Lakeland Bancorp, Inc. (NASDAQ:LBAI – Get Rating) – DA Davidson lowered their Q1 2023 earnings per share estimates for shares of Lakeland Bancorp in a research report issued on Wednesday, April 5th. DA Davidson analyst M. Navas now forecasts that the financial services provider will post earnings per share of $0.47 for the quarter, down from their previous estimate of $0.48. The consensus estimate for Lakeland Bancorp’s current full-year earnings is $1.96 per share. DA Davidson also issued estimates for Lakeland Bancorp’s FY2023 earnings at $1.90 EPS.
Lakeland Bancorp (NASDAQ:LBAI – Get Rating) last issued its earnings results on Thursday, January 26th. The financial services provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $88.66 million during the quarter, compared to analyst estimates of $90.10 million. Lakeland Bancorp had a return on equity of 10.39% and a net margin of 27.14%.
Lakeland Bancorp Price Performance
Shares of NASDAQ LBAI opened at $14.98 on Thursday. Lakeland Bancorp has a twelve month low of $13.91 and a twelve month high of $20.02. The stock’s 50 day moving average price is $17.98 and its 200-day moving average price is $17.83. The company has a market capitalization of $972.05 million, a PE ratio of 9.13 and a beta of 0.82. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.20.
Lakeland Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 16th. Shareholders of record on Monday, February 6th were issued a $0.145 dividend. The ex-dividend date was Friday, February 3rd. This represents a $0.58 annualized dividend and a yield of 3.87%. Lakeland Bancorp’s dividend payout ratio (DPR) is presently 35.37%.
Insiders Place Their Bets
In other news, Director James E. Hanson II purchased 1,400 shares of Lakeland Bancorp stock in a transaction that occurred on Wednesday, March 1st. The stock was bought at an average price of $19.07 per share, with a total value of $26,698.00. Following the completion of the transaction, the director now directly owns 31,199 shares of the company’s stock, valued at $594,964.93. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Brian Gragnolati acquired 4,355 shares of the company’s stock in a transaction that occurred on Wednesday, March 15th. The shares were bought at an average price of $17.15 per share, with a total value of $74,688.25. Following the completion of the purchase, the director now directly owns 28,203 shares in the company, valued at $483,681.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James E. Hanson II acquired 1,400 shares of Lakeland Bancorp stock in a transaction on Wednesday, March 1st. The shares were purchased at an average price of $19.07 per share, for a total transaction of $26,698.00. Following the completion of the acquisition, the director now directly owns 31,199 shares in the company, valued at $594,964.93. The disclosure for this purchase can be found here. 4.72% of the stock is currently owned by company insiders.
Institutional Trading of Lakeland Bancorp
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LBAI. Quadrant Capital Group LLC increased its stake in shares of Lakeland Bancorp by 128.6% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,717 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 966 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Lakeland Bancorp by 198.2% during the 3rd quarter. US Bancorp DE now owns 1,801 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 1,197 shares during the last quarter. Wipfli Financial Advisors LLC acquired a new position in shares of Lakeland Bancorp during the 3rd quarter worth approximately $41,000. Point72 Hong Kong Ltd acquired a new position in shares of Lakeland Bancorp during the 1st quarter worth approximately $48,000. Finally, Advisor Group Holdings Inc. lifted its holdings in Lakeland Bancorp by 335.6% in the first quarter. Advisor Group Holdings Inc. now owns 3,197 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 2,463 shares during the last quarter. Institutional investors and hedge funds own 57.71% of the company’s stock.
Lakeland Bancorp Company Profile
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.
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