Lakeland Bancorp, Inc. (NASDAQ:LBAI) – Equities research analysts at FIG Partners lifted their Q4 2020 earnings per share (EPS) estimates for Lakeland Bancorp in a report released on Tuesday, January 29th. FIG Partners analyst D. Bishop now forecasts that the financial services provider will earn $0.40 per share for the quarter, up from their prior forecast of $0.39. FIG Partners has a “Outperform” rating and a $20.00 price target on the stock.
Get Lakeland Bancorp alerts:Lakeland Bancorp (NASDAQ:LBAI) last released its earnings results on Monday, January 28th. The financial services provider reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. Lakeland Bancorp had a return on equity of 10.78% and a net margin of 26.93%. The business had revenue of $49.83 million for the quarter, compared to analysts’ expectations of $49.63 million.
LBAI has been the subject of a number of other reports. Zacks Investment Research lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, January 12th. BidaskClub lowered shares of Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, December 1st. Three analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $19.88.
Lakeland Bancorp stock opened at $15.65 on Thursday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.48. The stock has a market cap of $743.63 million, a PE ratio of 11.68 and a beta of 0.92. Lakeland Bancorp has a 1-year low of $13.77 and a 1-year high of $21.20.
A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in shares of Lakeland Bancorp by 1.1% during the third quarter. BlackRock Inc. now owns 3,173,774 shares of the financial services provider’s stock valued at $57,285,000 after purchasing an additional 33,697 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Lakeland Bancorp by 2.8% during the third quarter. Dimensional Fund Advisors LP now owns 2,749,713 shares of the financial services provider’s stock valued at $49,632,000 after purchasing an additional 75,488 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of Lakeland Bancorp by 2.6% during the third quarter. Vanguard Group Inc now owns 2,121,333 shares of the financial services provider’s stock valued at $38,291,000 after purchasing an additional 53,482 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Lakeland Bancorp by 2.6% during the third quarter. Vanguard Group Inc. now owns 2,121,333 shares of the financial services provider’s stock valued at $38,291,000 after purchasing an additional 53,482 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Lakeland Bancorp by 1.2% during the second quarter. Northern Trust Corp now owns 1,275,388 shares of the financial services provider’s stock valued at $25,317,000 after purchasing an additional 14,668 shares during the last quarter. Institutional investors and hedge funds own 56.06% of the company’s stock.
In related news, Director Robert K. Nicholson III acquired 13,000 shares of the stock in a transaction on Friday, December 21st. The stock was acquired at an average cost of $14.45 per share, for a total transaction of $187,850.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas Shara acquired 5,000 shares of the stock in a transaction on Thursday, November 15th. The stock was bought at an average price of $16.12 per share, with a total value of $80,600.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 19,000 shares of company stock valued at $283,100. 6.07% of the stock is currently owned by company insiders.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Stockholders of record on Friday, February 8th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Thursday, February 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.94%. Lakeland Bancorp’s dividend payout ratio is currently 34.33%.
About Lakeland Bancorp
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial 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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