Capital Bancorp (NASDAQ:CBNK) Reaches New 52-Week High After Strong Earnings

Capital Bancorp, Inc. (NASDAQ:CBNK)’s stock price hit a new 52-week high during trading on Monday following a stronger than expected earnings report. The company traded as high as $37.00 and last traded at $36.92, with a volume of 11759 shares changing hands. The stock had previously closed at $36.13.

The financial services provider reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.05. Capital Bancorp had a net margin of 17.47% and a return on equity of 13.30%. The firm had revenue of $65.29 million during the quarter, compared to analysts’ expectations of $66.54 million.

Capital Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.5%. This is a positive change from Capital Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date is Monday, August 10th. Capital Bancorp’s payout ratio is currently 14.12%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CBNK. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Capital Bancorp in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods increased their target price on Capital Bancorp from $32.00 to $34.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 29th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $35.33.

Institutional Investors Weigh In On Capital Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. boosted its position in Capital Bancorp by 1.2% in the 2nd quarter. Alliancebernstein L.P. now owns 622,483 shares of the financial services provider’s stock valued at $20,903,000 after buying an additional 7,510 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Capital Bancorp by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 355,466 shares of the financial services provider’s stock worth $10,571,000 after acquiring an additional 17,264 shares during the period. Geode Capital Management LLC raised its stake in shares of Capital Bancorp by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 340,712 shares of the financial services provider’s stock valued at $9,600,000 after acquiring an additional 5,016 shares in the last quarter. Kennedy Capital Management LLC raised its stake in shares of Capital Bancorp by 0.3% in the fourth quarter. Kennedy Capital Management LLC now owns 262,462 shares of the financial services provider’s stock valued at $7,394,000 after acquiring an additional 750 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in Capital Bancorp by 104.1% in the first quarter. Sei Investments Co. now owns 167,222 shares of the financial services provider’s stock valued at $4,973,000 after purchasing an additional 85,293 shares during the period. 56.14% of the stock is currently owned by institutional investors and hedge funds.

Capital Bancorp Stock Performance

The stock has a market capitalization of $615.36 million, a PE ratio of 11.11 and a beta of 0.54. The stock has a fifty day moving average of $34.06 and a 200-day moving average of $31.73. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.13.

About Capital Bancorp

Capital Bancorp, Inc operates as the bank holding company for Capital Bank, N.A. that provides various banking products and services to businesses, not-for-profit associations, and entrepreneurs in Maryland, Virginia, and the District of Columbia. It operates through Commercial Banking, Capital Bank Home Loans, and OpenSky segments. The company offers a range of deposit products, including checking and savings, time, interest bearing and noninterest-bearing demand, and money market accounts, as well as certificates of deposit; and credit cards.