Keefe, Bruyette, & Woods Reiterates Market Perform on Lakeland Bancorp (LBAI)

Keefe, Bruyette, & Woods is out with a research report this morning, where it reiterates its Market Perform rating on Lakeland Bancorp Inc. LBAI; it has a $9.00 price target on the stock. The KBW analysts cited the company’s recent partial TARP repayment; the company paid back $20 million, 34% of its total TARP capital, with its existing cash base. The analysts noted that the decision does not come as a complete surprise given the company’s stated desire to repay TARP incrementally & in a shareholder friendly manner. The analysts continue to believe LBAI will tap the capital markets in some capacity in order to refinance its remaining TARP capital, bolster TCE & support growth. Lakeland Bancorp, Inc. is a $2.8 billion-in-assets commercial bank based in Oak Ridge, NJ, which operates 48 branches throughout the northern New Jersey counties of Sussex, Morris, Passaic, Bergen, Essex and Warren.