Keefe, Bruyette and Woods Initiates Coverage on Lakeland Bancorp (LBAI) with a Market Perform
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Keefe, Bruyette and Woods initiates coverage on Lakeland Bancorp Inc (Nasdaq: LBAI) with a Market Perform. Price target $11.
Keefe analyst says, "We are encouraged by Lakeland Bancorp's recent internal initiatives and investments and the company's attractive footprint in dense and affluent northern New Jersey; however, the real potential for further deterioration out of the company's national-brokered commercial leasing portfolio and tight capital ratios prevent us from getting overly positive on the shares. As such, we are initiating coverage with a Market Perform rating."
Lakeland Bancorp, Inc. is a bank holding company. During the year ended December 31, 2007, the Company through Lakeland State Bank (Lakeland) operated 49 banking offices, located in Morris, Passaic, Sussex, Warren, Essex and Bergen counties in New Jersey.
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