Level One Bancorp (LEVL) Cut to Sell at Zacks Investment Research

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Zacks Investment Research downgraded shares of Level One Bancorp (NASDAQ:LEVL) from a hold rating to a sell rating in a research report released on Tuesday morning.

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. “

Shares of LEVL stock traded down $0.23 during mid-day trading on Tuesday, reaching $27.27. The stock had a trading volume of 25,704 shares, compared to its average volume of 6,061. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.94 and a quick ratio of 0.94. Level One Bancorp has a 1-year low of $25.50 and a 1-year high of $30.79.

Level One Bancorp (NASDAQ:LEVL) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.06). The firm had revenue of $14.99 million during the quarter, compared to analyst estimates of $14.60 million. As a group, equities analysts predict that Level One Bancorp will post 1.85 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 15th. Stockholders of record on Sunday, September 30th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend was Thursday, September 27th.

Hedge funds have recently made changes to their positions in the company. Northpointe Capital LLC acquired a new position in shares of Level One Bancorp in the second quarter valued at about $2,695,000. Clarkston Capital Partners LLC increased its holdings in shares of Level One Bancorp by 682.7% in the third quarter. Clarkston Capital Partners LLC now owns 117,401 shares of the company’s stock valued at $3,264,000 after purchasing an additional 102,401 shares during the period. Telemus Capital LLC acquired a new position in shares of Level One Bancorp in the second quarter valued at about $272,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Level One Bancorp in the second quarter valued at about $5,359,000. Finally, Wesbanco Bank Inc. acquired a new position in shares of Level One Bancorp in the second quarter valued at about $1,087,000. 39.02% of the stock is currently owned by institutional investors and hedge funds.

Level One Bancorp Company Profile

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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