Clearbridge Investments LLC maintained its stake in Lakeland Bancorp, Inc. (NASDAQ:LBAI) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,403 shares of the financial services provider’s stock at the end of the first quarter. Clearbridge Investments LLC’s holdings in Lakeland Bancorp were worth $2,615,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in LBAI. Russell Investments Group Ltd. bought a new stake in Lakeland Bancorp during the fourth quarter worth approximately $3,684,000. State Street Corp increased its stake in Lakeland Bancorp by 10.2% in the fourth quarter. State Street Corp now owns 696,912 shares of the financial services provider’s stock worth $13,589,000 after buying an additional 64,465 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Lakeland Bancorp by 6.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,030,179 shares of the financial services provider’s stock worth $39,588,000 after buying an additional 120,939 shares in the last quarter. Federated Investors Inc. PA increased its stake in Lakeland Bancorp by 70.7% in the fourth quarter. Federated Investors Inc. PA now owns 24,840 shares of the financial services provider’s stock worth $484,000 after buying an additional 10,290 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in Lakeland Bancorp by 38.7% in the fourth quarter. Renaissance Technologies LLC now owns 268,600 shares of the financial services provider’s stock worth $5,238,000 after buying an additional 74,900 shares in the last quarter. 52.52% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) opened at 19.30 on Monday. The stock has a market cap of $913.85 million, a P/E ratio of 19.15 and a beta of 0.79. The company’s 50-day moving average is $19.17 and its 200-day moving average is $19.30. Lakeland Bancorp, Inc. has a 12-month low of $11.21 and a 12-month high of $20.88.
Lakeland Bancorp (NASDAQ:LBAI) last released its earnings results on Thursday, April 27th. The financial services provider reported $0.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.02. The firm had revenue of $47.42 million for the quarter, compared to analysts’ expectations of $44.54 million. Lakeland Bancorp had a net margin of 23.44% and a return on equity of 8.85%. On average, analysts expect that Lakeland Bancorp, Inc. will post $1.07 earnings per share for the current fiscal year.
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LBAI has been the topic of a number of research analyst reports. Zacks Investment Research downgraded shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, March 28th. Sandler O’Neill downgraded shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Friday, April 28th. Finally, ValuEngine raised shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $21.00.
In other Lakeland Bancorp news, Director Stephen R. Sr Tilton, Sr. sold 1,808 shares of the firm’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $20.18, for a total value of $36,485.44. Following the completion of the transaction, the director now directly owns 693,805 shares in the company, valued at $14,000,984.90. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert A. Vandenbergh sold 11,066 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $20.22, for a total transaction of $223,754.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,029 shares of company stock valued at $603,568. Insiders own 6.20% of the company’s stock.
About Lakeland Bancorp
Lakeland Bancorp, Inc is the bank holding company for Lakeland Bank (Lakeland). Lakeland operates under a state bank charter and provides full banking services. Lakeland generates commercial, mortgage and consumer loans and receives deposits from customers located in Northern and Central New Jersey. Lakeland also provides non-deposit products, such as securities brokerage services, including mutual funds and variable annuities.
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