Insider Buying: Lakeland Bancorp, Inc. (NASDAQ:LBAI) Director Purchases $20,400.00 in Stock

Lakeland Bancorp, Inc. (NASDAQ:LBAI) Director James E. Hanson II acquired 1,200 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was acquired at an average cost of $17.00 per share, with a total value of $20,400.00. Following the completion of the purchase, the director now directly owns 9,053 shares in the company, valued at $153,901. The purchase was disclosed in a filing with the SEC, which is available at this link.

LBAI stock opened at $16.87 on Friday. Lakeland Bancorp, Inc. has a 12 month low of $13.77 and a 12 month high of $17.25. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average price of $15.81 and a 200 day moving average price of $15.77. The stock has a market cap of $857.31 million, a PE ratio of 12.59 and a beta of 0.87.

Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.02. Lakeland Bancorp had a net margin of 24.68% and a return on equity of 10.31%. The firm had revenue of $55.38 million during the quarter, compared to analysts’ expectations of $56.27 million. Sell-side analysts forecast that Lakeland Bancorp, Inc. will post 1.42 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, November 4th will be paid a dividend of $0.125 per share. The ex-dividend date is Friday, November 1st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.96%. Lakeland Bancorp’s dividend payout ratio is presently 37.31%.

Several hedge funds have recently added to or reduced their stakes in LBAI. Denali Advisors LLC purchased a new position in shares of Lakeland Bancorp during the 2nd quarter worth about $37,000. Hennessy Advisors Inc. boosted its stake in shares of Lakeland Bancorp by 3.6% during the 2nd quarter. Hennessy Advisors Inc. now owns 285,000 shares of the financial services provider’s stock worth $4,603,000 after purchasing an additional 10,000 shares during the period. Legacy Advisors LLC boosted its stake in shares of Lakeland Bancorp by 42.8% during the 2nd quarter. Legacy Advisors LLC now owns 82,436 shares of the financial services provider’s stock worth $1,331,000 after purchasing an additional 24,696 shares during the period. Altium Wealth Management LLC purchased a new position in shares of Lakeland Bancorp during the 2nd quarter worth about $170,000. Finally, Mcrae Capital Management Inc. boosted its stake in shares of Lakeland Bancorp by 2.3% during the 2nd quarter. Mcrae Capital Management Inc. now owns 338,931 shares of the financial services provider’s stock worth $5,474,000 after purchasing an additional 7,775 shares during the period. 55.54% of the stock is owned by hedge funds and other institutional investors.

A number of equities analysts have commented on the stock. BidaskClub raised shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, October 30th. DA Davidson reissued a “buy” rating on shares of Lakeland Bancorp in a research note on Wednesday, September 11th. Finally, Zacks Investment Research raised shares of Lakeland Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Lakeland Bancorp has a consensus rating of “Buy” and a consensus price target of $18.00.

About Lakeland Bancorp

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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