Zacks Investment Research Downgrades Level One Bancorp (NASDAQ:LEVL) to Hold

Level One Bancorp (NASDAQ:LEVL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

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. “

Separately, ValuEngine cut Level One Bancorp from a “sell” rating to a “strong sell” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $27.33.

Shares of Level One Bancorp stock traded down $0.38 on Tuesday, hitting $24.12. 6,333 shares of the company’s stock traded hands, compared to its average volume of 5,234. The stock has a market cap of $192.10 million, a P/E ratio of 11.77 and a beta of 0.86. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average is $24.95 and its 200 day moving average is $24.54. Level One Bancorp has a 52-week low of $22.54 and a 52-week high of $26.69.

Level One Bancorp (NASDAQ:LEVL) last released its earnings results on Thursday, January 30th. The company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.17. The company had revenue of $17.50 million during the quarter, compared to analysts’ expectations of $15.60 million. Level One Bancorp had a return on equity of 10.20% and a net margin of 19.03%. Equities research analysts forecast that Level One Bancorp will post 2.47 EPS for the current year.

In other news, Director James L. Bellinson acquired 4,000 shares of Level One Bancorp stock in a transaction that occurred on Thursday, February 6th. The shares were purchased at an average cost of $24.69 per share, for a total transaction of $98,760.00. Also, Director Jacob W. Haas acquired 3,000 shares of Level One Bancorp stock in a transaction that occurred on Wednesday, February 19th. The shares were purchased at an average price of $25.40 per share, for a total transaction of $76,200.00. Insiders have purchased 14,000 shares of company stock worth $347,800 over the last 90 days. 37.90% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in LEVL. Vanguard Group Inc. lifted its stake in Level One Bancorp by 5.9% during the second quarter. Vanguard Group Inc. now owns 138,910 shares of the company’s stock worth $3,471,000 after purchasing an additional 7,793 shares during the last quarter. First Trust Advisors LP bought a new stake in Level One Bancorp in the third quarter valued at $245,000. Tower Research Capital LLC TRC bought a new stake in Level One Bancorp in the third quarter valued at $70,000. Strs Ohio increased its holdings in shares of Level One Bancorp by 700.0% during the fourth quarter. Strs Ohio now owns 3,200 shares of the company’s stock valued at $80,000 after purchasing an additional 2,800 shares during the period. Finally, Arbor Trust Wealth Advisors LLC acquired a new position in shares of Level One Bancorp during the fourth quarter valued at $1,293,000. Hedge funds and other institutional investors own 45.53% 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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