UBS Asset Management Americas Inc. lowered its holdings in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 24.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,510 shares of the financial services provider’s stock after selling 5,200 shares during the quarter. UBS Asset Management Americas Inc.’s holdings in Lakeland Bancorp were worth $311,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. purchased a new stake in shares of Lakeland Bancorp during the first quarter worth about $152,000. SG Americas Securities LLC purchased a new stake in shares of Lakeland Bancorp during the first quarter worth about $169,000. Legal & General Group Plc grew its position in shares of Lakeland Bancorp by 5.9% during the first quarter. Legal & General Group Plc now owns 9,989 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 559 shares in the last quarter. Verus Financial Partners Inc. grew its position in shares of Lakeland Bancorp by 0.5% during the second quarter. Verus Financial Partners Inc. now owns 11,735 shares of the financial services provider’s stock worth $221,000 after purchasing an additional 61 shares in the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new stake in shares of Lakeland Bancorp during the second quarter worth about $228,000. Hedge funds and other institutional investors own 52.49% of the company’s stock.
LBAI has been the subject of several research analyst 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 report on Wednesday, July 12th. One investment 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’s stock. Lakeland Bancorp presently has an average rating of “Hold” and an average price target of $22.00.
Lakeland Bancorp, Inc. (LBAI) opened at 20.55 on Wednesday. The stock has a market cap of $973.08 million, a PE ratio of 19.80 and a beta of 0.82. The firm’s 50-day moving average price is $20.07 and its 200 day moving average price is $19.33. Lakeland Bancorp, Inc. has a 12-month low of $13.88 and a 12-month high of $21.40.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The company had revenue of $47.57 million during the quarter, compared to analysts’ expectations of $47.79 million. Lakeland Bancorp had a return on equity of 9.20% and a net margin of 24.54%. Analysts anticipate that Lakeland Bancorp, Inc. will post $1.11 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Monday, November 6th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 1.95%. Lakeland Bancorp’s payout ratio is 36.70%.
In other Lakeland Bancorp news, Director Edward B. Deutsch sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $19.00, for a total transaction of $95,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 6.20% of the company’s stock.
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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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