Assenagon Asset Management S.A. acquired a new position in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 168,015 shares of the financial services provider’s stock, valued at approximately $3,033,000.
A number of other institutional investors also recently bought and sold shares of LBAI. Royal Bank of Canada increased its stake in Lakeland Bancorp by 200.8% during the 1st quarter. Royal Bank of Canada now owns 6,453 shares of the financial services provider’s stock worth $128,000 after acquiring an additional 4,308 shares during the period. Strs Ohio bought a new position in Lakeland Bancorp during the 2nd quarter worth $168,000. Xact Kapitalforvaltning AB increased its stake in Lakeland Bancorp by 30.2% during the 1st quarter. Xact Kapitalforvaltning AB now owns 13,353 shares of the financial services provider’s stock worth $265,000 after acquiring an additional 3,100 shares during the period. Victory Capital Management Inc. increased its stake in Lakeland Bancorp by 15.9% during the 2nd quarter. Victory Capital Management Inc. now owns 19,294 shares of the financial services provider’s stock worth $383,000 after acquiring an additional 2,648 shares during the period. Finally, Raymond James Financial Services Advisors Inc. bought a new position in Lakeland Bancorp during the 2nd quarter worth $392,000. Hedge funds and other institutional investors own 54.75% of the company’s stock.
In other Lakeland Bancorp news, Director Mary Ann Deacon purchased 6,750 shares of the firm’s stock in a transaction dated Thursday, November 1st. The shares were bought at an average price of $16.51 per share, for a total transaction of $111,442.50. Following the purchase, the director now owns 25,733 shares in the company, valued at approximately $424,851.83. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 6.07% of the company’s stock.
Lakeland Bancorp stock opened at $16.36 on Tuesday. Lakeland Bancorp, Inc. has a one year low of $15.57 and a one year high of $21.90. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $781.61 million, a price-to-earnings ratio of 14.74 and a beta of 0.89.
Lakeland Bancorp (NASDAQ:LBAI) last issued its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.35. Lakeland Bancorp had a return on equity of 10.45% and a net margin of 26.69%. The company had revenue of $49.26 million for the quarter, compared to analyst estimates of $50.39 million. Equities research analysts expect that Lakeland Bancorp, Inc. will post 1.35 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Stockholders of record on Monday, November 5th will be paid a $0.115 dividend. The ex-dividend date is Friday, November 2nd. This represents a $0.46 annualized dividend and a dividend yield of 2.81%. Lakeland Bancorp’s payout ratio is 41.44%.
A number of research firms have commented on LBAI. Zacks Investment Research lowered Lakeland Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 30th. FIG Partners upgraded Lakeland Bancorp from a “market perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research note on Friday, October 26th. BidaskClub lowered Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 23rd. ValuEngine lowered Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, September 12th. Finally, Boenning Scattergood began coverage on Lakeland Bancorp in a research note on Monday, September 10th. They set a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $19.88.
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Lakeland Bancorp Company Profile
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial products and services for individuals and small to medium sized businesses. It offers commercial banking services, including savings, money market, and time accounts, as well as demand deposits; lending solutions, such as short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, mortgage loans, small business administration loans, commercial real estate loans, commercial and industrial loans, and equipment financing, as well as merchant credit card services; and Internet banking, mobile banking, wire transfer, night depository, and cash management services.
Further Reading: Understanding Market Liquidity
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