Ackerman Asset Management LLC Makes New Investment in Capital Bancorp, Inc. (NASDAQ:CBNK)

Key Points

• Ackerman Asset Management LLC purchased 36,000 shares of Capital Bancorp, Inc. for approximately $1,020,000, marking it as the firm's 11th largest holding.
• Capital Bancorp recently raised its quarterly dividend from $0.10 to $0.12, representing a yield of 1.52%.
• Analysts upgraded their price targets for Capital Bancorp, with Hovde Group raising it from $35.00 to $39.00 and Keefe, Bruyette & Woods adjusting theirs from $33.00 to $35.00.

Ackerman Asset Management LLC acquired a new position in shares of Capital Bancorp, Inc. (NASDAQ:CBNK - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 36,000 shares of the financial services provider's stock, valued at approximately $1,020,000. Capital Bancorp accounts for approximately 0.9% of Ackerman Asset Management LLC's investment portfolio, making the stock its 11th largest position. Ackerman Asset Management LLC owned approximately 0.22% of Capital Bancorp at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Federated Hermes Inc. raised its holdings in shares of Capital Bancorp by 194.7% in the 4th quarter. Federated Hermes Inc. now owns 3,528 shares of the financial services provider's stock valued at $101,000 after purchasing an additional 2,331 shares in the last quarter. Wells Fargo & Company MN lifted its stake in shares of Capital Bancorp by 27.9% in the fourth quarter. Wells Fargo & Company MN now owns 5,400 shares of the financial services provider's stock valued at $154,000 after purchasing an additional 1,177 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Capital Bancorp in the fourth quarter valued at about $219,000. Corton Capital Inc. acquired a new position in Capital Bancorp during the fourth quarter worth about $247,000. Finally, First Trust Advisors LP acquired a new position in Capital Bancorp during the fourth quarter worth about $285,000. Hedge funds and other institutional investors own 56.14% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CBNK. Hovde Group boosted their price objective on shares of Capital Bancorp from $35.00 to $39.00 and gave the company an "outperform" rating in a research report on Tuesday, July 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Capital Bancorp from $33.00 to $35.00 and gave the company a "market perform" rating in a research report on Monday, May 12th. Finally, Wall Street Zen lowered shares of Capital Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday.

Capital Bancorp Trading Down 1.8%

CBNK traded down $0.57 during trading on Friday, hitting $30.91. 79,446 shares of the company's stock were exchanged, compared to its average volume of 56,543. The company has a current ratio of 1.03, a quick ratio of 1.01 and a debt-to-equity ratio of 0.09. Capital Bancorp, Inc. has a 1 year low of $22.68 and a 1 year high of $36.40. The stock has a 50 day moving average price of $33.21 and a 200 day moving average price of $30.98. The firm has a market cap of $514.96 million, a P/E ratio of 11.58 and a beta of 0.70.

Capital Bancorp (NASDAQ:CBNK - Get Free Report) last announced its earnings results on Monday, July 28th. The financial services provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.04). The firm had revenue of $60.75 million during the quarter, compared to analysts' expectations of $61.29 million. Capital Bancorp had a net margin of 15.14% and a return on equity of 16.06%. As a group, analysts expect that Capital Bancorp, Inc. will post 3.17 EPS for the current fiscal year.

Capital Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 27th. Stockholders of record on Monday, August 11th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.6%. This is a boost from Capital Bancorp's previous quarterly dividend of $0.10. The ex-dividend date is Monday, August 11th. Capital Bancorp's payout ratio is currently 14.98%.

Insider Buying and Selling at Capital Bancorp

In other news, COO Steven M. Poynot bought 750 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was acquired at an average cost of $33.35 per share, for a total transaction of $25,012.50. Following the completion of the purchase, the chief operating officer owned 5,253 shares of the company's stock, valued at $175,187.55. This trade represents a 16.66% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 31.59% of the company's stock.

Capital Bancorp Company Profile

Capital Bancorp, Inc operates as the bank holding company for Capital Bank, N.A. that provides various banking products and services to businesses, not-for-profit associations, and entrepreneurs in Maryland, Virginia, and the District of Columbia. It operates through Commercial Banking, Capital Bank Home Loans, and OpenSky segments.