Level One Bancorp, Inc. (NASDAQ:LEVL) Sees Large Growth in Short Interest

Level One Bancorp, Inc. (NASDAQ:LEVL) was the target of a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 149,800 shares, a growth of 22.2% from the March 31st total of 122,600 shares. Based on an average trading volume of 28,600 shares, the days-to-cover ratio is presently 5.2 days. Approximately 3.1% of the shares of the company are sold short.

A number of institutional investors have recently modified their holdings of LEVL. Morgan Stanley grew its stake in shares of Level One Bancorp by 74.8% during the third quarter. Morgan Stanley now owns 10,917 shares of the company’s stock worth $170,000 after buying an additional 4,672 shares during the last quarter. Venture Visionary Partners LLC purchased a new position in Level One Bancorp in the 4th quarter worth $202,000. BlackRock Inc. grew its holdings in Level One Bancorp by 13.3% in the 4th quarter. BlackRock Inc. now owns 328,005 shares of the company’s stock worth $6,636,000 after acquiring an additional 38,564 shares during the last quarter. Barclays PLC boosted its stake in Level One Bancorp by 77.0% during the fourth quarter. Barclays PLC now owns 10,214 shares of the company’s stock worth $206,000 after acquiring an additional 4,442 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Level One Bancorp by 1.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 386,324 shares of the company’s stock valued at $7,815,000 after purchasing an additional 7,009 shares during the last quarter. 45.26% of the stock is currently owned by institutional investors and hedge funds.

LEVL traded down $0.58 during trading on Tuesday, hitting $27.16. 67 shares of the company traded hands, compared to its average volume of 25,901. The company has a market cap of $207.07 million, a PE ratio of 12.90 and a beta of 0.94. The stock’s 50-day simple moving average is $25.32 and its two-hundred day simple moving average is $21.58. Level One Bancorp has a 1 year low of $14.15 and a 1 year high of $28.77. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.24.

Level One Bancorp (NASDAQ:LEVL) last announced its earnings results on Thursday, April 29th. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.23. Level One Bancorp had a net margin of 16.07% and a return on equity of 10.23%. Equities analysts expect that Level One Bancorp will post 2.18 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.88%. This is a boost from Level One Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date was Tuesday, March 30th. Level One Bancorp’s dividend payout ratio is 11.37%.

A number of brokerages have recently weighed in on LEVL. Raymond James restated a “strong-buy” rating and issued a $30.00 price target (up previously from $26.00) on shares of Level One Bancorp in a research report on Wednesday, March 24th. TheStreet upgraded shares of Level One Bancorp from a “c-” rating to a “b-” rating in a research note on Monday, April 19th. Finally, Zacks Investment Research upgraded Level One Bancorp from a “hold” rating to a “strong-buy” rating and set a $24.00 price target on the stock in a research report on Saturday, January 9th.

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. Its deposit products include checking, interest-bearing demand, money market, savings, and term certificate accounts. The company also provides lending products and related services comprising commercial real estate loans, including construction and land development loans; commercial and industrial loans consisting of lines of credit, term loans, and loans under the small business administration lending program; residential real estate loans; and consumer loans, including home equity loans automobile loans, and credit card services.

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