Ackerman Asset Management LLC Makes New $1.02 Million 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 its most recent 13F filing with the SEC. The institutional investor acquired 36,000 shares of the financial services provider's stock, valued at approximately $1,020,000. Capital Bancorp comprises 0.9% of Ackerman Asset Management LLC's investment portfolio, making the stock its 11th biggest position. Ackerman Asset Management LLC owned approximately 0.22% of Capital Bancorp as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Alliancebernstein L.P. increased its position in Capital Bancorp by 70.4% during the 4th quarter. Alliancebernstein L.P. now owns 614,473 shares of the financial services provider's stock valued at $17,512,000 after buying an additional 253,819 shares in the last quarter. Kennedy Capital Management LLC increased its position in Capital Bancorp by 213.3% during the 4th quarter. Kennedy Capital Management LLC now owns 142,846 shares of the financial services provider's stock valued at $4,071,000 after buying an additional 97,258 shares in the last quarter. Fourthstone LLC increased its position in Capital Bancorp by 138.9% during the 4th quarter. Fourthstone LLC now owns 123,178 shares of the financial services provider's stock valued at $3,511,000 after buying an additional 71,627 shares in the last quarter. Vanguard Group Inc. increased its position in Capital Bancorp by 14.4% during the 4th quarter. Vanguard Group Inc. now owns 558,300 shares of the financial services provider's stock valued at $15,912,000 after buying an additional 70,420 shares in the last quarter. Finally, Seizert Capital Partners LLC acquired a new position in Capital Bancorp during the 1st quarter valued at about $1,840,000. 56.14% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Hovde Group upped their target price on Capital Bancorp from $35.00 to $39.00 and gave the company an "outperform" rating in a research report on Tuesday. Keefe, Bruyette & Woods increased their price objective on Capital Bancorp from $33.00 to $35.00 and gave the company a "market perform" rating in a report on Monday, May 12th.

Insider Buying and Selling

In related news, COO Steven M. Poynot bought 750 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were purchased at an average cost of $33.35 per share, with a total value of $25,012.50. Following the completion of the acquisition, the chief operating officer directly owned 5,253 shares in the company, valued at approximately $175,187.55. The trade was a 16.66% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 31.59% of the stock is currently owned by company insiders.

Capital Bancorp Stock Performance

Shares of CBNK stock traded down $0.57 during mid-day trading on Friday, reaching $30.91. The stock had a trading volume of 79,446 shares, compared to its average volume of 61,560. The business's fifty day moving average is $33.24 and its 200-day moving average is $30.94. The company has a current ratio of 1.03, a quick ratio of 1.01 and a debt-to-equity ratio of 0.09. The firm has a market cap of $514.96 million, a price-to-earnings ratio of 11.58 and a beta of 0.69. Capital Bancorp, Inc. has a 1-year low of $22.68 and a 1-year high of $36.40.

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

Capital Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 27th. Investors of record on Monday, August 11th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.6%. This is a positive change from Capital Bancorp's previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Monday, August 11th. Capital Bancorp's dividend payout ratio is 14.98%.

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.