Capital Bancorp, Inc. $CBNK Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management reduced its holdings in Capital Bancorp by 22.9% during the second quarter, now owning 53,515 shares worth approximately $1.8 million.
• Capital Bancorp recently reported a miss in earnings for the quarter, posting $0.85 EPS against a consensus estimate of $0.89, while generating revenue of $60.75 million.
• The company declared an increased quarterly dividend of $0.12 per share, up from $0.10, which gives a dividend yield of 1.5% and reflects a 17.98% payout ratio.

Wedge Capital Management L L P NC cut its holdings in shares of Capital Bancorp, Inc. (NASDAQ:CBNK - Free Report) by 22.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,515 shares of the financial services provider's stock after selling 15,876 shares during the period. Wedge Capital Management L L P NC owned approximately 0.32% of Capital Bancorp worth $1,797,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CBNK. Hotchkis & Wiley Capital Management LLC acquired a new stake in Capital Bancorp during the first quarter valued at approximately $2,816,000. Invesco Ltd. acquired a new stake in Capital Bancorp during the first quarter valued at approximately $2,494,000. Seizert Capital Partners LLC acquired a new stake in Capital Bancorp during the first quarter valued at approximately $1,840,000. American Century Companies Inc. lifted its stake in Capital Bancorp by 75.1% during the first quarter. American Century Companies Inc. now owns 149,662 shares of the financial services provider's stock valued at $4,240,000 after purchasing an additional 64,213 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in Capital Bancorp during the first quarter valued at approximately $1,662,000. 56.14% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Capital Bancorp

In related news, Director Randall James Levitt sold 37,338 shares of the firm's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $34.37, for a total value of $1,283,307.06. Following the transaction, the director directly owned 60,000 shares in the company, valued at approximately $2,062,200. This trade represents a 38.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 32.50% of the stock is currently owned by company insiders.

Capital Bancorp Stock Performance

Shares of CBNK opened at $32.30 on Tuesday. The company's fifty day moving average is $33.33 and its 200-day moving average is $31.61. Capital Bancorp, Inc. has a 12 month low of $24.10 and a 12 month high of $36.40. The firm has a market cap of $535.53 million, a price-to-earnings ratio of 12.10 and a beta of 0.74. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 0.09.

Capital Bancorp (NASDAQ:CBNK - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The financial services provider reported $0.85 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.04). Capital Bancorp had a return on equity of 15.54% and a net margin of 15.14%.The business had revenue of $60.75 million for the quarter, compared to analyst estimates of $61.29 million. Equities analysts expect that Capital Bancorp, Inc. will post 3.17 EPS for the current fiscal year.

Capital Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 27th. Stockholders of record on Monday, August 11th were paid a dividend of $0.12 per share. This is a positive change from Capital Bancorp's previous quarterly dividend of $0.10. The ex-dividend date was Monday, August 11th. This represents a $0.48 annualized dividend and a dividend yield of 1.5%. Capital Bancorp's dividend payout ratio (DPR) is currently 17.98%.

Analyst Ratings Changes

CBNK has been the subject of several recent research reports. Hovde Group increased their target price on shares of Capital Bancorp from $35.00 to $39.00 and gave the company an "outperform" rating in a research note on Tuesday, July 29th. Wall Street Zen lowered shares of Capital Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

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.

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