Citigroup Inc. raised its holdings in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 39.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,600 shares of the financial services provider’s stock after purchasing an additional 5,515 shares during the period. Citigroup Inc.’s holdings in Lakeland Bancorp were worth $290,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in LBAI. Bank of New York Mellon Corp raised its holdings in shares of Lakeland Bancorp by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 298,919 shares of the financial services provider’s stock worth $4,427,000 after purchasing an additional 20,210 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Lakeland Bancorp by 3.6% during the fourth quarter. BlackRock Inc. now owns 3,286,931 shares of the financial services provider’s stock valued at $48,680,000 after acquiring an additional 113,157 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Lakeland Bancorp by 13.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 66,488 shares of the financial services provider’s stock valued at $985,000 after acquiring an additional 8,010 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Lakeland Bancorp during the fourth quarter valued at approximately $49,000. Finally, Prudential Financial Inc. raised its holdings in shares of Lakeland Bancorp by 1.6% during the fourth quarter. Prudential Financial Inc. now owns 98,286 shares of the financial services provider’s stock valued at $1,456,000 after acquiring an additional 1,530 shares during the period. 53.33% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on the stock. ValuEngine lowered shares of Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, March 21st. Zacks Investment Research downgraded shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, April 16th. Finally, BidaskClub raised shares of Lakeland Bancorp from a “strong sell” rating to a “sell” rating in a research report on Wednesday, February 20th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $19.88.
LBAI stock traded down $0.32 during trading hours on Friday, hitting $15.64. The company’s stock had a trading volume of 61,559 shares, compared to its average volume of 92,282. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $788.82 million, a price-to-earnings ratio of 11.67 and a beta of 0.87. Lakeland Bancorp, Inc. has a 12 month low of $13.77 and a 12 month high of $21.15.
Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings data on Monday, January 28th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 net margin of 26.93% and a return on equity of 10.67%. On average, research analysts expect that Lakeland Bancorp, Inc. will post 1.35 EPS 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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