Lakeland Bancorp Inc. (NASDAQ:LBAI) shares traded 3.37% higher at $16.85 on Wall Street last session.
LBAI stock price is now -9.93% away from the 50-day moving average and -1.46% away from the 200-day moving average. The market capitalization of the company currently stands at $1.11B.
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With the price target reduced from $20 to $17, Raymond James Downgraded its rating from Strong Buy to Outperform for Lakeland Bancorp Inc. (NASDAQ: LBAI). On April 28, 2021, Raymond James Upgraded its previous ‘Outperform’ rating to ‘Strong Buy’ on the stock increasing its target price from $17 to quote $23, while ‘Piper Sandler’ rates the stock as ‘Overweight’.
In other news, Hanson James E. II, Director bought 1,400 shares of the company’s stock on Mar 01. The stock was bought for $26,698 at an average price of $19.07. Upon completion of the transaction, the Director now directly owns 31,199 shares in the company, valued at $0.53 million. Insiders disposed of 51,238 shares of company stock worth roughly $0.86 million over the past 1 year. A total of 0.30% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in LBAI stock. A new stake in Lakeland Bancorp Inc. shares was purchased by HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND during the first quarter worth $6,021,000. MILLENNIUM MANAGEMENT LLC invested $4,922,000 in shares of LBAI during the first quarter. In the first quarter, MONARCH PARTNERS ASSET MANAGEMENT LLC acquired a new stake in Lakeland Bancorp Inc. valued at approximately $3,683,000. ALPHASIMPLEX GROUP, LLC acquired a new stake in LBAI for approximately $851,000. WATER ISLAND CAPITAL LLC purchased a new stake in LBAI valued at around $550,000 in the second quarter. In total, there are 251 active investors with 58.60% ownership of the company’s stock.
Lakeland Bancorp Inc. (NASDAQ: LBAI) opened at $17.72 on Tuesday. During the past 12 months, Lakeland Bancorp Inc. has had a low of $13.91 and a high of $20.02. The fifty day moving average price for LBAI is $18.69 and a two-hundred day moving average price translates $17.11 for the stock.
The latest earnings results from Lakeland Bancorp Inc. (NASDAQ: LBAI) was released for Dec, 2022. According to the Banks – Regional Company, earnings per share came in at $0.51, beating analysts’ expectations of $0.49 by 0.02. This compares to $0.44 EPS in the same period last year. The net profit margin was 28.90% and return on equity was 9.70% for LBAI. The company reported revenue of $108.18 million for the quarter, compared to $63.73 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 69.74 percent. For the current quarter, analysts expect LBAI to generate $87.84M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 02/16/2023. Investors who held shares on 02/06/2023 were paid a $0.145 dividend. On an annualized basis, this represents a $0.58 dividend and a 3.44% percent yield. There was an ex-dividend date of 02/03/2023 for this dividend. In terms of dividend payout ratio, LBAI is presently at 34.80%.
Lakeland Bancorp Inc.(LBAI) Company Profile
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. The company provides commercial banking services, including savings, money market, and time accounts, as well as demand deposits. It is also involved in 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 (SBA) loans, and merchant credit card services; financing solutions to small and medium-sized companies; online banking, mobile banking, and wire transfer services; and cash management services, such as remote capture of deposits and overnight sweep repurchase agreements. In addition, it provides consumer banking services, which include checking accounts, savings accounts, interest-bearing checking accounts, money market accounts, certificates of deposit, online banking, secured and unsecured loans, consumer installment loans, mortgage loans, and safe deposit services. Further, the company offers investment advisory services for individuals and businesses; and securities brokerage services, including mutual funds and variable annuities, as well as commercial title insurance services and life insurance products. The company was incorporated in 1969 and is headquartered in Oak Ridge, New Jersey.
