ECB Bancorp (NASDAQ:ECBK) Shares Down 2.4% - Here's What Happened

Key Points

• ECB Bancorp's stock price declined by 2.4% to $15.68, with a trading volume 24% lower than average on Monday.
• The company reported earnings of $0.17 per share for the quarter, with revenue of $8.02 million and a net margin of 7.29%.
• Several hedge funds have significantly increased their stakes in ECB Bancorp, indicating growing institutional interest in the company.

ECB Bancorp, Inc. (NASDAQ:ECBK - Get Free Report)'s stock price was down 2.4% on Monday . The stock traded as low as $15.68 and last traded at $15.68. Approximately 7,922 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 10,374 shares. The stock had previously closed at $16.07.

ECB Bancorp Trading Down 2.4%

The company's fifty day moving average is $16.33 and its two-hundred day moving average is $15.91. The stock has a market cap of $138.78 million, a price-to-earnings ratio of 24.50 and a beta of 0.50. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 1.57.

ECB Bancorp (NASDAQ:ECBK - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.17 earnings per share for the quarter. The firm had revenue of $8.02 million for the quarter. ECB Bancorp had a net margin of 7.29% and a return on equity of 3.17%.

Hedge Funds Weigh In On ECB Bancorp

Several hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in ECB Bancorp by 5,104.5% in the second quarter. Bank of America Corp DE now owns 3,435 shares of the company's stock valued at $53,000 after purchasing an additional 3,369 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in ECB Bancorp in the second quarter valued at approximately $56,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in ECB Bancorp in the second quarter valued at approximately $65,000. Sachetta LLC increased its stake in ECB Bancorp by 5.3% in the first quarter. Sachetta LLC now owns 115,270 shares of the company's stock valued at $1,746,000 after purchasing an additional 5,832 shares during the last quarter. Finally, Oppenheimer & Close LLC increased its stake in ECB Bancorp by 10.9% in the first quarter. Oppenheimer & Close LLC now owns 61,007 shares of the company's stock valued at $924,000 after purchasing an additional 6,007 shares during the last quarter. 30.27% of the stock is currently owned by hedge funds and other institutional investors.

ECB Bancorp Company Profile

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.

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