StockNews.com upgraded shares of Lakeland Bancorp (NASDAQ:LBAI – Free Report) from a sell rating to a hold rating in a report issued on Tuesday morning.
Separately, Keefe, Bruyette & Woods reduced their price objective on shares of 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.
Check Out Our Latest Analysis on Lakeland Bancorp
Lakeland Bancorp Stock Performance
Lakeland Bancorp (NASDAQ:LBAI – Get Free Report) last posted its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $72.09 million during the quarter. Lakeland Bancorp had a net margin of 16.00% and a return on equity of 7.40%. As a group, equities analysts forecast that Lakeland Bancorp will post 1.07 earnings per share for the current year.
Lakeland Bancorp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 8th. Investors 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 yield of 4.61%. The ex-dividend date is Friday, April 26th. Lakeland Bancorp’s dividend payout ratio (DPR) is 45.31%.
Hedge Funds Weigh In On Lakeland Bancorp
Several institutional investors and hedge funds have recently bought and sold shares of the company. Lindbrook Capital LLC grew its holdings in Lakeland Bancorp by 44.5% in the first quarter. Lindbrook Capital LLC now owns 3,220 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 992 shares during the last quarter. Simplicity Wealth LLC purchased a new position in Lakeland Bancorp in the first quarter worth $211,000. Park Avenue Securities LLC purchased a new position in Lakeland Bancorp in the first quarter worth $429,000. Rise Advisors LLC purchased a new position in Lakeland Bancorp in the first quarter worth $29,000. Finally, Hennessy Advisors Inc. grew its holdings 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 worth $2,958,000 after purchasing an additional 20,000 shares during the last quarter. 59.62% of the stock is owned by hedge funds and other institutional investors.
Lakeland Bancorp Company Profile
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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