Level One Bancorp (NASDAQ:LEVL) Coverage Initiated at Sandler O’Neill

Sandler O’Neill initiated coverage on shares of Level One Bancorp (NASDAQ:LEVL) in a research report released on Friday, June 7th, Benzinga’s Daily Ratings Newsletter reports. The firm issued a hold rating on the stock.

Several other equities analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Level One Bancorp from a sell rating to a hold rating in a report on Wednesday, April 10th. ValuEngine raised shares of Level One Bancorp from a strong sell rating to a sell rating in a report on Saturday, May 18th.

Shares of LEVL stock traded down $0.37 during trading hours on Friday, reaching $24.62. The company had a trading volume of 6,800 shares, compared to its average volume of 9,806. The business has a fifty day moving average of $24.09. Level One Bancorp has a one year low of $20.89 and a one year high of $28.53. The firm has a market capitalization of $193.70 million, a price-to-earnings ratio of 12.72 and a beta of 0.88. 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 announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $19.73 million during the quarter, compared to analyst estimates of $14.90 million. Level One Bancorp had a net margin of 19.72% and a return on equity of 9.84%. As a group, research analysts anticipate that Level One Bancorp will post 1.99 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Sunday, June 30th will be given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Thursday, June 27th. Level One Bancorp’s dividend payout ratio (DPR) is 8.38%.

In related news, Director James L. Bellinson purchased 4,487 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were purchased at an average cost of $23.98 per share, for a total transaction of $107,598.26. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 37.90% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Level One Bancorp by 255.1% during 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 in the last quarter. Northern Trust Corp increased its holdings in Level One Bancorp by 267.5% in the 4th quarter. Northern Trust Corp now owns 47,372 shares of the company’s stock worth $1,063,000 after buying an additional 34,482 shares during the period. Geode Capital Management LLC acquired a new position in Level One Bancorp in the 4th quarter worth approximately $505,000. Bank of New York Mellon Corp acquired a new position in Level One Bancorp in the 4th quarter worth approximately $488,000. Finally, Vanguard Group Inc. increased its holdings in Level One Bancorp by 85.6% in the 3rd quarter. Vanguard Group Inc. now owns 18,853 shares of the company’s stock worth $524,000 after buying an additional 8,695 shares during the period. 44.56% of the stock is owned by institutional investors and hedge funds.

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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