Lakeland Bancorp, Inc. (NASDAQ:LBAI – Get Rating) – DA Davidson reduced their Q3 2022 earnings per share estimates for Lakeland Bancorp in a research note issued on Thursday, September 29th. DA Davidson analyst M. Navas now expects that the financial services provider will post earnings per share of $0.50 for the quarter, down from their prior forecast of $0.51. DA Davidson has a "Neutral" rating and a $18.00 price target on the stock. The consensus estimate for Lakeland Bancorp's current full-year earnings is $1.79 per share.
Get Lakeland Bancorp alerts:A number of other equities analysts also recently issued reports on the company. Raymond James downgraded Lakeland Bancorp from a "strong-buy" rating to an "outperform" rating and decreased their price objective for the stock from $20.00 to $17.00 in a report on Thursday, July 7th. Janney Montgomery Scott downgraded Lakeland Bancorp from a "buy" rating to a "neutral" rating in a report on Wednesday.
Lakeland Bancorp Price Performance
LBAI opened at $16.01 on Friday. The stock has a fifty day simple moving average of $16.30 and a two-hundred day simple moving average of $15.79. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.20. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 10.33 and a beta of 0.84. Lakeland Bancorp has a 12-month low of $13.91 and a 12-month high of $20.69.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 analysts' consensus estimates of $0.44. The business had revenue of $87.37 million during the quarter, compared to the consensus estimate of $82.13 million. Lakeland Bancorp had a return on equity of 9.74% and a net margin of 28.25%. During the same quarter in the prior year, the company earned $0.53 earnings per share.
Lakeland Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 17th. Stockholders of record on Monday, August 8th were issued a dividend of $0.145 per share. The ex-dividend date was Friday, August 5th. This represents a $0.58 annualized dividend and a dividend yield of 3.62%. Lakeland Bancorp's payout ratio is presently 37.42%.
Hedge Funds Weigh In On Lakeland Bancorp
Several institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its holdings in shares of Lakeland Bancorp by 30.1% during the second quarter. Goldman Sachs Group Inc. now owns 326,354 shares of the financial services provider's stock valued at $4,771,000 after acquiring an additional 75,601 shares in the last quarter. First Republic Investment Management Inc. increased its holdings in shares of Lakeland Bancorp by 2.3% during the second quarter. First Republic Investment Management Inc. now owns 60,686 shares of the financial services provider's stock valued at $887,000 after acquiring an additional 1,377 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Lakeland Bancorp during the second quarter valued at $199,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Lakeland Bancorp by 13.7% during the second quarter. Price T Rowe Associates Inc. MD now owns 23,175 shares of the financial services provider's stock valued at $339,000 after acquiring an additional 2,795 shares in the last quarter. Finally, Occudo Quantitative Strategies LP bought a new position in shares of Lakeland Bancorp during the second quarter valued at $220,000. 57.80% of the stock is currently owned by institutional investors.
About Lakeland Bancorp
(Get Rating)
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.
Further Reading
- Get a free copy of the StockNews.com research report on Lakeland Bancorp (LBAI)
- MarketBeat: Week in Review 9/26 – 9/30
- This Is A Memorable Time To Buy Into Micron Technology
- Declining Profits Challenge the CarMax Value Proposition
- Let Paychex Stock Work Hard For You
- How Does Keurig Dr Pepper Compare To Larger Rivals Coke & Pepsi?
Receive News & Ratings for Lakeland Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lakeland Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.