Level One Bancorp (NASDAQ:LEVL) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 72,600 shares, an increase of 13.3% from the August 30th total of 64,100 shares. Based on an average trading volume of 15,200 shares, the days-to-cover ratio is presently 4.8 days. Currently, 1.4% of the shares of the company are sold short.
In other news, Director Barbara E. Allushuski purchased 1,750 shares of Level One Bancorp stock in a transaction dated Tuesday, August 20th. The stock was bought at an average price of $23.59 per share, with a total value of $41,282.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James L. Bellinson purchased 5,000 shares of Level One Bancorp stock in a transaction dated Friday, August 16th. The shares were purchased at an average cost of $23.56 per share, with a total value of $117,800.00. The disclosure for this purchase can be found here. In the last three months, insiders have bought 11,750 shares of company stock valued at $277,833. Corporate insiders own 37.90% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of Level One Bancorp by 10.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 11,014 shares of the company’s stock valued at $276,000 after buying an additional 1,044 shares in the last quarter. Northern Trust Corp grew its stake in shares of Level One Bancorp by 3.1% in the 2nd quarter. Northern Trust Corp now owns 49,608 shares of the company’s stock valued at $1,239,000 after buying an additional 1,513 shares in the last quarter. BlackRock Inc. grew its stake in shares of Level One Bancorp by 0.9% in the 2nd quarter. BlackRock Inc. now owns 249,037 shares of the company’s stock valued at $6,223,000 after buying an additional 2,145 shares in the last quarter. Clarkston Capital Partners LLC grew its stake in shares of Level One Bancorp by 3.8% in the 2nd quarter. Clarkston Capital Partners LLC now owns 123,016 shares of the company’s stock valued at $3,074,000 after buying an additional 4,487 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Level One Bancorp by 129.9% in the 2nd quarter. Wells Fargo & Company MN now owns 11,965 shares of the company’s stock valued at $299,000 after buying an additional 6,760 shares in the last quarter. 49.48% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently issued reports on the stock. Piper Jaffray Companies set a $25.00 price target on shares of Level One Bancorp and gave the company a “hold” rating in a report on Wednesday, July 31st. Raymond James cut their price objective on shares of Level One Bancorp from $29.00 to $28.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. ValuEngine upgraded shares of Level One Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research upgraded shares of Level One Bancorp from a “hold” rating to a “strong-buy” rating and set a $28.00 price objective on the stock in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $27.00.
Level One Bancorp stock traded up $0.10 during midday trading on Monday, hitting $24.46. The company’s stock had a trading volume of 43 shares, compared to its average volume of 18,537. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.09. The stock’s 50-day moving average price is $24.21 and its 200-day moving average price is $23.97. Level One Bancorp has a 12 month low of $20.89 and a 12 month high of $27.93. The company has a market capitalization of $189.24 million, a PE ratio of 12.87 and a beta of 0.86.
Level One Bancorp (NASDAQ:LEVL) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $0.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.04). The company had revenue of $15.92 million for the quarter, compared to analyst estimates of $15.55 million. Level One Bancorp had a return on equity of 9.24% and a net margin of 18.06%. As a group, equities analysts anticipate that Level One Bancorp will post 1.93 EPS for the current year.
The company also recently declared a — dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a dividend yield of 0.6%. Level One Bancorp’s payout ratio is 8.38%.
Level One Bancorp Company Profile
Level One Bancorp, Inc operates as a bank holding company for Level One Bank that provides business and consumer financial services in Michigan. It offers a range of deposit services, including checking accounts, NOW accounts, savings, other time deposits, certificates of deposit, and specialty deposit accounts.
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