ECB Bancorp (NASDAQ:ECBK) Trading 0.5% Higher - Time to Buy?

Key Points

• ECB Bancorp shares edged up 0.5% on Tuesday to $20.11, with trading volume well below average at 2,752 shares versus the usual 16,885.
• Analysts remain cautiously positive overall: Wall Street Zen upgraded the stock to hold, Weiss Ratings lifted it to buy (b+), and MarketBeat shows a consensus rating of Buy.
• The bank reported Q1 earnings of $0.38 per share on $10.16 million in revenue, while institutional ownership remains significant at 30.27%.

ECB Bancorp, Inc. (NASDAQ:ECBK - Get Free Report)'s stock price was up 0.5% during trading on Tuesday . The stock traded as high as $20.11 and last traded at $20.11. Approximately 2,752 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 16,885 shares. The stock had previously closed at $20.01.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ECBK shares. Wall Street Zen raised shares of ECB Bancorp to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings raised shares of ECB Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, July 2nd. One investment analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy".

ECB Bancorp Price Performance

The firm has a market capitalization of $175.96 million, a P/E ratio of 17.49 and a beta of 0.46. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.27 and a quick ratio of 1.27. The stock's fifty day simple moving average is $19.05 and its 200 day simple moving average is $18.04.

ECB Bancorp (NASDAQ:ECBK - Get Free Report) last released its quarterly earnings results on Friday, May 8th. The company reported $0.38 earnings per share for the quarter. The business had revenue of $10.16 million for the quarter. ECB Bancorp had a net margin of 11.49% and a return on equity of 5.60%.

Hedge Funds Weigh In On ECB Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of 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 acquiring an additional 92,310 shares during the last quarter. Covalent Partners LLC purchased a new position in shares of ECB Bancorp in the 4th quarter valued at approximately $574,000. Jane Street Group LLC purchased a new position in shares of ECB Bancorp in the 1st quarter valued at approximately $200,000. Goldman Sachs Group Inc. raised its position in shares of ECB Bancorp by 99.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 20,723 shares of the company's stock valued at $360,000 after purchasing an additional 10,327 shares during the last quarter. Finally, HighTower Advisors LLC boosted its stake in ECB Bancorp by 22.9% in 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 in the last quarter. 30.27% of the stock is owned by hedge funds and other institutional investors.

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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