State Board of Administration of Florida Retirement System continued to hold its position in Lakeland Bancorp Inc. (NASDAQ:LBAI) during the second quarter, Holdings Channel reports. The institutional investor owned 56,140 shares of the financial services provider’s stock at the end of the second quarter. State Board of Administration of Florida Retirement System owned approximately 0.14% of Lakeland Bancorp worth $639,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Prudential Financial Inc. increased its position in Lakeland Bancorp by 6.3% in the first quarter. Prudential Financial Inc. now owns 110,806 shares of the financial services provider’s stock valued at $1,125,000 after buying an additional 6,600 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Lakeland Bancorp by 0.9% in the first quarter. JPMorgan Chase & Co. now owns 111,349 shares of the financial services provider’s stock worth $1,130,000 after buying an additional 953 shares during the last quarter. Acrospire Investment Management LLC acquired a new stake in Lakeland Bancorp during the first quarter worth $271,000. State Street Corp boosted its stake in Lakeland Bancorp by 5.7% in the first quarter. State Street Corp now owns 620,440 shares of the financial services provider’s stock worth $6,298,000 after buying an additional 33,523 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Lakeland Bancorp by 6.7% in the first quarter. Geode Capital Management LLC now owns 246,946 shares of the financial services provider’s stock worth $2,506,000 after buying an additional 15,587 shares during the last quarter. Institutional investors own 41.10% of the company’s stock.
Lakeland Bancorp Inc. (NASDAQ:LBAI) traded down 2.21% during mid-day trading on Monday, reaching $13.73. 43,547 shares of the company were exchanged. Lakeland Bancorp Inc. has a 12-month low of $9.72 and a 12-month high of $14.13. The company’s 50 day moving average price is $13.49 and its 200-day moving average price is $11.82. The stock has a market capitalization of $610.17 million, a price-to-earnings ratio of 15.84 and a beta of 0.97.
Lakeland Bancorp (NASDAQ:LBAI) last posted its earnings results on Friday, July 22nd. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Lakeland Bancorp had a net margin of 21.18% and a return on equity of 9.06%. On average, equities research analysts forecast that Lakeland Bancorp Inc. will post $0.99 earnings per share for the current fiscal year.
In other Lakeland Bancorp news, Director Edward B. Deutsch sold 5,000 shares of Lakeland Bancorp stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $13.00, for a total value of $65,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 7.30% of the stock is currently owned by company insiders.
About Lakeland Bancorp
Lakeland Bancorp, Inc is the bank holding company for Lakeland Bank (Lakeland). Lakeland operates under a state bank charter and provides full banking services. Lakeland generates commercial, mortgage and consumer loans and receives deposits from customers located in Northern and Central New Jersey. Lakeland also provides non-deposit products, such as securities brokerage services, including mutual funds and variable annuities.
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