ECB Bancorp (NASDAQ:ECBK) Stock Price Up 0.1% - Time to Buy?

Key Points

• ECB Bancorp shares rose 0.1% to $20.63 in mid-day trading, with volume about 30% above the average session level.
• Analyst sentiment remains positive: the stock has an average “Buy” rating, while Weiss Ratings upgraded it to “buy (b+).”
• The company reported quarterly earnings of $0.39 per share on $10.34 million in revenue, and institutional investors—including Geode Capital and Goldman Sachs—have increased their holdings.

Shares of ECB Bancorp, Inc. (NASDAQ:ECBK - Get Free Report) shot up 0.1% on Wednesday . The stock traded as high as $20.69 and last traded at $20.63. 10,942 shares traded hands during mid-day trading, an increase of 30% from the average session volume of 8,416 shares. The stock had previously closed at $20.61.

Analyst Upgrades and Downgrades

ECBK has been the topic of a number of recent research reports. Wall Street Zen raised shares of ECB Bancorp to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings raised shares of ECB Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy".

ECB Bancorp Trading Up 0.1%

The company has a 50 day simple moving average of $19.71 and a 200 day simple moving average of $18.38. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 1.48. The stock has a market capitalization of $180.51 million, a PE ratio of 15.06 and a beta of 0.45.

ECB Bancorp (NASDAQ:ECBK - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.39 earnings per share for the quarter. The company had revenue of $10.34 million for the quarter. ECB Bancorp had a return on equity of 6.62% and a net margin of 13.19%.

Hedge Funds Weigh In On ECB Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of ECBK. Geode Capital Management LLC raised its holdings in ECB Bancorp by 114.6% during the second quarter. Geode Capital Management LLC now owns 172,835 shares of the company's stock worth $2,669,000 after purchasing an additional 92,310 shares in the last quarter. Covalent Partners LLC purchased a new stake in ECB Bancorp in the 4th quarter valued at approximately $574,000. Jane Street Group LLC purchased a new stake in ECB Bancorp in the 1st quarter valued at approximately $200,000. Goldman Sachs Group Inc. increased its position in ECB Bancorp by 99.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 20,723 shares of the company's stock worth $360,000 after purchasing an additional 10,327 shares during the period. Finally, HighTower Advisors LLC increased its position in ECB Bancorp by 22.9% during the 4th quarter. HighTower Advisors LLC now owns 43,000 shares of the company's stock worth $748,000 after purchasing an additional 8,000 shares during the period. 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. 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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