Lakeland Bancorp (NASDAQ:LBAI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “LAKELAND BANCORP INC. is a bank holding company engaged in general banking business. “

A number of other research firms have also weighed in on LBAI. Piper Sandler upgraded Lakeland Bancorp from a “neutral” rating to an “overweight” rating in a report on Friday, May 1st. ValuEngine lowered Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, April 2nd. Finally, BidaskClub lowered Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, May 15th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $18.00.

Lakeland Bancorp stock traded up $0.03 during mid-day trading on Thursday, reaching $10.57. 213,269 shares of the company were exchanged, compared to its average volume of 209,828. The business has a fifty day moving average of $10.54 and a 200 day moving average of $14.46. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $531.88 million, a P/E ratio of 7.92 and a beta of 1.02. Lakeland Bancorp has a 12-month low of $8.31 and a 12-month high of $17.63.

Lakeland Bancorp (NASDAQ:LBAI) last posted its earnings results on Thursday, April 30th. The financial services provider reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05). The company had revenue of $57.91 million for the quarter, compared to analysts’ expectations of $55.73 million. Lakeland Bancorp had a return on equity of 9.42% and a net margin of 23.58%. Sell-side analysts predict that Lakeland Bancorp will post 1.1 EPS for the current year.

In other Lakeland Bancorp news, Director Robert E. Mccracken acquired 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The stock was purchased at an average price of $8.70 per share, for a total transaction of $26,100.00. Also, EVP Paul Ho-Sing-Loy acquired 2,900 shares of the firm’s stock in a transaction dated Tuesday, March 24th. The shares were acquired at an average price of $9.88 per share, with a total value of $28,652.00. Following the acquisition, the executive vice president now owns 18,528 shares in the company, valued at approximately $183,056.64. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 7,650 shares of company stock valued at $73,222. Company insiders own 4.31% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Meeder Asset Management Inc. raised its stake in Lakeland Bancorp by 366.2% in the 1st quarter. Meeder Asset Management Inc. now owns 2,331 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 1,831 shares during the last quarter. Invesco Ltd. purchased a new position in Lakeland Bancorp in the 1st quarter worth $761,000. Morgan Stanley raised its stake in Lakeland Bancorp by 139.8% in the 1st quarter. Morgan Stanley now owns 284,665 shares of the financial services provider’s stock worth $3,077,000 after acquiring an additional 165,979 shares during the last quarter. Geode Capital Management LLC raised its stake in Lakeland Bancorp by 7.5% in the 1st quarter. Geode Capital Management LLC now owns 769,131 shares of the financial services provider’s stock worth $8,314,000 after acquiring an additional 53,344 shares during the last quarter. Finally, Deutsche Bank AG raised its stake in Lakeland Bancorp by 45.0% in the 1st quarter. Deutsche Bank AG now owns 23,709 shares of the financial services provider’s stock worth $256,000 after acquiring an additional 7,355 shares during the last quarter. Institutional investors own 57.76% of the company’s stock.

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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