Swiss National Bank boosted its holdings in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 7.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 74,785 shares of the financial services provider’s stock after acquiring an additional 4,900 shares during the quarter. Swiss National Bank owned 0.16% of Lakeland Bancorp worth $1,410,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in LBAI. Wells Fargo & Company MN lifted its position in Lakeland Bancorp by 32.6% in the 1st quarter. Wells Fargo & Company MN now owns 87,115 shares of the financial services provider’s stock valued at $1,708,000 after acquiring an additional 21,414 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Lakeland Bancorp by 78.8% in the 1st quarter. Bank of New York Mellon Corp now owns 414,355 shares of the financial services provider’s stock valued at $8,121,000 after acquiring an additional 182,565 shares in the last quarter. SG Americas Securities LLC bought a new position in Lakeland Bancorp in the 1st quarter valued at approximately $169,000. Victory Capital Management Inc. bought a new position in Lakeland Bancorp in the 1st quarter valued at approximately $152,000. Finally, American International Group Inc. lifted its position in Lakeland Bancorp by 7.5% in the 1st quarter. American International Group Inc. now owns 24,009 shares of the financial services provider’s stock valued at $471,000 after acquiring an additional 1,685 shares in the last quarter. 52.64% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lakeland Bancorp, Inc. (LBAI) opened at 20.75 on Wednesday. The firm’s 50-day moving average is $19.07 and its 200-day moving average is $19.16. Lakeland Bancorp, Inc. has a 52 week low of $13.15 and a 52 week high of $20.88. The stock has a market capitalization of $982.55 million, a price-to-earnings ratio of 19.99 and a beta of 0.82.
Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.02. Lakeland Bancorp had a net margin of 23.94% and a return on equity of 9.21%. The business had revenue of $47.53 million during the quarter, compared to the consensus estimate of $46.39 million. Analysts forecast that Lakeland Bancorp, Inc. will post $1.10 earnings per share for the current fiscal year.
Several research firms recently issued reports on LBAI. Zacks Investment Research raised Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research report on Tuesday, July 25th. BidaskClub lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. Lakeland Bancorp currently has a consensus rating of “Hold” and an average target price of $22.00.
In other news, Director Mark J. Fredericks sold 14,100 shares of Lakeland Bancorp stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $19.37, for a total transaction of $273,117.00. Following the completion of the sale, the director now directly owns 203,496 shares in the company, valued at $3,941,717.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Edward B. Deutsch sold 5,000 shares of Lakeland Bancorp stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. The disclosure for this sale can be found here. Insiders have sold 24,100 shares of company stock valued at $468,117 over the last quarter. 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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