Lakeland Bancorp (LBAI) Upgraded at FIG Partners

FIG Partners upgraded shares of Lakeland Bancorp (NASDAQ:LBAI) from a market perform rating to an outperform rating in a report issued on Friday, MarketBeat reports. The brokerage currently has $20.00 price objective on the financial services provider’s stock. FIG Partners also issued estimates for Lakeland Bancorp’s Q4 2018 earnings at $0.35 EPS, FY2018 earnings at $1.37 EPS, Q1 2019 earnings at $0.33 EPS, Q1 2020 earnings at $0.39 EPS, Q2 2020 earnings at $0.39 EPS, Q3 2020 earnings at $0.42 EPS and FY2020 earnings at $1.62 EPS.

Several other equities analysts have also weighed in on the company. BidaskClub lowered Lakeland Bancorp from a sell rating to a strong sell rating in a research note on Tuesday, October 23rd. Zacks Investment Research upgraded Lakeland Bancorp from a hold rating to a buy rating and set a $18.00 price objective for the company in a report on Thursday, October 25th. Keefe, Bruyette & Woods reiterated a buy rating and set a $23.50 price objective on shares of Lakeland Bancorp in a report on Wednesday, August 1st. ValuEngine downgraded Lakeland Bancorp from a hold rating to a sell rating in a report on Wednesday, September 12th. Finally, Boenning Scattergood started coverage on Lakeland Bancorp in a report on Monday, September 10th. They set a neutral rating for the company. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $19.88.

Shares of LBAI opened at $16.56 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.50. Lakeland Bancorp has a 12-month low of $15.57 and a 12-month high of $21.90. The firm has a market cap of $763.56 million, a PE ratio of 12.47 and a beta of 0.82.

Lakeland Bancorp (NASDAQ:LBAI) last issued 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. Lakeland Bancorp had a return on equity of 10.45% and a net margin of 26.69%. The business had revenue of $49.26 million for the quarter, compared to analyst estimates of $50.39 million. Research analysts anticipate that Lakeland Bancorp will post 1.35 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Monday, November 5th will be paid a $0.115 dividend. The ex-dividend date is Friday, November 2nd. This represents a $0.46 dividend on an annualized basis and a yield of 2.78%. Lakeland Bancorp’s dividend payout ratio is 41.44%.

A number of hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. grew its stake in Lakeland Bancorp by 15.9% in the second quarter. Victory Capital Management Inc. now owns 19,294 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 2,648 shares in the last quarter. Xact Kapitalforvaltning AB increased its stake in shares of Lakeland Bancorp by 30.2% in the 1st quarter. Xact Kapitalforvaltning AB now owns 13,353 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 3,100 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Lakeland Bancorp by 200.8% in the 1st quarter. Royal Bank of Canada now owns 6,453 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 4,308 shares during the last quarter. Lucas Capital Management increased its stake in shares of Lakeland Bancorp by 39.3% in the 2nd quarter. Lucas Capital Management now owns 26,819 shares of the financial services provider’s stock valued at $532,000 after purchasing an additional 7,567 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Lakeland Bancorp in the 2nd quarter valued at $168,000. Hedge funds and other institutional investors own 54.52% 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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