Lakeland Bancorp, Inc. (NASDAQ:LBAI) – Equities research analysts at Boenning Scattergood raised their Q2 2019 earnings per share estimates for Lakeland Bancorp in a report issued on Tuesday, April 30th, according to Zacks Investment Research. Boenning Scattergood analyst E. Zwick now expects that the financial services provider will post earnings per share of $0.36 for the quarter, up from their previous estimate of $0.34. Boenning Scattergood currently has a “Outperform” rating and a $19.00 target price on the stock. Boenning Scattergood also issued estimates for Lakeland Bancorp’s FY2019 earnings at $1.39 EPS, Q1 2020 earnings at $0.35 EPS, Q2 2020 earnings at $0.36 EPS, Q3 2020 earnings at $0.38 EPS, Q4 2020 earnings at $0.38 EPS and FY2020 earnings at $1.48 EPS.
LBAI has been the topic of several other research reports. BidaskClub cut shares of Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 7th. Zacks Investment Research cut shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, January 18th. ValuEngine lowered shares of Lakeland Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday, March 21st. Finally, FIG Partners reissued an “outperform” rating on shares of Lakeland Bancorp in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $20.13.
Lakeland Bancorp (NASDAQ:LBAI) last issued its quarterly earnings data on Monday, April 29th. The financial services provider reported $0.31 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Lakeland Bancorp had a net margin of 25.63% and a return on equity of 10.34%. The firm had revenue of $54.33 million for the quarter, compared to analysts’ expectations of $53.67 million.
Institutional investors have recently added to or reduced their stakes in the stock. Credit Suisse AG increased its holdings in Lakeland Bancorp by 37.0% in the 3rd quarter. Credit Suisse AG now owns 62,655 shares of the financial services provider’s stock worth $1,131,000 after acquiring an additional 16,933 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Lakeland Bancorp by 17.1% during the 3rd quarter. Renaissance Technologies LLC now owns 648,630 shares of the financial services provider’s stock valued at $11,708,000 after buying an additional 94,730 shares in the last quarter. BlackRock Inc. grew its holdings in Lakeland Bancorp by 1.1% during the 3rd quarter. BlackRock Inc. now owns 3,173,774 shares of the financial services provider’s stock valued at $57,285,000 after buying an additional 33,697 shares in the last quarter. Vanguard Group Inc grew its holdings in Lakeland Bancorp by 2.6% during the 3rd quarter. Vanguard Group Inc now owns 2,121,333 shares of the financial services provider’s stock valued at $38,291,000 after buying an additional 53,482 shares in the last quarter. Finally, Lucas Capital Management grew its holdings in Lakeland Bancorp by 110.0% during the 4th quarter. Lucas Capital Management now owns 54,838 shares of the financial services provider’s stock valued at $812,000 after buying an additional 28,719 shares in the last quarter. 53.41% of the stock is owned by institutional investors.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Thursday, May 9th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.09%. This is a positive change from Lakeland Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date is Wednesday, May 8th. Lakeland Bancorp’s dividend payout ratio is currently 37.31%.
Lakeland Bancorp Company Profile
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides various banking 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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