ECB Bancorp (NASDAQ:ECBK) Shares Up 1.1% - Here's What Happened

Key Points

• Shares rose 1.1% on Friday to $18.33 (intraday high $18.44) with 9,618 shares traded, about 42% below the average session volume.
• Weiss Ratings upgraded ECB Bancorp from a "hold (c)" to a "buy (b)"; MarketBeat shows the stock currently carries an average rating of "Buy."
• Director Maura Ellen Sullivan bought 2,200 shares at $18.50 (a 62.9% increase in her stake); insiders own 9% of the company, which has a market cap of ~$160.9M, a trailing PE of 19.7 and reported $0.31 EPS last quarter.

ECB Bancorp, Inc. (NASDAQ:ECBK - Get Free Report) shares shot up 1.1% on Friday . The company traded as high as $18.44 and last traded at $18.33. 9,618 shares changed hands during trading, a decline of 42% from the average session volume of 16,456 shares. The stock had previously closed at $18.13.

Wall Street Analyst Weigh In

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, Based on data from MarketBeat, the stock presently has an average rating of "Buy".

ECB Bancorp Stock Performance

The company has a debt-to-equity ratio of 1.66, a current ratio of 1.30 and a quick ratio of 1.30. The company has a market capitalization of $160.94 million, a PE ratio of 19.71 and a beta of 0.46. The firm's fifty day simple moving average is $17.36 and its 200 day simple moving average is $17.03.

ECB Bancorp (NASDAQ:ECBK - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $0.31 EPS for the quarter. ECB Bancorp had a net margin of 9.78% and a return on equity of 4.59%. The company had revenue of $9.51 million for the quarter.

Insider Buying and Selling

In other ECB Bancorp news, Director Maura Ellen Sullivan purchased 2,200 shares of the stock in a transaction on Monday, February 9th. The shares were bought at an average cost of $18.50 per share, with a total value of $40,700.00. Following the completion of the acquisition, the director owned 5,700 shares in the company, 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 SEC, which is accessible through the SEC website. Insiders own 9.00% of the company's stock.

Institutional Investors Weigh In On ECB Bancorp

Several hedge funds have recently modified their holdings of the company. Barclays PLC boosted its stake in shares of ECB Bancorp by 9.9% during the 4th quarter. Barclays PLC now owns 11,921 shares of the company's stock worth $207,000 after acquiring an additional 1,076 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of ECB Bancorp by 36.8% during the 3rd quarter. Bank of America Corp DE now owns 4,699 shares of the company's stock worth $75,000 after acquiring an additional 1,264 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of ECB Bancorp by 14.8% during the 3rd quarter. Rhumbline Advisers now owns 11,551 shares of the company's stock worth $183,000 after acquiring an additional 1,485 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of ECB Bancorp by 61.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,898 shares of the company's stock worth $94,000 after acquiring an additional 2,248 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of ECB Bancorp by 40.5% during the 4th quarter. Wells Fargo & Company MN now owns 8,949 shares of the company's stock worth $156,000 after acquiring an additional 2,580 shares in the last quarter. 30.27% of the stock is 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. 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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