Lakeland Bancorp (NASDAQ:LBAI) Upgraded to Hold at BidaskClub
Several other analysts have also recently weighed in on LBAI. DA Davidson began coverage on Lakeland Bancorp in a report on Monday, August 26th. They set a buy rating and a $17.00 price target for the company. Zacks Investment Research cut Lakeland Bancorp from a hold rating to a sell rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $18.50.
NASDAQ:LBAI traded up $0.36 during mid-day trading on Thursday, hitting $16.21. 108,080 shares of the stock were exchanged, compared to its average volume of 143,649. The stock has a market capitalization of $770.97 million, a price-to-earnings ratio of 12.10 and a beta of 0.90. The firm’s 50-day simple moving average is $15.26 and its 200 day simple moving average is $15.75. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.96 and a current ratio of 0.96. Lakeland Bancorp has a fifty-two week low of $13.77 and a fifty-two week high of $18.80.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were issued a $0.125 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.50 annualized dividend and a yield of 3.08%. Lakeland Bancorp’s dividend payout ratio is presently 37.31%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. HM Payson & Co. acquired a new position in Lakeland Bancorp in the 2nd quarter valued at $48,000. Susquehanna International Group LLP acquired a new position in Lakeland Bancorp in the 2nd quarter valued at $297,000. Nuveen Asset Management LLC acquired a new position in Lakeland Bancorp in the 2nd quarter valued at $7,346,000. UBS Asset Management Americas Inc. raised its holdings in Lakeland Bancorp by 42.4% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 42,804 shares of the financial services provider’s stock valued at $691,000 after acquiring an additional 12,745 shares in the last quarter. Finally, Citadel Advisors LLC raised its holdings in Lakeland Bancorp by 158.8% in the 2nd quarter. Citadel Advisors LLC now owns 106,353 shares of the financial services provider’s stock valued at $1,718,000 after acquiring an additional 65,251 shares in the last quarter. 55.31% 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 various banking 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.
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