Lakeland Bancorp, Inc. (NASDAQ:LBAI) Short Interest Up 8.9% in June

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Lakeland Bancorp, Inc. (NASDAQ:LBAI) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 1,013,400 shares, an increase of 8.9% from the May 30th total of 930,500 shares. Based on an average daily trading volume, of 141,700 shares, the days-to-cover ratio is presently 7.2 days. Currently, 2.2% of the company’s shares are sold short.

Shares of LBAI stock traded up $0.04 during trading hours on Tuesday, reaching $16.07. The company’s stock had a trading volume of 2 shares, compared to its average volume of 195,549. The company has a market capitalization of $823.20 million, a PE ratio of 11.96 and a beta of 0.89. Lakeland Bancorp has a one year low of $13.77 and a one year high of $20.85. The business’s fifty day moving average is $15.89. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.96 and a quick ratio of 0.96.

Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings results on Monday, April 29th. The financial services provider reported $0.31 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. Lakeland Bancorp had a return on equity of 10.34% and a net margin of 25.63%. The company had revenue of $54.33 million for the quarter, compared to analyst estimates of $53.67 million. Analysts expect that Lakeland Bancorp will post 1.43 earnings per share for the current year.

A number of equities research analysts have recently weighed in on the company. BidaskClub upgraded Zai Lab from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 28th. FIG Partners reiterated an “outperform” rating on shares of Lakeland Bancorp in a research report on Monday, May 6th. Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a research report on Wednesday, July 3rd. Boenning Scattergood reiterated a “buy” rating and issued a $74.00 price objective on shares of Argo Group in a research report on Tuesday, April 30th. Finally, ValuEngine upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $20.13.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its position in shares of Lakeland Bancorp by 12.4% during the fourth quarter. Legal & General Group Plc now owns 8,146 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 897 shares in the last quarter. Bank of Montreal Can boosted 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 valued at $196,000 after purchasing an additional 1,467 shares in the last quarter. Prudential Financial Inc. boosted its position 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 purchasing an additional 1,530 shares in the last quarter. Denali Advisors LLC bought a new stake in shares of Lakeland Bancorp during the second quarter valued at approximately $37,000. Finally, Thrivent Financial for Lutherans boosted its position in shares of Lakeland Bancorp by 2.5% during the fourth quarter. Thrivent Financial for Lutherans now owns 117,920 shares of the financial services provider’s stock valued at $1,845,000 after purchasing an additional 2,914 shares in the last quarter. Institutional investors own 55.09% of the company’s stock.

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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