Parametric Portfolio Associates LLC grew its holdings in Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 59.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 139,501 shares of the financial services provider’s stock after purchasing an additional 52,267 shares during the period. Parametric Portfolio Associates LLC owned about 0.28% of Lakeland Bancorp worth $1,508,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Great West Life Assurance Co. Can bought a new stake in shares of Lakeland Bancorp in the 4th quarter worth $59,000. Transcend Wealth Collective LLC bought a new stake in shares of Lakeland Bancorp in the 1st quarter worth $109,000. Eaton Vance Management purchased a new position in shares of Lakeland Bancorp in the 4th quarter worth $182,000. Victory Capital Management Inc. boosted its stake in shares of Lakeland Bancorp by 28.5% in the 4th quarter. Victory Capital Management Inc. now owns 10,974 shares of the financial services provider’s stock worth $191,000 after buying an additional 2,436 shares during the last quarter. Finally, Arizona State Retirement System purchased a new position in shares of Lakeland Bancorp in the 1st quarter worth $122,000. 57.65% of the stock is owned by institutional investors and hedge funds.
NASDAQ LBAI opened at $11.43 on Wednesday. The company has a market capitalization of $529.86 million, a PE ratio of 8.66 and a beta of 1.01. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.95 and a current ratio of 0.95. The business’s fifty day moving average is $10.86 and its 200 day moving average is $13.36. Lakeland Bancorp, Inc. has a fifty-two week low of $8.31 and a fifty-two week high of $17.63.
Lakeland Bancorp (NASDAQ:LBAI) last posted its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.24 EPS for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.05). The business had revenue of $57.91 million for the quarter, compared to the consensus estimate of $55.73 million. Lakeland Bancorp had a net margin of 23.58% and a return on equity of 9.42%. On average, sell-side analysts forecast that Lakeland Bancorp, Inc. will post 1.12 EPS for the current year.
LBAI has been the topic of a number of research reports. BidaskClub downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Piper Sandler upgraded Lakeland Bancorp from a “neutral” rating to an “overweight” rating in a research note on Friday, May 1st. ValuEngine downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 2nd. Zacks Investment Research upgraded Lakeland Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, May 21st. Finally, Raymond James upgraded Lakeland Bancorp from a “market perform” rating to an “outperform” rating in a research report on Wednesday, June 17th. Two investment analysts have rated the stock with a sell rating, one has given 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 target price of $18.00.
Lakeland Bancorp 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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