Mcrae Capital Management Inc. Increases Position in Lakeland Bancorp, Inc. (LBAI)

Mcrae Capital Management Inc. lifted its stake in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 14.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 331,156 shares of the financial services provider’s stock after purchasing an additional 42,540 shares during the quarter. Lakeland Bancorp accounts for about 2.1% of Mcrae Capital Management Inc.’s portfolio, making the stock its 21st largest position. Mcrae Capital Management Inc.’s holdings in Lakeland Bancorp were worth $4,944,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Wells Fargo & Company MN raised its stake in Lakeland Bancorp by 3.0% during the 3rd quarter. Wells Fargo & Company MN now owns 107,184 shares of the financial services provider’s stock valued at $1,935,000 after acquiring an additional 3,115 shares during the last quarter. BlackRock Inc. raised its stake in Lakeland Bancorp by 1.1% during the 3rd quarter. BlackRock Inc. now owns 3,173,774 shares of the financial services provider’s stock valued at $57,285,000 after acquiring an additional 33,697 shares during the last quarter. Credit Suisse AG raised its stake in Lakeland Bancorp by 37.0% during the 3rd quarter. Credit Suisse AG now owns 62,655 shares of the financial services provider’s stock valued at $1,131,000 after acquiring an additional 16,933 shares during the last quarter. Panagora Asset Management Inc. purchased a new stake in Lakeland Bancorp during the 3rd quarter valued at approximately $156,000. Finally, Dimensional Fund Advisors LP raised its stake in Lakeland Bancorp by 2.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,749,713 shares of the financial services provider’s stock valued at $49,632,000 after acquiring an additional 75,488 shares during the last quarter. 53.33% of the stock is currently owned by institutional investors.

In other Lakeland Bancorp news, Director James E. Hanson II bought 1,585 shares of the business’s stock in a transaction dated Friday, February 1st. The stock was acquired at an average cost of $15.78 per share, with a total value of $25,011.30. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 6.07% of the company’s stock.

Several research firms have commented on LBAI. Zacks Investment Research downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday. ValuEngine downgraded Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 21st. Finally, BidaskClub raised Lakeland Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 20th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. Lakeland Bancorp presently has an average rating of “Hold” and a consensus target price of $19.88.

Shares of LBAI stock traded up $0.32 during trading hours on Tuesday, reaching $15.99. 55,203 shares of the company’s stock were exchanged, compared to its average volume of 97,048. The company has a market cap of $808.99 million, a price-to-earnings ratio of 11.93 and a beta of 0.87. Lakeland Bancorp, Inc. has a 1 year low of $13.77 and a 1 year high of $21.15. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.46.

Lakeland Bancorp (NASDAQ:LBAI) last issued its earnings results on Monday, January 28th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $49.83 million during the quarter, compared to the consensus estimate of $49.63 million. Lakeland Bancorp had a return on equity of 10.67% and a net margin of 26.93%. On average, equities analysts forecast that Lakeland Bancorp, Inc. will post 1.35 earnings per share for the current fiscal year.

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Lakeland Bancorp Company Profile

Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides various banking 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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Institutional Ownership by Quarter for Lakeland Bancorp (NASDAQ:LBAI)

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