Lakeland Bancorp, Inc. (NASDAQ:LBAI) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,412,760 shares, a growth of 57.7% from the October 31st total of 896,106 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 143,074 shares, the days-to-cover ratio is presently 9.9 days.
Shares of Lakeland Bancorp (LBAI) opened at $20.85 on Monday. The company has a market cap of $987.31, a P/E ratio of 19.13 and a beta of 0.78. Lakeland Bancorp has a 1 year low of $15.06 and a 1 year high of $21.90. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.95 and a quick ratio of 0.95.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.29 EPS for the quarter, beating the consensus estimate of $0.28 by $0.01. The business had revenue of $47.57 million for the quarter, compared to analyst estimates of $47.79 million. Lakeland Bancorp had a net margin of 24.54% and a return on equity of 9.12%. sell-side analysts predict that Lakeland Bancorp will post 1.12 EPS for the current fiscal year.
In other news, insider Robert A. Vandenbergh sold 12,738 shares of the stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $20.56, for a total value of $261,893.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Edward B. Deutsch sold 5,000 shares of the stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $19.00, for a total transaction of $95,000.00. The disclosure for this sale can be found here. Insiders have sold 21,014 shares of company stock worth $422,413 over the last 90 days. 6.20% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its position in shares of Lakeland Bancorp by 17.6% in the second quarter. Victory Capital Management Inc. now owns 9,108 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 1,366 shares during the last quarter. Legal & General Group Plc lifted its stake 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 valued at $195,000 after buying an additional 559 shares during the period. Palouse Capital Management Inc. purchased a new position in shares of Lakeland Bancorp during the third quarter valued at approximately $206,000. Virginia Retirement Systems ET AL purchased a new position in shares of Lakeland Bancorp during the second quarter valued at approximately $228,000. Finally, Biondo Investment Advisors LLC purchased a new position in shares of Lakeland Bancorp during the second quarter valued at approximately $236,000. Institutional investors and hedge funds own 52.97% of the company’s stock.
Separately, Zacks Investment Research lowered shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, September 20th. 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. Lakeland Bancorp presently has an average rating of “Hold” and a consensus price target of $22.00.
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Lakeland Bancorp Company 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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