Short Interest in Level One Bancorp (NASDAQ:LEVL) Drops By 13.1%

Level One Bancorp (NASDAQ:LEVL) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 42,600 shares, a decline of 13.1% from the September 30th total of 49,000 shares. Based on an average daily trading volume, of 14,400 shares, the short-interest ratio is presently 3.0 days. Approximately 0.8% of the company’s stock are sold short.

In other news, Director James L. Bellinson bought 5,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was acquired at an average cost of $23.75 per share, with a total value of $118,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Barbara E. Allushuski bought 1,750 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was purchased at an average cost of $23.59 per share, with a total value of $41,282.50. The disclosure for this purchase can be found here. 37.90% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in Level One Bancorp by 10.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 11,014 shares of the company’s stock valued at $276,000 after purchasing an additional 1,044 shares in the last quarter. Northern Trust Corp raised its stake in Level One Bancorp by 3.1% during the second quarter. Northern Trust Corp now owns 49,608 shares of the company’s stock valued at $1,239,000 after purchasing an additional 1,513 shares in the last quarter. BlackRock Inc. raised its stake in Level One Bancorp by 0.9% during the second quarter. BlackRock Inc. now owns 249,037 shares of the company’s stock valued at $6,223,000 after purchasing an additional 2,145 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in Level One Bancorp during the third quarter valued at $70,000. Finally, Clarkston Capital Partners LLC raised its stake in Level One Bancorp by 3.8% during the second quarter. Clarkston Capital Partners LLC now owns 123,016 shares of the company’s stock valued at $3,074,000 after purchasing an additional 4,487 shares in the last quarter. 44.82% of the stock is currently owned by institutional investors.

Shares of LEVL traded up $0.01 during mid-day trading on Friday, hitting $24.33. 2,700 shares of the company traded hands, compared to its average volume of 3,175. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a 50-day moving average price of $24.48 and a two-hundred day moving average price of $24.12. Level One Bancorp has a 1 year low of $20.89 and a 1 year high of $27.93. The stock has a market cap of $190.48 million, a price-to-earnings ratio of 12.74 and a beta of 0.86.

Level One Bancorp (NASDAQ:LEVL) last issued its earnings results on Wednesday, October 30th. The company reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.01. Level One Bancorp had a net margin of 18.75% and a return on equity of 9.79%. The firm had revenue of $16.85 million during the quarter, compared to analyst estimates of $16.69 million. On average, analysts forecast that Level One Bancorp will post 1.9 EPS for the current year.

Several research analysts have recently weighed in on LEVL shares. Piper Jaffray Companies set a $25.00 price objective on shares of Level One Bancorp and gave the company a “hold” rating in a report on Wednesday, July 31st. Zacks Investment Research cut shares of Level One Bancorp from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 6th. ValuEngine raised shares of Level One Bancorp from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Raymond James decreased their price objective on shares of Level One Bancorp from $29.00 to $28.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $27.00.

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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