On September 26, 2023, it was reported that Hennessy Advisors Inc. had reduced its holdings in Lakeland Bancorp, Inc. by 7.3% during the second quarter. According to the company’s Form 13F filing with the Securities and Exchange Commission (SEC), Hennessy Advisors Inc. sold 15,000 shares of Lakeland Bancorp stock, leaving them with a total of 190,000 shares. At the end of the reporting period, these shares were valued at $2,544,000, representing approximately 0.29% of Lakeland Bancorp’s total worth.
Lakeland Bancorp is a financial services provider traded on the NASDAQ under the ticker symbol LBAI. The company recently published its quarterly earnings report on July 27th, which revealed that they had earned $0.34 per share for the quarter. This figure fell short of analysts’ predictions by $0.04 per share.
In addition to missing earnings estimates, Lakeland Bancorp also saw a decrease in revenue during this period. The company reported revenue of $78.21 million for the quarter, whereas analysts had anticipated revenue closer to $93.30 million.
Despite these setbacks, Lakeland Bancorp maintained a return on equity of 9.66% and a net margin of 22.43%. These figures indicate that although their earnings did not meet expectations, they were still able to maintain a reasonable level of profitability.
Equities research analysts predict that Lakeland Bancorp will post earnings per share of 1.3 for the current fiscal year.
It is important to note that this information is based on data from September 26th and may be subject to change as new information becomes available.
Overall, Hennessy Advisors Inc.’s decision to reduce its holdings in Lakeland Bancorp demonstrates their lack of confidence in the company’s performance during this reporting period. However, it is yet to be seen how Lakeland Bancorp will rebound from these setbacks and whether they can meet analysts’ earnings estimates for the remainder of the fiscal year.
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Recent Changes in Lakeland Bancorp Holdings Spark Investor Interest and Market Speculation
On September 26, 2023, various hedge funds and institutional investors made significant changes to their holdings of Lakeland Bancorp (NASDAQ: LBAI). These modifications have caught the attention of market observers, raising perplexity about the future of the financial services provider.
One such notable change was observed in Point72 Hong Kong Ltd’s purchase of a new stake in Lakeland Bancorp during the first quarter. The stake was valued at approximately $48,000. This move by Point72 Hong Kong Ltd indicates their confidence in the company’s potential and may intrigue other investors to consider Lakeland Bancorp as a viable investment option.
Additionally, Advisor Group Holdings Inc. demonstrated its belief in Lakeland Bancorp’s prospects by increasing its holdings by an impressive 335.6% during the first quarter. With additional 2,463 shares purchased, their total ownership now amounts to 3,197 shares worth around $54,000. This bold step by Advisor Group Holdings Inc. showcases its trust in the financial services provider and could influence others to follow suit.
In another noteworthy development, HM Payson & Co. raised its position in Lakeland Bancorp by 66.7% during the second quarter. Their ownership now stands at 5,000 shares valued at approximately $67,000 after acquiring an additional 2,000 shares. Such a significant increase signifies HM Payson & Co.’s confidence in the company’s trajectory and could spur further interest from potential investors.
Furthermore, Dark Forest Capital Management LP recently entered into a new position with Lakeland Bancorp during the fourth quarter worth $72,000. As they navigate through complex investment decisions regarding various options available in the market, making this move suggests that Dark Forest Capital Management LP sees potential growth opportunities within Lakeland Bancorp.
Lastly, Great West Life Assurance Co. Can augmented its position in shares of Lakeland Bancorp by 26.1% during the first quarter. Their increased ownership of 4,169 shares, valued at $73,000 after purchasing an additional 863 shares, reflects their bullish sentiment towards the financial services provider.
It is worth noting that institutional investors now hold approximately 59.84% of Lakeland Bancorp’s stock. Such a high degree of ownership by institutional investors speaks to the trust these professionals place in Lakeland Bancorp’s performance and potential future returns. This could also impact the stock’s liquidity and influence overall market sentiment towards the company.
In separate news coverage by StockNews.com on August 17th, they assigned a “sell” rating for Lakeland Bancorp. Although this coverage may have created some buzz in the market, it is essential to analyze other factors such as recent stake acquisitions and investor sentiment to get a comprehensive understanding of the company’s prospects.
Additionally, Lakeland Bancorp EVP Paul Ho-Sing-Loy recently sold 2,000 shares of Lakeland Bancorp stock at an average price of $14.16 per share. This transaction reflected a total value of $28,320 and reduced his ownership to 38,449 shares with an estimated value of approximately $544,437.84. The disclosure of this transaction highlights insider activity within the company and provides an insight into how executives perceive internal dynamics and possible implications for future performance.
As of September 26th, NASDAQ LBAI opened at $12.55. With a debt-to-equity ratio of 0.19 and a current ratio and quick ratio both standing at 0.88 respectively, Lakeland Bancorp faces certain financial challenges that need consideration when evaluating investment potential. The company currently holds a market capitalization of $816.13 million with a P/E ratio of 7.89 and beta value set at 0.84.
Lakeland Bancorp has experienced notable fluctuations in its stock price over the past 12 months, ranging from a low of $11.89 to a high of $20.02. Currently, the company’s 50-day and 200-day simple moving averages are recorded at $13.98 and $14.22 respectively. These figures could indicate potential future price movements but need careful observation before making any investment decisions.
These recent developments in Lakeland Bancorp’s holdings, investor sentiment, and insider transactions have added an element of intrigue to the financial services provider’s prospects. Investors and analysts should monitor these events closely to gain a more well-rounded understanding of Lakeland Bancorp’s overall performance and potential for future growth or decline in the market.
