Short Interest in Lakeland Bancorp, Inc. (NASDAQ:LBAI) Drops By 6.2%

Lakeland Bancorp, Inc. (NASDAQ:LBAI - Get Free Report) was the recipient of a significant drop in short interest in April. As of April 30th, there was short interest totalling 1,220,000 shares, a drop of 6.2% from the April 15th total of 1,300,000 shares. Based on an average trading volume of 353,200 shares, the days-to-cover ratio is currently 3.5 days.

Wall Street Analyst Weigh In

Several research analysts have issued reports on LBAI shares. Keefe, Bruyette & Woods dropped their target price on Lakeland Bancorp from $16.65 to $14.15 and set a "market perform" rating on the stock in a research report on Tuesday, April 23rd. StockNews.com raised Lakeland Bancorp from a "sell" rating to a "hold" rating in a research report on Tuesday, April 23rd.

Lakeland Bancorp Stock Performance

Lakeland Bancorp stock traded up $0.15 during midday trading on Thursday, hitting $13.43. The stock had a trading volume of 1,361,427 shares, compared to its average volume of 306,271. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.44. Lakeland Bancorp has a 52-week low of $10.65 and a 52-week high of $16.00. The company has a market capitalization of $874.96 million, a PE ratio of 10.49 and a beta of 0.82. The firm's fifty day moving average is $12.23 and its two-hundred day moving average is $12.84.

Lakeland Bancorp (NASDAQ:LBAI - Get Free Report) last released its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.04. Lakeland Bancorp had a return on equity of 7.34% and a net margin of 16.00%. The firm had revenue of $67.65 million during the quarter. On average, research analysts forecast that Lakeland Bancorp will post 1.07 EPS for the current year.

Lakeland Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 8th. Investors of record on Monday, April 29th were paid a dividend of $0.145 per share. The ex-dividend date of this dividend was Friday, April 26th. This represents a $0.58 annualized dividend and a yield of 4.32%. Lakeland Bancorp's payout ratio is 45.31%.

Insider Activity

In related news, EVP Paul Ho-Sing-Loy sold 8,000 shares of Lakeland Bancorp stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $12.54, for a total value of $100,320.00. Following the completion of the sale, the executive vice president now directly owns 40,763 shares in the company, valued at approximately $511,168.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 5.08% of the company's stock.

Institutional Trading of Lakeland Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bayesian Capital Management LP bought a new stake in shares of Lakeland Bancorp in the first quarter worth about $124,000. Black Maple Capital Management LP purchased a new position in Lakeland Bancorp during the 1st quarter valued at approximately $369,000. Price T Rowe Associates Inc. MD increased its stake in Lakeland Bancorp by 24.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 52,986 shares of the financial services provider's stock worth $642,000 after acquiring an additional 10,433 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of Lakeland Bancorp by 240.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 60,559 shares of the financial services provider's stock worth $733,000 after acquiring an additional 42,747 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Lakeland Bancorp by 12.2% during the 1st quarter. ProShare Advisors LLC now owns 646,530 shares of the financial services provider's stock valued at $7,823,000 after acquiring an additional 70,117 shares during the last quarter. 59.62% of the stock is currently owned by institutional investors.

About Lakeland Bancorp

Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides financial products and services for businesses and consumers. It provides commercial banking services, including savings, money market, and time accounts, as well as demand deposits. The company also offers lending services, including commercial real estate loans, commercial and industrial loans, short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, residential mortgage loans, small business administration loans, and merchant credit card services; financing solutions to small and medium-sized companies; online banking, mobile banking, and wire transfer services to the business community and municipal relationships; and cash management services, such as remote capture of deposits and overnight sweep repurchase agreements.