The financial services industry is rife with activity, as can be seen from the recent filing made by investment firm PL Capital Advisors LLC. The company announced on May 16th, 2023 that it had boosted its holdings in shares of Lakeland Bancorp, Inc. (NASDAQ:LBAI) by 65.4% in the fourth quarter of the previous year.
According to the announcement, PL Capital Advisors LLC owned approximately 215,000 shares of Lakeland Bancorp’s stock after acquiring an additional 85,000 shares during the period. This makes up around 1% of its overall investment portfolio and ranks as their 23rd biggest position. As of its most recent SEC filing, PL Capital Advisors LLC owned around 0.33% of Lakeland Bancorp’s total worth which came out to be $3,786,000.
In light of this positive development for Lakeland Bancorp, the company recently announced a quarterly dividend on their stock. It is scheduled to be paid out on May 17th, which coincides with the date when investors who were on record as of Monday May 8th will receive a dividend payment of $0.145 per share. At present rates this works out to an annualized dividend amounting to $0.58 per share and a yield of 4.65%. Furthermore, according to reports from Bloomberg News citing several sources in the industry; currently LBAI boasts an average rating of “Hold” and has an average price target within analysts’ predictions ranging from an estimated $22 down to $18.
Market analysts and researchers have been paying close attention to developments related to Lakeland Bancorp’s stocks and have delivered mixed reviews about its performance as well as growth prospects for investors in terms of returns throughout these past few years going forward into mid-2023 – albeit suggesting it may be impacted by industrial headwinds depending on market behavior going into 2024. Nonetheless, with the current payout ratio of around 34% at present times, the management team will be keen to keep investors happy whilst steering through any challenges that they may face in the future.
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Institutional Investors and Hedge Funds Shift Ownership in Lakeland Bancorp, Inc. (LBAI)
A recap of institutional investors and hedge funds that have recently modified their holdings in Lakeland Bancorp, Inc. (LBAI) shows a shift in the company’s stock ownership. As of May 16, 2023, 57.71% of LBAI is now owned by institutional investors and hedge funds, with US Bancorp DE leading the way with a whopping 198.2% increase in holdings during Q3.
Wipfli Financial Advisors LLC also jumped on board during Q3 by purchasing a new stake in LBAI for $41,000, while Point72 Hong Kong Ltd made a similar move during Q1 at a slightly higher value of $48,000. Advisor Group Holdings Inc. came in strong during the first quarter with a remarkable 335.6% increase in position to own over $54,000 worth of stock after acquiring an additional 2,463 shares.
Finally, Great West Life Assurance Co. Can closed out the first quarter with a significant purchase of their own and increased their ownership of LBAI by 26.1%. They now hold over $73,000 worth of the financial service provider’s stock.
In other news surrounding LBAI’s stock movement, Director Brian Gragnolati made headlines after purchasing an impressive 4,355 shares on March 15th for a total transaction value of $74,688.25 at an average share price of $17.15 per share. Following his acquisition, Gragnolati now owns over 28,203 shares valued at approximately $483,681.45.
Director James E. Hanson II also added to his own portfolio when he acquired 1,400 shares on March 1st for roughly $26,698 at an average cost per share of $19.07.
Despite recent ups and downs in ownership percentages through institutional investors and individual insiders alike and initially opening at just $12.46 per share on May 16th, LBAI has a current ratio and quick ratio of 0.87 and a debt-to-equity ratio of 0.20, putting them in a strong financial position. With a market capitalization of $810.14 million and a PE ratio of 7.37, there’s still plenty of room for growth and success in the coming months for Lakeland Bancorp, Inc.
