Lakeland Bancorp (NASDAQ:LBAI) Lifted to Hold at Zacks Investment Research

Lakeland Bancorp (NASDAQ:LBAI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research 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 equities analysts also recently commented on LBAI. Piper Sandler upgraded shares of Lakeland Bancorp from a “neutral” rating to an “overweight” rating in a research note on Friday, May 1st. BidaskClub downgraded shares of Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, May 15th. Finally, ValuEngine downgraded shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 2nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $18.00.

Shares of LBAI stock traded up $0.03 on Thursday, reaching $10.57. 213,269 shares of the stock were exchanged, compared to its average volume of 209,828. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average price is $10.54 and its 200 day moving average price is $14.46. The company has a market capitalization of $531.88 million, a price-to-earnings ratio of 7.92 and a beta of 1.02. Lakeland Bancorp has a twelve month low of $8.31 and a twelve month high of $17.63.

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

In related news, EVP Paul Ho-Sing-Loy purchased 2,900 shares of Lakeland Bancorp stock in a transaction that occurred on Tuesday, March 24th. The stock was purchased at an average cost of $9.88 per share, with a total value of $28,652.00. Following the completion of the transaction, the executive vice president now directly owns 18,528 shares in the company, valued at $183,056.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert E. Mccracken purchased 3,000 shares of Lakeland Bancorp stock in a transaction that occurred on Wednesday, March 18th. The stock was bought at an average cost of $8.70 per share, with a total value of $26,100.00. Over the last three months, insiders purchased 7,650 shares of company stock valued at $73,222. 4.31% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in LBAI. BlackRock Inc. raised its holdings in shares of Lakeland Bancorp by 4.9% in the first quarter. BlackRock Inc. now owns 4,208,272 shares of the financial services provider’s stock valued at $45,493,000 after buying an additional 195,337 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Lakeland Bancorp by 141.2% in the first quarter. Assenagon Asset Management S.A. now owns 312,191 shares of the financial services provider’s stock valued at $3,375,000 after purchasing an additional 182,756 shares during the last quarter. Morgan Stanley grew its position in shares of Lakeland Bancorp by 139.8% in the first quarter. Morgan Stanley now owns 284,665 shares of the financial services provider’s stock valued at $3,077,000 after purchasing an additional 165,979 shares during the last quarter. Bank of Montreal Can grew its position in shares of Lakeland Bancorp by 3,164.8% in the fourth quarter. Bank of Montreal Can now owns 168,234 shares of the financial services provider’s stock valued at $2,925,000 after purchasing an additional 163,081 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Lakeland Bancorp by 68.0% in the first quarter. Acadian Asset Management LLC now owns 248,174 shares of the financial services provider’s stock valued at $2,681,000 after purchasing an additional 100,494 shares during the last quarter. 57.76% of the stock is owned by institutional investors and hedge funds.

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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