ECB Bancorp (NASDAQ:ECBK) Issues Earnings Results

Key Points

• ECB Bancorp reported quarterly earnings of $0.38 per share, with a net margin of 9.78% and return on equity of 4.59%.
• The stock rose slightly to $18.68 on Friday, and the company now has a market cap of about $164 million with a P/E ratio of 20.09.
• Weiss Ratings upgraded ECB Bancorp from hold to buy, while one analyst currently rates the stock as a Buy overall.

ECB Bancorp (NASDAQ:ECBK - Get Free Report) released its earnings results on Friday. The company reported $0.38 earnings per share for the quarter, Zacks reports. ECB Bancorp had a net margin of 9.78% and a return on equity of 4.59%.

ECB Bancorp Stock Performance

Shares of ECBK stock traded up $0.06 during trading hours on Friday, reaching $18.68. The stock had a trading volume of 1,426 shares, compared to its average volume of 10,700. The firm has a market capitalization of $164.01 million, a PE ratio of 20.09 and a beta of 0.49. The firm has a 50-day simple moving average of $17.43 and a 200-day simple moving average of $17.30. ECB Bancorp has a twelve month low of $14.82 and a twelve month high of $20.05. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.30 and a quick ratio of 1.30.

Insider Buying and Selling

In other news, Director Maura Ellen Sullivan purchased 2,200 shares of the company's stock in a transaction on Monday, February 9th. The shares were bought at an average price of $18.50 per share, for a total transaction of $40,700.00. Following the completion of the purchase, the director owned 5,700 shares of the company's stock, valued at $105,450. This trade represents a 62.86% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On ECB Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ECBK. Bank of America Corp DE raised its stake in ECB Bancorp by 5,104.5% during the 2nd quarter. Bank of America Corp DE now owns 3,435 shares of the company's stock valued at $53,000 after acquiring an additional 3,369 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in shares of ECB Bancorp during the second quarter valued at $56,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of ECB Bancorp during the second quarter valued at about $65,000. New York State Common Retirement Fund acquired a new stake in ECB Bancorp in the second quarter worth about $103,000. Finally, Wells Fargo & Company MN lifted its holdings in ECB Bancorp by 40.5% in the fourth quarter. Wells Fargo & Company MN now owns 8,949 shares of the company's stock worth $156,000 after purchasing an additional 2,580 shares during the period. 30.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings raised shares of ECB Bancorp from a "hold (c)" rating to a "buy (b)" rating in a report on Thursday, March 12th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy".

About ECB Bancorp

ECB Bancorp, Inc operating as a holding company for Everett Co-operative Bank that provides various banking products and services. The company accepts various deposit products, including certificate of deposit accounts, IRAs, money market accounts, savings accounts, demand deposit accounts, and interest-bearing and noninterest-bearing checking accounts. It also offers one- to four-family residential real estate, commercial real estate and multifamily real estate, construction and land, commercial, and consumer loans, as well as home equity loans and lines of credit.

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