Brokerages predict that Lakeland Bancorp, Inc. (NASDAQ:LBAI) will report $49.63 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Lakeland Bancorp’s earnings. The highest sales estimate is $50.01 million and the lowest is $49.20 million. Lakeland Bancorp posted sales of $48.16 million in the same quarter last year, which would indicate a positive year over year growth rate of 3.1%. The firm is expected to issue its next earnings report on Friday, January 25th.
On average, analysts expect that Lakeland Bancorp will report full-year sales of $195.82 million for the current financial year, with estimates ranging from $195.30 million to $196.10 million. For the next year, analysts expect that the business will post sales of $204.48 million, with estimates ranging from $170.20 million to $223.35 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Lakeland Bancorp.
Lakeland Bancorp (NASDAQ:LBAI) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $0.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.35. The company had revenue of $49.26 million for the quarter, compared to analyst estimates of $50.39 million. Lakeland Bancorp had a net margin of 26.69% and a return on equity of 10.37%.
Several equities research analysts recently issued reports on the stock. BidaskClub lowered shares of Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a report on Saturday, December 1st. Zacks Investment Research lowered shares of Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. FIG Partners raised shares of Lakeland Bancorp from a “market perform” rating to an “outperform” rating and set a $20.00 price target on the stock in a report on Friday, October 26th. ValuEngine lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, September 12th. Finally, Boenning Scattergood assumed coverage on shares of Lakeland Bancorp in a report on Monday, September 10th. They set a “neutral” rating on the stock. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $19.88.
Shares of Lakeland Bancorp stock traded down $0.11 during midday trading on Friday, hitting $15.22. 123,980 shares of the company traded hands, compared to its average volume of 117,817. The firm has a market capitalization of $727.96 million, a PE ratio of 13.71 and a beta of 0.86. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.48. Lakeland Bancorp has a 12 month low of $15.00 and a 12 month high of $21.20.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 15th. Investors of record on Monday, November 5th were given a dividend of $0.115 per share. The ex-dividend date was Friday, November 2nd. This represents a $0.46 annualized dividend and a yield of 3.02%. Lakeland Bancorp’s dividend payout ratio is presently 41.44%.
In other Lakeland Bancorp news, insider Thomas Shara bought 5,000 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The shares were acquired at an average cost of $16.12 per share, for a total transaction of $80,600.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mary Ann Deacon bought 6,750 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The shares were acquired at an average price of $16.51 per share, for a total transaction of $111,442.50. Following the completion of the transaction, the director now owns 25,733 shares in the company, valued at $424,851.83. The disclosure for this purchase can be found here. 6.07% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in Lakeland Bancorp by 200.8% during the 1st quarter. Royal Bank of Canada now owns 6,453 shares of the financial services provider’s stock worth $128,000 after buying an additional 4,308 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of Lakeland Bancorp in the 3rd quarter worth approximately $156,000. Strs Ohio acquired a new position in shares of Lakeland Bancorp in the 2nd quarter worth approximately $168,000. Engineers Gate Manager LP acquired a new position in shares of Lakeland Bancorp in the 3rd quarter worth approximately $305,000. Finally, Xact Kapitalforvaltning AB lifted its position in shares of Lakeland Bancorp by 29.2% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 17,253 shares of the financial services provider’s stock worth $342,000 after purchasing an additional 3,900 shares during the period. Institutional investors and hedge funds own 55.41% of the company’s stock.
About Lakeland Bancorp
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial products and services for individuals and small to medium sized businesses. It offers commercial banking services, including savings, money market, and time accounts, as well as demand deposits; lending solutions, such as short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, mortgage loans, small business administration loans, commercial real estate loans, commercial and industrial loans, and equipment financing, as well as merchant credit card services; and Internet banking, mobile banking, wire transfer, night depository, and cash management services.
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