California Public Employees Retirement System lowered its holdings in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 18.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 90,829 shares of the financial services provider’s stock after selling 21,234 shares during the quarter. California Public Employees Retirement System’s holdings in Lakeland Bancorp were worth $1,748,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Teacher Retirement System of Texas bought a new stake in shares of Lakeland Bancorp in the 4th quarter valued at about $296,000. Brown Advisory Inc. raised its holdings in shares of Lakeland Bancorp by 46.0% in the 3rd quarter. Brown Advisory Inc. now owns 23,838 shares of the financial services provider’s stock valued at $486,000 after purchasing an additional 7,514 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of Lakeland Bancorp in the 3rd quarter valued at about $579,000. Sterling Capital Management LLC bought a new stake in shares of Lakeland Bancorp in the 3rd quarter valued at about $1,012,000. Finally, Wells Fargo & Company MN raised its holdings in shares of Lakeland Bancorp by 18.7% in the 3rd quarter. Wells Fargo & Company MN now owns 106,641 shares of the financial services provider’s stock valued at $2,175,000 after purchasing an additional 16,780 shares in the last quarter. Institutional investors and hedge funds own 53.64% of the company’s stock.
Shares of Lakeland Bancorp stock opened at $19.50 on Friday. Lakeland Bancorp, Inc. has a twelve month low of $15.06 and a twelve month high of $21.90. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market cap of $956.73, a PE ratio of 17.73 and a beta of 0.88.
Several research firms have recently commented on LBAI. Zacks Investment Research upgraded shares of Lakeland Bancorp from a “hold” rating to a “strong-buy” rating and set a $23.00 price target for the company in a report on Tuesday, January 2nd. BidaskClub upgraded shares of Lakeland Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, January 11th. FIG Partners restated a “market-perform” rating on shares of Lakeland Bancorp in a report on Monday, January 29th. ValuEngine upgraded shares of Lakeland Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $24.50 price target on shares of Lakeland Bancorp in a report on Friday, December 22nd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Lakeland Bancorp presently has an average rating of “Buy” and a consensus target price of $23.75.
In related news, Director Mark J. Fredericks sold 5,200 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $19.75, for a total transaction of $102,700.00. Following the completion of the transaction, the director now owns 204,869 shares in the company, valued at approximately $4,046,162.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas J. Marino acquired 5,000 shares of Lakeland Bancorp stock in a transaction that occurred on Saturday, July 28th. The shares were purchased at an average price of $19.08 per share, with a total value of $95,400.00. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 14,270 shares of company stock valued at $290,805. 6.20% of the stock is currently owned by company insiders.
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Lakeland Bancorp 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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