Level One Bancorp (NASDAQ:LEVL) Expected to Post Quarterly Sales of $25.15 Million

Wall Street brokerages forecast that Level One Bancorp (NASDAQ:LEVL) will announce $25.15 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Level One Bancorp’s earnings, with estimates ranging from $24.30 million to $26.00 million. Level One Bancorp posted sales of $16.85 million in the same quarter last year, which suggests a positive year over year growth rate of 49.3%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, November 4th.

On average, analysts expect that Level One Bancorp will report full year sales of $94.10 million for the current financial year, with estimates ranging from $90.20 million to $98.00 million. For the next fiscal year, analysts forecast that the firm will report sales of $89.05 million, with estimates ranging from $87.00 million to $91.10 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Level One Bancorp.

Level One Bancorp (NASDAQ:LEVL) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.10). Level One Bancorp had a return on equity of 10.18% and a net margin of 16.50%. The firm had revenue of $24.02 million during the quarter, compared to analysts’ expectations of $21.00 million.

Several brokerages recently weighed in on LEVL. Raymond James reiterated a “buy” rating and set a $21.00 price target on shares of Level One Bancorp in a research report on Tuesday, September 8th. Zacks Investment Research cut Level One Bancorp from a “hold” rating to a “strong sell” rating in a research report on Saturday, September 12th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the stock. Level One Bancorp presently has a consensus rating of “Hold” and an average target price of $20.33.

Shares of NASDAQ:LEVL opened at $16.05 on Thursday. Level One Bancorp has a 52-week low of $13.44 and a 52-week high of $25.78. The stock has a market cap of $124.13 million, a price-to-earnings ratio of 7.87 and a beta of 0.80. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average price of $16.02 and a 200-day moving average price of $16.79.

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend was Tuesday, September 29th. Level One Bancorp’s dividend payout ratio is currently 9.48%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Zhang Financial LLC acquired a new stake in Level One Bancorp in the third quarter valued at approximately $289,000. EJF Capital LLC acquired a new stake in Level One Bancorp in the second quarter valued at approximately $1,149,000. Bank of America Corp DE grew its holdings in Level One Bancorp by 37.5% in the second quarter. Bank of America Corp DE now owns 3,908 shares of the company’s stock valued at $65,000 after purchasing an additional 1,066 shares during the period. State Street Corp grew its holdings in Level One Bancorp by 5.0% in the first quarter. State Street Corp now owns 83,180 shares of the company’s stock valued at $1,501,000 after purchasing an additional 3,925 shares during the period. Finally, Advisor Group Holdings Inc. acquired a new stake in shares of Level One Bancorp in the first quarter worth approximately $89,000. 45.27% of the stock is currently owned by institutional investors.

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.

Further Reading: How interest rates affect municipal bond prices

Get a free copy of the Zacks research report on Level One Bancorp (LEVL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Level One Bancorp (NASDAQ:LEVL)

Receive News & Ratings for Level One Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Level One Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.