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Analyst: Level One Bank Is An 'Emerging Motown Growth Story'

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Analyst: Level One Bank Is An 'Emerging Motown Growth Story'

Fresh off is April 20 IPO, Level One Bancorp Inc (NASDAQ: LEVL) is looking poised for growth thanks to its positioning in attractive markets and experienced management team.

The Analyst

Daniel Cardenas of Raymond James initiated coverage on the Michigan-based regional commercial bank with an Outperform rating and $32 price target.

The Thesis

The bank operates primarily in Oakland County, part of the Detroit metropolitan statistical area and home to the 12th highest median income in the U.S. for counties with over 1 million residents.

That, plus its recent expansion to Grand Rapids, the second largest city in Michigan, lead Cardenas to believe Level One is “well positioned to deliver continued high-quality commercial growth.”

Th bank has grown loans at a compound annual growth rate of 24 percent from 2012 to 2017, and is expected to continue with mid-teens growth through 2019, driven by entry into new markets and continued market share gains.

The analyst noted that Level One’s management team brings experience from decades working at larger regional rivals. Insiders also own 34 percent of shares outstanding, ensuring the company will be lead with shareholder interests in mind.

“Level One has emerged as one of the more exciting commercial growth stories since its 2007 inception,” said Cardenas in a note.

Price Action

Shares of Level One were trading around $28.75 at time of publication.

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Latest Ratings for LEVL

DateFirmActionFromTo
Feb 2021Raymond JamesUpgradesOutperformStrong Buy
Jan 2021Raymond JamesMaintainsOutperform
May 2020Piper SandlerMaintainsNeutral

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