American International Group Inc. lowered its position in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 3.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,704 shares of the financial services provider’s stock after selling 929 shares during the quarter. American International Group Inc.’s holdings in Lakeland Bancorp were worth $429,000 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 the stock. State Board of Administration of Florida Retirement System grew its position in shares of Lakeland Bancorp by 6.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 59,622 shares of the financial services provider’s stock worth $890,000 after acquiring an additional 3,482 shares during the last quarter. Cutler Capital Management LLC purchased a new position in shares of Lakeland Bancorp during the first quarter worth approximately $773,000. SG Americas Securities LLC purchased a new position in shares of Lakeland Bancorp during the first quarter worth approximately $159,000. Bank of Montreal Can grew its position in shares of Lakeland Bancorp by 12.6% during the first quarter. Bank of Montreal Can now owns 13,091 shares of the financial services provider’s stock worth $196,000 after acquiring an additional 1,467 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Lakeland Bancorp during the first quarter worth approximately $1,583,000. 55.09% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:LBAI opened at $15.79 on Friday. Lakeland Bancorp, Inc. has a 1-year low of $13.77 and a 1-year high of $20.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $793.44 million, a P/E ratio of 11.78 and a beta of 0.90.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Thursday, May 9th were given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 3.17%. This is a positive change from Lakeland Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Wednesday, May 8th. Lakeland Bancorp’s dividend payout ratio (DPR) is 37.31%.
A number of equities analysts have recently issued reports on LBAI shares. Zacks Investment Research upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Wednesday, May 1st. BidaskClub upgraded shares of Lakeland Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, May 9th. FIG Partners restated an “outperform” rating on shares of Lakeland Bancorp in a research report on Monday, May 6th. Boenning Scattergood upgraded shares of Lakeland Bancorp from a “neutral” rating to an “outperform” rating and set a $19.00 target price on the stock in a research report on Tuesday, April 30th. Finally, ValuEngine upgraded shares of Lakeland Bancorp from a “strong sell” rating to a “sell” rating in a research report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $20.13.
About Lakeland Bancorp
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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