TIAA CREF Investment Management LLC lessened its stake in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 23.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 121,181 shares of the financial services provider’s stock after selling 37,303 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 0.26% of Lakeland Bancorp worth $2,284,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Victory Capital Management Inc. bought a new stake in Lakeland Bancorp during the 1st quarter valued at $152,000. SG Americas Securities LLC bought a new stake in Lakeland Bancorp during the 1st quarter valued at $169,000. Legal & General Group Plc boosted its position in Lakeland Bancorp by 5.9% during the 1st quarter. Legal & General Group Plc now owns 9,989 shares of the financial services provider’s stock valued at $195,000 after acquiring an additional 559 shares in the last quarter. Verus Financial Partners Inc. boosted its position in Lakeland Bancorp by 0.5% during the 2nd quarter. Verus Financial Partners Inc. now owns 11,735 shares of the financial services provider’s stock valued at $221,000 after acquiring an additional 61 shares in the last quarter. Finally, Virginia Retirement Systems ET AL bought a new stake in Lakeland Bancorp during the 2nd quarter valued at $228,000. 52.49% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Edward B. Deutsch sold 5,000 shares of the business’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $19.00, for a total transaction of $95,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark J. Fredericks sold 14,100 shares of the business’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $19.37, for a total transaction of $273,117.00. Following the transaction, the director now owns 203,496 shares of the company’s stock, valued at approximately $3,941,717.52. The disclosure for this sale can be found here. Insiders own 6.20% of the company’s stock.
Shares of Lakeland Bancorp, Inc. (LBAI) opened at 20.10 on Tuesday. Lakeland Bancorp, Inc. has a 12 month low of $13.88 and a 12 month high of $21.40. The firm’s 50-day moving average price is $20.00 and its 200 day moving average price is $19.32. The company has a market cap of $951.78 million, a PE ratio of 19.36 and a beta of 0.82.
Lakeland Bancorp (NASDAQ:LBAI) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $47.57 million during the quarter, compared to the consensus estimate of $47.79 million. Lakeland Bancorp had a net margin of 24.54% and a return on equity of 9.20%. Equities research analysts anticipate that Lakeland Bancorp, Inc. will post $1.10 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, November 6th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, November 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.99%. Lakeland Bancorp’s payout ratio is currently 36.70%.
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LBAI has been the topic of several recent research reports. Zacks Investment Research cut Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, September 20th. BidaskClub cut Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $22.00.
Lakeland Bancorp Profile
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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