Dominic C. Canuso, the Executive Vice President and Chief Financial Officer of Capital Bancorp Inc. (NASDAQ:CBNK), reported a series of stock purchases on November 1, 2024. According to the SEC filing, Canuso acquired a total of 1,000 shares of common stock in multiple transactions, with purchase prices ranging from $25.25 to $25.44 per share. The total value of these transactions amounted to $25,417.
Following these purchases, Canuso's direct ownership in Capital Bancorp has increased to 1,000 shares. Additionally, Canuso holds 3,450 Restricted Stock Units and 2,000 Stock Options, which are set to vest in the coming years.
In other recent news, Capital Bancorp Inc. has received shareholder approval for its merger with Integrated Financial Holdings, Inc. (IFHI). This significant development came during a Special Meeting of Stockholders, with a majority of 9,992,732 votes in favor. The merger, initially announced on March 27, 2024, is expected to combine the operations of both entities, with Capital Bancorp emerging as the surviving entity.
The merger's approval is a key step forward, demonstrating shareholder confidence in Capital Bancorp's strategic direction. The company has also gained regulatory approval from the Federal Reserve Bank of Richmond, marking another significant step towards the merger's completion.
The merger aims to consolidate Capital Bancorp and Integrated Financial Holdings, enhancing the combined entity's scale and capabilities. Analysts at Keefe, Bruyette & Woods have maintained Capital Bancorp's Market Perform rating, despite revised earnings projections and the IFHI acquisition. They have increased their earnings per share estimates for Capital Bancorp for 2024 and 2025 by 4% and 18% respectively, following unexpected balance sheet growth in the first quarter and the effects of the IFHI acquisition.
InvestingPro Insights
The recent stock purchases by Capital Bancorp's CFO Dominic C. Canuso align with several positive indicators for the company. According to InvestingPro data, Capital Bancorp's stock is trading near its 52-week high, with a price at 97.86% of its peak. This suggests strong market confidence in the company's performance.
InvestingPro Tips reveal that Capital Bancorp has raised its dividend for 4 consecutive years, indicating a commitment to shareholder returns. This is further supported by a dividend yield of 1.58% and an impressive dividend growth rate of 25% over the last twelve months.
The company's financial health appears robust, with a market capitalization of $417.46 million and a P/E ratio of 11, which is relatively low compared to many in the banking sector. Capital Bancorp's revenue for the last twelve months stands at $157.88 million, with an operating income margin of 27.61%, reflecting solid profitability.
However, investors should note that analysts expect net income to drop this year, which could explain why the stock's PEG ratio is negative at -1.74. Despite this, the company remains profitable, with a basic EPS of $2.33 for the last twelve months.
For those interested in a deeper analysis, InvestingPro offers 7 additional tips for Capital Bancorp, providing a more comprehensive view of the company's prospects and potential risks.
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