Lakeland Bancorp (LBAI) Downgraded to “Sell” at Zacks Investment Research

Lakeland Bancorp (NASDAQ:LBAI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Saturday.

According to Zacks, “LAKELAND BANCORP INC. is a bank holding company engaged in general banking business. “

Several other equities research analysts have also issued reports on LBAI. BidaskClub upgraded shares of Lakeland Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 11th. FIG Partners upgraded shares of Lakeland Bancorp from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a research note on Friday, October 26th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $19.88.

Shares of NASDAQ:LBAI opened at $15.28 on Friday. Lakeland Bancorp has a 12 month low of $13.77 and a 12 month high of $21.20. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48. The firm has a market cap of $730.33 million, a P/E ratio of 13.77 and a beta of 0.92.

Lakeland Bancorp (NASDAQ:LBAI) last issued its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.35 EPS for the quarter, hitting analysts’ consensus estimates of $0.35. Lakeland Bancorp had a net margin of 26.69% and a return on equity of 10.37%. The business had revenue of $49.26 million for the quarter, compared to analyst estimates of $50.39 million. Research analysts predict that Lakeland Bancorp will post 1.35 earnings per share for the current fiscal year.

In other Lakeland Bancorp news, insider Thomas Shara purchased 5,000 shares of the stock in a transaction on Thursday, November 15th. The shares were purchased at an average cost of $16.12 per share, for a total transaction of $80,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mary Ann Deacon purchased 6,750 shares of the stock in a transaction on Thursday, November 1st. The stock was acquired at an average price of $16.51 per share, for a total transaction of $111,442.50. Following the completion of the purchase, the director now directly owns 25,733 shares in the company, valued at approximately $424,851.83. The disclosure for this purchase can be found here. Insiders acquired a total of 25,750 shares of company stock worth $394,543 over the last quarter. Company insiders own 6.07% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in LBAI. Panagora Asset Management Inc. acquired a new position in shares of Lakeland Bancorp during the 3rd quarter worth about $156,000. Strs Ohio acquired a new position in shares of Lakeland Bancorp during the 2nd quarter worth about $168,000. Engineers Gate Manager LP acquired a new position in shares of Lakeland Bancorp during the 3rd quarter worth about $305,000. Paloma Partners Management Co acquired a new position in shares of Lakeland Bancorp during the 3rd quarter worth about $389,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Lakeland Bancorp during the 2nd quarter worth about $449,000. Institutional investors own 55.41% of the company’s stock.

About Lakeland Bancorp

Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial 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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