Lakeland Bancorp, Inc. (NASDAQ:LBAI) Expected to Announce Quarterly Sales of $64.77 Million

Wall Street analysts predict that Lakeland Bancorp, Inc. (NASDAQ:LBAI) will report $64.77 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Lakeland Bancorp’s earnings, with the highest sales estimate coming in at $65.14 million and the lowest estimate coming in at $64.06 million. Lakeland Bancorp reported sales of $61.98 million in the same quarter last year, which indicates a positive year-over-year growth rate of 4.5%. The business is expected to report its next quarterly earnings report on Thursday, January 27th.

According to Zacks, analysts expect that Lakeland Bancorp will report full-year sales of $257.19 million for the current fiscal year, with estimates ranging from $256.00 million to $258.51 million. For the next year, analysts forecast that the company will report sales of $332.16 million, with estimates ranging from $324.74 million to $343.81 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Lakeland Bancorp.

Lakeland Bancorp (NASDAQ:LBAI) last issued its quarterly earnings results on Monday, October 25th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.02. Lakeland Bancorp had a return on equity of 11.67% and a net margin of 32.78%. The company had revenue of $64.81 million for the quarter, compared to analysts’ expectations of $65.38 million. During the same period last year, the firm earned $0.28 EPS.

Separately, Zacks Investment Research cut Lakeland Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, October 27th.

Shares of LBAI stock traded down $0.17 during mid-day trading on Thursday, hitting $18.93. 76,590 shares of the stock traded hands, compared to its average volume of 174,061. Lakeland Bancorp has a twelve month low of $11.99 and a twelve month high of $19.43. The firm has a market cap of $957.97 million, a price-to-earnings ratio of 10.63 and a beta of 0.96. The company’s 50-day simple moving average is $18.06 and its 200-day simple moving average is $17.61. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.92 and a current ratio of 0.92.

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 15th. Stockholders of record on Friday, November 5th were paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 2.85%. The ex-dividend date was Thursday, November 4th. Lakeland Bancorp’s dividend payout ratio is presently 30.34%.

In other Lakeland Bancorp news, EVP Paul Ho-Sing-Loy bought 3,000 shares of the firm’s stock in a transaction dated Friday, September 17th. The stock was acquired at an average price of $16.50 per share, with a total value of $49,500.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian Gragnolati bought 2,000 shares of the firm’s stock in a transaction dated Thursday, September 16th. The stock was acquired at an average cost of $16.55 per share, with a total value of $33,100.00. Following the transaction, the director now owns 15,658 shares of the company’s stock, valued at $259,139.90. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 13,275 shares of company stock valued at $221,157. Corporate insiders own 4.24% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quadrant Capital Group LLC boosted its position in Lakeland Bancorp by 483.1% during the second quarter. Quadrant Capital Group LLC now owns 1,720 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 1,425 shares during the last quarter. Berman Capital Advisors LLC boosted its position in Lakeland Bancorp by 56.6% during the second quarter. Berman Capital Advisors LLC now owns 2,867 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 1,036 shares during the last quarter. Royal Bank of Canada boosted its position in Lakeland Bancorp by 189.8% during the first quarter. Royal Bank of Canada now owns 7,592 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 4,972 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in Lakeland Bancorp during the first quarter valued at $178,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Lakeland Bancorp during the second quarter valued at $186,000. 60.11% of the stock is owned by hedge funds and other institutional investors.

About Lakeland Bancorp

Lakeland Bancorp, Inc is a bank holding company, which engages in the provision of lending, depository, and related financial services. Its consumer banking services include checking accounts, savings accounts, interest-bearing checking accounts, money market accounts, certificates of deposit, internet banking, secured and unsecured loans, consumer installment loans, mortgage loans, and safe deposit services.

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Earnings History and Estimates for Lakeland Bancorp (NASDAQ:LBAI)

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