Equities research analysts forecast that Lakeland Bancorp, Inc. (NASDAQ:LBAI) will announce $0.26 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Lakeland Bancorp’s earnings, with estimates ranging from $0.16 to $0.33. Lakeland Bancorp reported earnings of $0.35 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 25.7%. The company is expected to report its next earnings results on Friday, July 24th.
According to Zacks, analysts expect that Lakeland Bancorp will report full-year earnings of $1.12 per share for the current year, with EPS estimates ranging from $0.92 to $1.31. For the next year, analysts anticipate that the firm will report earnings of $1.11 per share, with EPS estimates ranging from $0.65 to $1.31. Zacks’ EPS averages are an average based on a survey of analysts that follow Lakeland Bancorp.
Lakeland Bancorp (NASDAQ:LBAI) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.05). The company had revenue of $57.91 million for the quarter, compared to the consensus estimate of $55.73 million. Lakeland Bancorp had a return on equity of 9.42% and a net margin of 23.58%.
LBAI has been the subject of several recent analyst reports. 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. Raymond James upgraded Lakeland Bancorp from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 17th. Zacks Investment Research upgraded Lakeland Bancorp from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Thursday, July 2nd. Finally, BidaskClub downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, June 20th. Two analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $15.00.
Several hedge funds have recently made changes to their positions in LBAI. Victory Capital Management Inc. lifted its position 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 acquiring an additional 2,436 shares during the period. Great West Life Assurance Co. Can bought a new stake in shares of Lakeland Bancorp in the 4th quarter worth approximately $59,000. Renaissance Technologies LLC lifted its position in shares of Lakeland Bancorp by 7.5% in the 4th quarter. Renaissance Technologies LLC now owns 1,103,400 shares of the financial services provider’s stock worth $19,177,000 after acquiring an additional 77,100 shares during the period. Thrivent Financial for Lutherans lifted its position in shares of Lakeland Bancorp by 1.0% in the 4th quarter. Thrivent Financial for Lutherans now owns 113,169 shares of the financial services provider’s stock worth $1,967,000 after acquiring an additional 1,149 shares during the period. Finally, Stifel Financial Corp lifted its position in shares of Lakeland Bancorp by 17.4% in the 4th quarter. Stifel Financial Corp now owns 22,864 shares of the financial services provider’s stock worth $398,000 after acquiring an additional 3,388 shares during the period. Institutional investors own 57.65% of the company’s stock.
LBAI opened at $10.34 on Thursday. The company has a market cap of $521.78 million, a PE ratio of 7.83 and a beta of 1.02. The stock has a 50-day moving average of $11.00 and a 200-day moving average of $12.85. Lakeland Bancorp has a 52-week low of $8.31 and a 52-week high of $17.63. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.95 and a current ratio of 0.95.
About Lakeland Bancorp
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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