Zacks Investment Research Lowers Level One Bancorp (NASDAQ:LEVL) to Sell

Zacks Investment Research lowered shares of Level One Bancorp (NASDAQ:LEVL) from a hold rating to a sell rating in a report released on Friday, Zacks.com reports.

According to Zacks, “Level One Bancorp, Inc. provides banking services. Its product portfolio include lines of credit, term loans, leases, commercial mortgages, SBA loans, export-import financing, treasury management, private banking, personal savings, checking accounts and consumer loan. Level One Bancorp is based in Michigan. “

Several other research analysts also recently commented on LEVL. Piper Jaffray Companies set a $25.00 price objective on shares of Level One Bancorp and gave the stock a hold rating in a report on Wednesday, July 31st. ValuEngine downgraded shares of Level One Bancorp from a sell rating to a strong sell rating in a report on Tuesday, July 23rd. Sandler O’Neill started coverage on shares of Level One Bancorp in a report on Friday, June 7th. They issued a hold rating for the company. Finally, Raymond James cut their price objective on shares of Level One Bancorp from $29.00 to $28.00 and set an outperform rating for the company in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $26.50.

LEVL traded up $0.09 on Friday, hitting $23.69. The company’s stock had a trading volume of 113 shares, compared to its average volume of 5,380. The stock’s 50 day simple moving average is $23.82. The stock has a market cap of $182.93 million, a price-to-earnings ratio of 12.43 and a beta of 0.88. Level One Bancorp has a 12 month low of $20.89 and a 12 month high of $28.53. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.10.

Level One Bancorp (NASDAQ:LEVL) last released its quarterly earnings data on Tuesday, July 30th. The company reported $0.45 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.04). The business had revenue of $15.92 million during the quarter, compared to the consensus estimate of $15.55 million. Level One Bancorp had a return on equity of 9.42% and a net margin of 18.06%. Research analysts anticipate that Level One Bancorp will post 1.87 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Sunday, June 30th were issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.68%. The ex-dividend date was Thursday, June 27th. Level One Bancorp’s payout ratio is 8.38%.

In other news, Director James L. Bellinson purchased 4,487 shares of the business’s stock in a transaction on Friday, June 14th. The stock was purchased at an average cost of $23.98 per share, with a total value of $107,598.26. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 37.90% of the stock is owned by company insiders.

A number of large investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA raised its position in shares of Level One Bancorp by 476.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,125 shares of the company’s stock valued at $26,000 after buying an additional 930 shares in the last quarter. Citigroup Inc. raised its position in Level One Bancorp by 239.8% in the 4th quarter. Citigroup Inc. now owns 1,298 shares of the company’s stock worth $29,000 after purchasing an additional 916 shares during the period. American International Group Inc. raised its position in Level One Bancorp by 267.7% in the 4th quarter. American International Group Inc. now owns 3,398 shares of the company’s stock worth $76,000 after purchasing an additional 2,474 shares during the period. Bank of America Corp DE raised its position in Level One Bancorp by 115.1% in the 4th quarter. Bank of America Corp DE now owns 4,677 shares of the company’s stock worth $105,000 after purchasing an additional 2,503 shares during the period. Finally, Advisor Group Inc. purchased a new position in Level One Bancorp in the 4th quarter worth $110,000. 49.10% of the stock is owned by hedge funds and other institutional investors.

About Level One Bancorp

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.

See Also: Cost of Goods Sold (COGS)

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