Maltese Capital Management LLC Invests $7.05 Million in Lakeland Bancorp, Inc. (NASDAQ:LBAI)
Maltese Capital Management LLC acquired a new position in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 354,952 shares of the financial services provider’s stock, valued at approximately $7,046,000. Maltese Capital Management LLC owned 0.75% of Lakeland Bancorp at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its stake in shares of Lakeland Bancorp by 200.8% during the first quarter. Royal Bank of Canada now owns 6,453 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 4,308 shares during the period. Strs Ohio acquired a new stake in Lakeland Bancorp during the second quarter worth approximately $168,000. Alpine Woods Capital Investors LLC acquired a new stake in Lakeland Bancorp during the first quarter worth approximately $199,000. Xact Kapitalforvaltning AB grew its position in Lakeland Bancorp by 30.2% during the first quarter. Xact Kapitalforvaltning AB now owns 13,353 shares of the financial services provider’s stock worth $265,000 after buying an additional 3,100 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Lakeland Bancorp during the first quarter worth approximately $300,000. Institutional investors and hedge funds own 54.47% of the company’s stock.
NASDAQ:LBAI traded up $0.15 during trading hours on Friday, hitting $18.65. 71,416 shares of the company were exchanged, compared to its average volume of 102,465. The firm has a market cap of $895.10 million, a P/E ratio of 16.80 and a beta of 0.81. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.50. Lakeland Bancorp, Inc. has a one year low of $18.05 and a one year high of $21.90.
A number of equities research analysts recently issued reports on LBAI shares. Zacks Investment Research downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, August 1st. BidaskClub downgraded Lakeland Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, June 13th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $23.50 target price on shares of Lakeland Bancorp in a report on Wednesday, August 1st. Boenning Scattergood started coverage on Lakeland Bancorp in a report on Monday, September 10th. They issued a “neutral” rating on the stock. Finally, ValuEngine downgraded Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $21.17.
Lakeland Bancorp Company Profile
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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