Zacks Investment Research downgraded shares of Lakeland Bancorp (NASDAQ:LBAI) from a hold rating to a sell rating in a research report sent to investors on Saturday morning, Zacks.com reports.
According to Zacks, “LAKELAND BANCORP INC. is a bank holding company engaged in general banking business. “
Other equities analysts also recently issued research reports about the company. DA Davidson reissued a buy rating on shares of Lakeland Bancorp in a research report on Monday, September 14th. Raymond James raised Lakeland Bancorp from a market perform rating to an outperform rating in a research report on Wednesday, June 17th. Finally, BidaskClub downgraded Lakeland Bancorp from a hold rating to a sell rating in a research report on Thursday. Three research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $13.00.
LBAI opened at $9.77 on Friday. Lakeland Bancorp has a 52-week low of $8.31 and a 52-week high of $17.63. The firm has a market capitalization of $493.07 million, a PE ratio of 8.07 and a beta of 0.98. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.96 and a current ratio of 0.96. The business’s 50-day simple moving average is $10.75 and its 200 day simple moving average is $10.76.
Lakeland Bancorp (NASDAQ:LBAI) last released its earnings results on Friday, July 24th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.03). The company had revenue of $56.00 million for the quarter, compared to the consensus estimate of $56.53 million. Lakeland Bancorp had a return on equity of 8.47% and a net margin of 21.99%. On average, research analysts forecast that Lakeland Bancorp will post 1.07 earnings per share for the current year.
In other news, Director Robert E. Mccracken bought 3,500 shares of the firm’s stock in a transaction dated Thursday, July 30th. The shares were bought at an average price of $10.29 per share, with a total value of $36,015.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought 8,681 shares of company stock worth $87,826 in the last ninety days. 4.31% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its position in Lakeland Bancorp by 16.0% during the first quarter. JPMorgan Chase & Co. now owns 237,633 shares of the financial services provider’s stock worth $2,569,000 after buying an additional 32,803 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in Lakeland Bancorp by 59.9% during the first quarter. Parametric Portfolio Associates LLC now owns 139,501 shares of the financial services provider’s stock worth $1,508,000 after buying an additional 52,267 shares in the last quarter. BlackRock Inc. grew its position in Lakeland Bancorp by 4.9% during the first quarter. BlackRock Inc. now owns 4,208,272 shares of the financial services provider’s stock worth $45,493,000 after buying an additional 195,337 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in Lakeland Bancorp by 166.8% during the first quarter. BNP Paribas Arbitrage SA now owns 15,128 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 9,457 shares during the last quarter. Finally, AJO LP lifted its stake in Lakeland Bancorp by 154.7% during the first quarter. AJO LP now owns 37,036 shares of the financial services provider’s stock worth $400,000 after purchasing an additional 22,493 shares during the last quarter. 58.12% of the stock is currently owned by institutional investors and hedge funds.
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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