Bank of Nova Scotia Invests $543,000 in Lancaster Colony Co. (NASDAQ:LANC)

Posted by Defense World Staff on May 24th, 2023

Bank of Nova Scotia bought a new stake in shares of Lancaster Colony Co. (NASDAQ:LANC – Get Rating) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,754 shares of the company’s stock, valued at approximately $543,000.

Other large investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its stake in shares of Lancaster Colony by 95.5% during the 3rd quarter. Lazard Asset Management LLC now owns 657 shares of the company’s stock worth $98,000 after acquiring an additional 321 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Lancaster Colony by 4.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 63,695 shares of the company’s stock valued at $12,567,000 after purchasing an additional 2,469 shares during the period. New York State Common Retirement Fund increased its position in Lancaster Colony by 1.4% in the third quarter. New York State Common Retirement Fund now owns 13,800 shares of the company’s stock worth $2,074,000 after buying an additional 195 shares in the last quarter. Retirement Systems of Alabama increased its position in Lancaster Colony by 0.8% in the fourth quarter. Retirement Systems of Alabama now owns 26,148 shares of the company’s stock worth $5,159,000 after buying an additional 206 shares in the last quarter. Finally, Signaturefd LLC raised its stake in shares of Lancaster Colony by 57.8% in the third quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $260,000 after buying an additional 633 shares during the period. 60.69% of the stock is currently owned by institutional investors.

Lancaster Colony Price Performance

Shares of LANC stock opened at $206.62 on Wednesday. Lancaster Colony Co. has a one year low of $116.85 and a one year high of $220.65. The company’s fifty day moving average price is $205.58 and its 200-day moving average price is $200.21. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of 43.41 and a beta of 0.22.

Lancaster Colony (NASDAQ:LANC – Get Rating) last posted its quarterly earnings results on Thursday, May 4th. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.11). The business had revenue of $464.94 million for the quarter, compared to the consensus estimate of $443.08 million. Lancaster Colony had a net margin of 7.21% and a return on equity of 16.13%. Lancaster Colony’s revenue was up 15.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.46 earnings per share. Equities research analysts expect that Lancaster Colony Co. will post 5 earnings per share for the current fiscal year.

Lancaster Colony Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 9th will be issued a $0.85 dividend. The ex-dividend date is Thursday, June 8th. This represents a $3.40 dividend on an annualized basis and a yield of 1.65%. Lancaster Colony’s dividend payout ratio is presently 71.43%.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on Lancaster Colony in a research note on Thursday, May 18th. They set a “hold” rating for the company.

Lancaster Colony Company Profile

(Get Rating)

Lancaster Colony Corp. engages in the manufacture and sale of specialty food products. It operates through the following segments: Retail and Foodservice. The Retail and Foodservice segments both focus on the manufacture and sale of frozen breads, refrigerated dressings, dips and shelf-stable dressings, and croutons under the brand names New York BRAND Bakery, Sister Schubert’s, Marzetti Frozen Pasta, and Flatout.