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Secure Asset Management LLC Makes New Investment in Lakeland Bancorp, Inc. (NASDAQ:LBAI)

Financial News Live ·  Sep 29, 2022 13:52

Secure Asset Management LLC bought a new stake in Lakeland Bancorp, Inc. (NASDAQ:LBAI – Get Rating) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 26,142 shares of the financial services provider's stock, valued at approximately $382,000.

Several other large investors also recently bought and sold shares of the company. Bank of America Corp DE increased its position in Lakeland Bancorp by 27.7% during the 4th quarter. Bank of America Corp DE now owns 123,844 shares of the financial services provider's stock worth $2,352,000 after purchasing an additional 26,878 shares in the last quarter. JPMorgan Chase & Co. increased its position in Lakeland Bancorp by 3.9% during the 4th quarter. JPMorgan Chase & Co. now owns 516,822 shares of the financial services provider's stock worth $9,814,000 after purchasing an additional 19,395 shares in the last quarter. Barclays PLC increased its position in Lakeland Bancorp by 15.8% during the 4th quarter. Barclays PLC now owns 151,660 shares of the financial services provider's stock worth $2,880,000 after purchasing an additional 20,744 shares in the last quarter. Mirabella Financial Services LLP purchased a new stake in Lakeland Bancorp in the 4th quarter valued at about $1,043,000. Finally, Lindbrook Capital LLC purchased a new stake in Lakeland Bancorp in the 1st quarter valued at about $27,000. Institutional investors and hedge funds own 57.80% of the company's stock.

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Lakeland Bancorp Stock Down 0.1 %

LBAI stock traded down $0.01 during midday trading on Thursday, hitting $16.33. 73,664 shares of the company's stock were exchanged, compared to its average volume of 284,915. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.20. Lakeland Bancorp, Inc. has a 12-month low of $13.91 and a 12-month high of $20.69. The firm has a 50 day moving average price of $16.25 and a 200-day moving average price of $15.81. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 10.54 and a beta of 0.84.

Lakeland Bancorp (NASDAQ:LBAI – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.44. Lakeland Bancorp had a return on equity of 9.74% and a net margin of 28.25%. The company had revenue of $87.37 million for the quarter, compared to the consensus estimate of $82.13 million. During the same period in the previous year, the business earned $0.53 EPS. On average, analysts anticipate that Lakeland Bancorp, Inc. will post 1.79 EPS for the current year.

Lakeland Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Stockholders of record on Monday, August 8th were issued a $0.145 dividend. The ex-dividend date was Friday, August 5th. This represents a $0.58 dividend on an annualized basis and a dividend yield of 3.55%. Lakeland Bancorp's dividend payout ratio (DPR) is 37.42%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. DA Davidson cut Lakeland Bancorp from a "buy" rating to a "neutral" rating and lowered their price target for the company from $22.00 to $18.00 in a report on Wednesday. Janney Montgomery Scott lowered Lakeland Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday. Finally, Raymond James lowered Lakeland Bancorp from a "strong-buy" rating to an "outperform" rating and reduced their price objective for the company from $20.00 to $17.00 in a research note on Thursday, July 7th.

Lakeland Bancorp Company Profile

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Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that offers various banking products and services for individuals and small to medium sized businesses. The company provides commercial banking services, including savings, money market, and time accounts, as well as demand deposits.

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Want to see what other hedge funds are holding LBAI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lakeland Bancorp, Inc. (NASDAQ:LBAI – Get Rating).

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