Lakeland Bancorp (NASDAQ:LBAI) Price Target Cut to $14.15

Lakeland Bancorp (NASDAQ:LBAI) had its price objective reduced by Keefe, Bruyette & Woods from $16.65 to $14.15 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Separately, StockNews.com raised shares of Lakeland Bancorp from a sell rating to a hold rating in a report on Tuesday.

Lakeland Bancorp Stock Up 0.7 %

Shares of NASDAQ:LBAI opened at $12.52 on Tuesday. The company has a market cap of $815.68 million, a price-to-earnings ratio of 9.84 and a beta of 0.85. The firm’s 50-day simple moving average is $11.98 and its 200-day simple moving average is $12.72. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.44. Lakeland Bancorp has a fifty-two week low of $10.65 and a fifty-two week high of $16.00.

Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $72.09 million for the quarter. Lakeland Bancorp had a net margin of 16.00% and a return on equity of 7.40%. As a group, equities research analysts predict that Lakeland Bancorp will post 1.07 earnings per share for the current year.

Lakeland Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 8th. Investors of record on Monday, April 29th will be issued a dividend of $0.145 per share. This represents a $0.58 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date of this dividend is Friday, April 26th. Lakeland Bancorp’s dividend payout ratio is currently 45.31%.

Institutional Trading of Lakeland Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp raised its position in shares of Lakeland Bancorp by 2.9% in the third quarter. Bank of New York Mellon Corp now owns 477,455 shares of the financial services provider’s stock valued at $6,025,000 after buying an additional 13,246 shares during the last quarter. Waldron Private Wealth LLC acquired a new position in shares of Lakeland Bancorp in the third quarter valued at approximately $312,000. Inspire Investing LLC raised its position in shares of Lakeland Bancorp by 3.9% in the third quarter. Inspire Investing LLC now owns 24,317 shares of the financial services provider’s stock valued at $307,000 after buying an additional 915 shares during the last quarter. Olympiad Research LP raised its position in shares of Lakeland Bancorp by 9.9% in the third quarter. Olympiad Research LP now owns 46,458 shares of the financial services provider’s stock valued at $586,000 after buying an additional 4,192 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Lakeland Bancorp in the third quarter valued at approximately $2,623,000. Hedge funds and other institutional investors own 59.62% of the company’s stock.

About Lakeland Bancorp

Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial products and services for businesses and consumers. It provides commercial banking services, including savings, money market, and time accounts, as well as demand deposits. The company also offers 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 loans, and merchant credit card services; financing solutions to small and medium-sized companies; online banking, mobile banking, and wire transfer services to the business community and municipal relationships; and cash management services, such as remote capture of deposits and overnight sweep repurchase agreements.