Lakeland Bancorp (LBAI) Given “Buy” Rating at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their buy rating on shares of Lakeland Bancorp (NASDAQ:LBAI) in a research report released on Friday. They currently have a $24.50 price target on the financial services provider’s stock.

Other equities research analysts have also issued reports about the stock. BidaskClub lowered shares of Lakeland Bancorp from a buy rating to a hold rating in a research note on Saturday, December 9th. Zacks Investment Research lowered shares of Lakeland Bancorp from a buy rating to a hold rating in a research note on Wednesday, September 20th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $23.25.

Shares of Lakeland Bancorp (NASDAQ LBAI) traded down $0.35 on Friday, reaching $19.90. 97,386 shares of the company’s stock were exchanged, compared to its average volume of 117,784. The stock has a market cap of $958.89, a price-to-earnings ratio of 18.26 and a beta of 0.78. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.95 and a current ratio of 0.95. Lakeland Bancorp has a 1-year low of $15.06 and a 1-year high of $21.90.

Lakeland Bancorp (NASDAQ:LBAI) last announced its earnings results on Thursday, October 26th. The financial services provider reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The business had revenue of $47.57 million during 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%. research analysts expect that Lakeland Bancorp will post 1.12 earnings per share for the current fiscal year.

In other news, Director Robert K. Nicholson III sold 37,227 shares of the company’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $20.04, for a total value of $746,029.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert A. Vandenbergh sold 12,738 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $20.56, for a total value of $261,893.28. The disclosure for this sale can be found here. Insiders sold a total of 82,742 shares of company stock valued at $1,662,872 over the last 90 days. 6.20% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of LBAI. Victory Capital Management Inc. increased its stake in shares of Lakeland Bancorp by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 9,108 shares of the financial services provider’s stock worth $172,000 after purchasing an additional 1,366 shares in the last quarter. Palouse Capital Management Inc. bought a new position in Lakeland Bancorp in the 3rd quarter worth $206,000. Legal & General Group Plc boosted its holdings in Lakeland Bancorp by 11.9% in the 2nd quarter. Legal & General Group Plc now owns 11,178 shares of the financial services provider’s stock worth $211,000 after buying an additional 1,189 shares during the period. Virginia Retirement Systems ET AL bought a new position in Lakeland Bancorp in the 2nd quarter worth $228,000. Finally, Biondo Investment Advisors LLC bought a new position in Lakeland Bancorp in the 2nd quarter worth $236,000. Hedge funds and other institutional investors own 52.97% 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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