Wall Street analysts forecast that Level One Bancorp (NASDAQ:LEVL) will announce sales of $14.90 million for the current quarter, Zacks reports. Two analysts have provided estimates for Level One Bancorp’s earnings, with the highest sales estimate coming in at $15.00 million and the lowest estimate coming in at $14.80 million. Level One Bancorp posted sales of $13.50 million in the same quarter last year, which suggests a positive year-over-year growth rate of 10.4%. The company is expected to report its next quarterly earnings results on Tuesday, May 21st.
According to Zacks, analysts expect that Level One Bancorp will report full-year sales of $63.60 million for the current financial year, with estimates ranging from $63.40 million to $63.80 million. For the next year, analysts forecast that the firm will post sales of $68.95 million, with estimates ranging from $68.10 million to $69.80 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Level One Bancorp.
Level One Bancorp (NASDAQ:LEVL) last issued its quarterly earnings data on Wednesday, January 30th. The company reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.06. Level One Bancorp had a return on equity of 10.44% and a net margin of 20.30%. The company had revenue of $15.12 million during the quarter, compared to analysts’ expectations of $15.20 million.
A number of equities research analysts have weighed in on the company. Zacks Investment Research upgraded Level One Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. ValuEngine cut Level One Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, December 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $32.00.
NASDAQ LEVL traded up $0.10 on Wednesday, reaching $23.50. The stock had a trading volume of 3,793 shares, compared to its average volume of 9,043. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.10. Level One Bancorp has a 12-month low of $20.89 and a 12-month high of $30.79. The stock has a market cap of $182.13 million and a P/E ratio of 12.30.
The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Sunday, March 31st were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend was Thursday, March 28th. This is a boost from Level One Bancorp’s previous quarterly dividend of $0.03. Level One Bancorp’s dividend payout ratio is 8.38%.
In other news, EVP Gregory A. Wernette sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 13th. The stock was sold at an average price of $24.04, for a total transaction of $132,220.00. 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 2,000 shares of the business’s stock in a transaction dated Thursday, February 14th. The shares were bought at an average price of $23.86 per share, with a total value of $47,720.00. The disclosure for this purchase can be found here.
Several institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. raised its position in Level One Bancorp by 239.8% in the fourth quarter. Citigroup Inc. now owns 1,298 shares of the company’s stock worth $29,000 after acquiring an additional 916 shares in the last quarter. Raymond James & Associates raised its position in Level One Bancorp by 13.1% in the fourth quarter. Raymond James & Associates now owns 15,550 shares of the company’s stock worth $349,000 after acquiring an additional 1,800 shares in the last quarter. American International Group Inc. raised its position in Level One Bancorp by 267.7% in the fourth quarter. American International Group Inc. now owns 3,398 shares of the company’s stock worth $76,000 after acquiring an additional 2,474 shares in the last quarter. Bank of America Corp DE raised its position in Level One Bancorp by 115.1% in the fourth quarter. Bank of America Corp DE now owns 4,677 shares of the company’s stock worth $105,000 after acquiring an additional 2,503 shares in the last quarter. Finally, Deutsche Bank AG raised its position in Level One Bancorp by 141.2% in the fourth quarter. Deutsche Bank AG now owns 6,827 shares of the company’s stock worth $151,000 after acquiring an additional 3,996 shares in the last quarter. Institutional investors and hedge funds own 45.35% 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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