Comerica Bank Sells 20,928 Shares of Capital Bancorp, Inc. $CBNK

Key Points

• Comerica Bank has significantly reduced its stake in Capital Bancorp, Inc., selling 20,928 shares and lowering its holdings by 62.7% in the first quarter.
• Capital Bancorp has increased its quarterly dividend from $0.10 to $0.12 per share, representing a dividend yield of 1.4%.
• Analysts have given Capital Bancorp an average rating of "Moderate Buy" despite a recent downgrade by Wall Street Zen, with a current price target of $37.00.

Comerica Bank lessened its stake in Capital Bancorp, Inc. (NASDAQ:CBNK - Free Report) by 62.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,470 shares of the financial services provider's stock after selling 20,928 shares during the quarter. Comerica Bank owned approximately 0.07% of Capital Bancorp worth $353,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CBNK. Federated Hermes Inc. lifted its holdings in Capital Bancorp by 12.7% during the 1st quarter. Federated Hermes Inc. now owns 3,977 shares of the financial services provider's stock valued at $113,000 after purchasing an additional 449 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in Capital Bancorp by 5.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 21,664 shares of the financial services provider's stock worth $614,000 after buying an additional 1,127 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Capital Bancorp by 19.5% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 10,749 shares of the financial services provider's stock worth $306,000 after buying an additional 1,754 shares during the period. Bank of America Corp DE increased its position in Capital Bancorp by 33.8% during the 4th quarter. Bank of America Corp DE now owns 11,365 shares of the financial services provider's stock worth $324,000 after buying an additional 2,873 shares during the period. Finally, Squarepoint Ops LLC increased its position in Capital Bancorp by 37.9% during the 4th quarter. Squarepoint Ops LLC now owns 21,302 shares of the financial services provider's stock worth $607,000 after buying an additional 5,851 shares during the period. Institutional investors and hedge funds own 56.14% of the company's stock.

Capital Bancorp Price Performance

NASDAQ:CBNK traded down $0.12 during trading hours on Wednesday, hitting $33.54. The company's stock had a trading volume of 30,968 shares, compared to its average volume of 52,401. The stock has a fifty day simple moving average of $33.71 and a 200-day simple moving average of $31.41. The company has a market capitalization of $556.09 million, a P/E ratio of 12.56 and a beta of 0.74. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.02 and a quick ratio of 1.01. Capital Bancorp, Inc. has a twelve month low of $24.10 and a twelve month high of $36.40.

Capital Bancorp (NASDAQ:CBNK - Get Free Report) last released its quarterly earnings data 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). Capital Bancorp had a net margin of 15.14% and a return on equity of 15.54%. The business had revenue of $60.75 million during the quarter, compared to analyst estimates of $61.29 million. On average, analysts anticipate that Capital Bancorp, Inc. will post 3.17 EPS for the current fiscal year.

Capital Bancorp Increases Dividend

The company 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. The ex-dividend date of this dividend was Monday, August 11th. This is a positive change from Capital Bancorp's previous quarterly dividend of $0.10. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.4%. Capital Bancorp's payout ratio is 17.98%.

Wall Street Analyst Weigh In

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

Insider Activity at Capital Bancorp

In other news, Director Randall James Levitt sold 37,338 shares of Capital Bancorp stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $34.37, for a total transaction of $1,283,307.06. Following the sale, the director directly owned 60,000 shares of the company's stock, valued at approximately $2,062,200. This trade represents a 38.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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.