in a research note issued to investors on Friday morning.
Separately, Keefe, Bruyette & Woods dropped their price objective on shares of Lakeland Bancorp from $17.50 to $16.65 and set a market perform rating on the stock in a report on Tuesday, January 30th.
View Our Latest Research Report on LBAI
Lakeland Bancorp Trading Up 4.2 %
Lakeland Bancorp (NASDAQ:LBAI – Get Free Report) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. Lakeland Bancorp had a net margin of 16.42% and a return on equity of 7.43%. The company had revenue of $72.09 million for the quarter. Equities research analysts anticipate that Lakeland Bancorp will post 1.07 EPS for the current year.
Lakeland Bancorp Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Monday, February 5th were given a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 4.98%. The ex-dividend date was Friday, February 2nd. Lakeland Bancorp’s dividend payout ratio (DPR) is currently 45.31%.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the business. Park Avenue Securities LLC bought a new position in Lakeland Bancorp in the first quarter valued at $429,000. Rise Advisors LLC bought a new position in Lakeland Bancorp in the first quarter valued at $29,000. Hennessy Advisors Inc. grew its position in Lakeland Bancorp by 11.1% in the fourth quarter. Hennessy Advisors Inc. now owns 200,000 shares of the financial services provider’s stock valued at $2,958,000 after purchasing an additional 20,000 shares in the last quarter. Vanguard Group Inc. grew its position in Lakeland Bancorp by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 3,715,855 shares of the financial services provider’s stock valued at $54,957,000 after purchasing an additional 104,268 shares in the last quarter. Finally, Virtu Financial LLC bought a new position in Lakeland Bancorp in the fourth quarter valued at $790,000. 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.
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