Brown Brothers Harriman & Co. Purchases 10,000 Shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI)

Brown Brothers Harriman & Co. increased its holdings in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 12.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,000 shares of the financial services provider’s stock after purchasing an additional 10,000 shares during the quarter. Brown Brothers Harriman & Co. owned approximately 0.18% of Lakeland Bancorp worth $1,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of LBAI. Quadrant Capital Group LLC boosted its holdings in Lakeland Bancorp by 483.1% in the second quarter. Quadrant Capital Group LLC now owns 1,720 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 1,425 shares in the last quarter. Berman Capital Advisors LLC boosted its stake in shares of Lakeland Bancorp by 56.6% during the 2nd quarter. Berman Capital Advisors LLC now owns 2,867 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 1,036 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Lakeland Bancorp by 189.8% during the 1st quarter. Royal Bank of Canada now owns 7,592 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 4,972 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in shares of Lakeland Bancorp during the first quarter valued at about $178,000. Finally, Connors Investor Services Inc. bought a new position in Lakeland Bancorp in the second quarter worth about $196,000. 59.37% of the stock is currently owned by institutional investors.

Shares of LBAI opened at $17.72 on Thursday. Lakeland Bancorp, Inc. has a fifty-two week low of $10.13 and a fifty-two week high of $19.35. The firm’s 50-day simple moving average is $16.94 and its two-hundred day simple moving average is $17.41. The stock has a market cap of $896.65 million, a PE ratio of 10.87 and a beta of 1.02. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.93 and a current ratio of 0.93.

Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings results on Wednesday, July 21st. The financial services provider reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.10. The company had revenue of $65.01 million for the quarter, compared to the consensus estimate of $63.87 million. Lakeland Bancorp had a return on equity of 10.88% and a net margin of 30.21%. Equities research analysts predict that Lakeland Bancorp, Inc. will post 1.86 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 13th. Investors of record on Monday, August 2nd were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 3.05%. The ex-dividend date was Friday, July 30th. Lakeland Bancorp’s dividend payout ratio (DPR) is 47.79%.

A number of research firms have weighed in on LBAI. Zacks Investment Research downgraded Lakeland Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 14th. DA Davidson reaffirmed a “buy” rating on shares of Lakeland Bancorp in a research note on Tuesday, June 29th.

In related news, EVP Paul Ho-Sing-Loy bought 3,000 shares of the stock in a transaction on Friday, September 17th. The shares were acquired at an average price of $16.50 per share, for a total transaction of $49,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Brian Gragnolati acquired 2,000 shares of the firm’s stock in a transaction dated Thursday, September 16th. The shares were bought at an average cost of $16.55 per share, with a total value of $33,100.00. Following the completion of the acquisition, the director now directly owns 15,658 shares of the company’s stock, valued at $259,139.90. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 12,250 shares of company stock valued at $201,723. 4.24% of the stock is owned by company insiders.

About Lakeland Bancorp

Lakeland Bancorp, Inc is a bank holding company, which engages in the provision of lending, depository, and related financial services. Its consumer banking services include checking accounts, savings accounts, interest-bearing checking accounts, money market accounts, certificates of deposit, internet banking, secured and unsecured loans, consumer installment loans, mortgage loans, and safe deposit services.

Further Reading: Yield Curve

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Institutional Ownership by Quarter for Lakeland Bancorp (NASDAQ:LBAI)

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