Analysts expect that Lakeland Bancorp, Inc. (NASDAQ:LBAI) will report $56.53 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Lakeland Bancorp’s earnings, with the highest sales estimate coming in at $57.15 million and the lowest estimate coming in at $55.31 million. Lakeland Bancorp reported sales of $55.59 million in the same quarter last year, which indicates a positive year over year growth rate of 1.7%. The company is scheduled to announce its next earnings report on Friday, July 24th.
On average, analysts expect that Lakeland Bancorp will report full-year sales of $235.61 million for the current financial year, with estimates ranging from $227.10 million to $239.47 million. For the next year, analysts expect that the firm will post sales of $234.30 million, with estimates ranging from $231.20 million to $237.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Lakeland Bancorp.
Lakeland Bancorp (NASDAQ:LBAI) last released its earnings results on Thursday, April 30th. The financial services provider reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05). The company had revenue of $57.91 million for the quarter, compared to analysts’ expectations of $55.73 million. Lakeland Bancorp had a return on equity of 9.42% and a net margin of 23.58%.
A number of equities analysts recently weighed in on the stock. ValuEngine lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. BidaskClub lowered shares of Lakeland Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 20th. Piper Sandler upgraded shares of Lakeland Bancorp from a “neutral” rating to an “overweight” rating in a report on Friday, May 1st. Zacks Investment Research upgraded shares of Lakeland Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, May 21st. Finally, Raymond James upgraded shares of Lakeland Bancorp from a “market perform” rating to an “outperform” rating in a report on Wednesday, June 17th. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $18.00.
Hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. lifted its holdings in shares of Lakeland Bancorp by 366.2% in the 1st quarter. Meeder Asset Management Inc. now owns 2,331 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 1,831 shares during the last quarter. Great West Life Assurance Co. Can acquired a new position in shares of Lakeland Bancorp in the 4th quarter worth approximately $59,000. Transcend Wealth Collective LLC acquired a new position in shares of Lakeland Bancorp in the 1st quarter worth approximately $109,000. Eaton Vance Management acquired a new position in shares of Lakeland Bancorp in the 4th quarter worth approximately $182,000. Finally, Victory Capital Management Inc. lifted its holdings 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 last quarter. Hedge funds and other institutional investors own 57.65% of the company’s stock.
Shares of LBAI stock traded up $0.36 on Thursday, reaching $11.43. 263,182 shares of the company were exchanged, compared to its average volume of 198,821. The company has a market cap of $529.86 million, a price-to-earnings ratio of 8.48 and a beta of 1.01. The business has a 50-day moving average price of $10.86 and a 200 day moving average price of $13.39. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.95 and a current ratio of 0.95. Lakeland Bancorp has a 1 year low of $8.31 and a 1 year high of $17.63.
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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