Metropolitan Life Insurance Co. NY raised its position in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 10.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,319 shares of the financial services provider’s stock after buying an additional 2,581 shares during the period. Metropolitan Life Insurance Co. NY’s holdings in Lakeland Bancorp were worth $555,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in Lakeland Bancorp by 10.3% in the first quarter. Wellington Management Group LLP now owns 4,054,011 shares of the financial services provider’s stock worth $79,458,000 after buying an additional 378,133 shares during the period. Dimensional Fund Advisors LP increased its stake in Lakeland Bancorp by 9.5% in the first quarter. Dimensional Fund Advisors LP now owns 2,223,548 shares of the financial services provider’s stock worth $43,582,000 after buying an additional 193,369 shares during the period. Bank of New York Mellon Corp increased its stake in Lakeland Bancorp by 78.8% in the first quarter. Bank of New York Mellon Corp now owns 414,355 shares of the financial services provider’s stock worth $8,121,000 after buying an additional 182,565 shares during the period. Pinnacle Associates Ltd. acquired a new stake in Lakeland Bancorp during the first quarter worth approximately $3,202,000. Finally, O Shaughnessy Asset Management LLC increased its stake in Lakeland Bancorp by 1,080.9% in the first quarter. O Shaughnessy Asset Management LLC now owns 161,754 shares of the financial services provider’s stock worth $3,170,000 after buying an additional 148,056 shares during the period. 52.42% of the stock is owned by institutional investors.
Lakeland Bancorp, Inc. (NASDAQ LBAI) traded down 1.07% during midday trading on Thursday, reaching $18.55. The company’s stock had a trading volume of 11,289 shares. The company has a market capitalization of $878.38 million, a price-to-earnings ratio of 17.87 and a beta of 0.80. The company’s 50-day moving average price is $19.06 and its 200-day moving average price is $19.33. Lakeland Bancorp, Inc. has a 1-year low of $12.03 and a 1-year high of $20.88.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.02. Lakeland Bancorp had a return on equity of 9.35% and a net margin of 23.94%. The company had revenue of $47.53 million during the quarter, compared to analysts’ expectations of $46.39 million. On average, analysts predict that Lakeland Bancorp, Inc. will post $1.10 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 27th. This represents a $0.40 annualized dividend and a dividend yield of 2.13%. Lakeland Bancorp’s dividend payout ratio (DPR) is 38.10%.
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A number of equities research analysts have commented on LBAI shares. Zacks Investment Research raised Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 target price for the company in a report on Wednesday, May 3rd. Sandler O’Neill downgraded Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Friday, April 28th. ValuEngine raised Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, BidaskClub downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. Lakeland Bancorp presently has an average rating of “Hold” and an average target price of $22.00.
In other news, CAO Timothy J. Matteson sold 2,650 shares of the company’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $19.58, for a total value of $51,887.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen R. Sr Tilton, Sr. sold 1,808 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $20.18, for a total value of $36,485.44. Following the completion of the sale, the director now owns 693,805 shares of the company’s stock, valued at approximately $14,000,984.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,129 shares of company stock valued at $957,235. Insiders own 6.20% of the company’s stock.
Lakeland Bancorp Company Profile
Lakeland Bancorp, Inc is the bank holding company for Lakeland Bank (Lakeland). Lakeland operates under a state bank charter and provides full banking services. Lakeland generates commercial, mortgage and consumer loans and receives deposits from customers located in Northern and Central New Jersey. Lakeland also provides non-deposit products, such as securities brokerage services, including mutual funds and variable annuities.
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