Lakeland Bancorp (NASDAQ:LBAI) Price Target Cut to $14.15

Lakeland Bancorp (NASDAQ:LBAI) had its price target cut by Keefe, Bruyette & Woods from $16.65 to $14.15 in a report published on Tuesday, Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Separately, StockNews.com raised shares of Lakeland Bancorp from a sell rating to a hold rating in a research note on Tuesday.

Lakeland Bancorp Stock Up 0.7 %

LBAI stock opened at $12.52 on Tuesday. Lakeland Bancorp has a 52 week low of $10.65 and a 52 week high of $16.00. The company has a market capitalization of $815.68 million, a price-to-earnings ratio of 9.84 and a beta of 0.85. The firm’s 50-day moving average is $11.98 and its two-hundred day moving average is $12.72. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.44.

Lakeland Bancorp (NASDAQ:LBAI) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $72.09 million for the quarter. Lakeland Bancorp had a net margin of 16.00% and a return on equity of 7.40%. On average, analysts forecast that Lakeland Bancorp will post 1.07 earnings per share for the current fiscal year.

Lakeland Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 8th. Stockholders of record on Monday, April 29th will be paid a $0.145 dividend. The ex-dividend date is Friday, April 26th. This represents a $0.58 annualized dividend and a dividend yield of 4.63%. Lakeland Bancorp’s dividend payout ratio is currently 45.31%.

Hedge Funds Weigh In On Lakeland Bancorp

Several hedge funds have recently made changes to their positions in LBAI. Rise Advisors LLC purchased a new position in shares of Lakeland Bancorp in the first quarter worth approximately $29,000. Parallel Advisors LLC increased its position in shares of Lakeland Bancorp by 4,563.6% in the fourth quarter. Parallel Advisors LLC now owns 2,052 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 2,008 shares in the last quarter. Lindbrook Capital LLC increased its position in shares of Lakeland Bancorp by 4,356.0% in the fourth quarter. Lindbrook Capital LLC now owns 2,228 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 2,178 shares in the last quarter. Signaturefd LLC increased its position in shares of Lakeland Bancorp by 212.5% in the fourth quarter. Signaturefd LLC now owns 2,597 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 1,766 shares in the last quarter. Finally, Private Wealth Management Group LLC purchased a new position in shares of Lakeland Bancorp in the fourth quarter worth approximately $47,000. Institutional investors and hedge funds own 59.62% 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 businesses and consumers. It provides commercial banking services, including savings, money market, and time accounts, as well as demand deposits. The company also offers lending services, including commercial real estate loans, commercial and industrial loans, short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, residential mortgage loans, small business administration loans, and merchant credit card services; financing solutions to small and medium-sized companies; online banking, mobile banking, and wire transfer services to the business community and municipal relationships; and cash management services, such as remote capture of deposits and overnight sweep repurchase agreements.