Zacks: Analysts Set $27.50 Target Price for Level One Bancorp (NASDAQ:LEVL)
Shares of Level One Bancorp (NASDAQ:LEVL) have earned a consensus broker rating score of 2.67 (Hold) from the three analysts that cover the company, Zacks Investment Research reports. Two research analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. Level One Bancorp’s rating score has declined by 14.6% in the last three months as a result of various analysts’ upgrades and downgrades.
Brokers have set a 1-year consensus price target of $27.50 for the company and are forecasting that the company will post $0.48 EPS for the current quarter, according to Zacks. Zacks has also assigned Level One Bancorp an industry rank of 157 out of 256 based on the ratings given to related companies.
LEVL has been the subject of several research reports. Sandler O’Neill initiated coverage on Level One Bancorp in a research report on Friday, June 7th. They issued a “hold” rating for the company. Zacks Investment Research raised HB Fuller from a “sell” rating to a “hold” rating in a research report on Wednesday, July 3rd. Finally, ValuEngine cut Zymeworks from a “buy” rating to a “hold” rating in a research report on Saturday, May 18th.
Level One Bancorp (NASDAQ:LEVL) last issued its earnings results on Tuesday, April 30th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.43 by $0.01. The firm had revenue of $19.73 million during the quarter, compared to analysts’ expectations of $14.90 million. Level One Bancorp had a return on equity of 9.84% and a net margin of 19.72%. Research analysts expect that Level One Bancorp will post 1.99 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Sunday, June 30th were paid a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $0.16 annualized dividend and a yield of 0.68%. Level One Bancorp’s dividend payout ratio is currently 8.38%.
In related news, Director James L. Bellinson acquired 4,487 shares of the company’s stock in a transaction on Friday, June 14th. The stock was purchased at an average cost of $23.98 per share, for a total transaction of $107,598.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 37.90% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Integrated Investment Consultants LLC acquired a new stake in shares of Level One Bancorp in the second quarter valued at $348,000. BlackRock Inc. boosted its holdings in Level One Bancorp by 255.1% in the fourth quarter. BlackRock Inc. now owns 261,223 shares of the company’s stock valued at $5,859,000 after acquiring an additional 187,662 shares during the last quarter. Northern Trust Corp boosted its holdings in Level One Bancorp by 267.5% in the fourth quarter. Northern Trust Corp now owns 47,372 shares of the company’s stock valued at $1,063,000 after acquiring an additional 34,482 shares during the last quarter. Geode Capital Management LLC bought a new position in Level One Bancorp in the fourth quarter valued at about $505,000. Finally, Bank of New York Mellon Corp bought a new position in Level One Bancorp in the fourth quarter valued at about $488,000. Hedge funds and other institutional investors own 44.56% of the company’s stock.
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.
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