BlackRock Inc. Makes New $8.40 Million Investment in ECB Bancorp, Inc. $ECBK

Key Points

• BlackRock initiated a major position in ECB Bancorp, purchasing 418,386 shares worth approximately $8.4 million, or about 4.78% of the company.
• Other institutional investors also increased their holdings, bringing total institutional and hedge-fund ownership to 30.27% of ECB Bancorp.
• ECB Bancorp reported quarterly EPS of $0.39 on $10.34 million in revenue, while its stock traded at $20.75 and held an overall analyst rating of “Strong Buy.”

BlackRock Inc. purchased a new stake in shares of ECB Bancorp, Inc. (NASDAQ:ECBK - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 418,386 shares of the company's stock, valued at approximately $8,401,000. BlackRock Inc. owned about 4.78% of ECB Bancorp as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Geode Capital Management LLC lifted its stake in ECB Bancorp by 114.6% in 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 period. HighTower Advisors LLC increased its stake in shares of ECB Bancorp by 22.9% during the fourth quarter. HighTower Advisors LLC now owns 43,000 shares of the company's stock valued at $748,000 after purchasing an additional 8,000 shares in the last quarter. Covalent Partners LLC bought a new position in ECB Bancorp during the 4th quarter valued at approximately $574,000. 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 worth $360,000 after purchasing an additional 10,327 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of ECB Bancorp in the second quarter worth approximately $360,000. Hedge funds and other institutional investors own 30.27% of the company's stock.

ECB Bancorp Stock Performance

Shares of NASDAQ:ECBK opened at $20.75 on Friday. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.29 and a current ratio of 1.29. The firm's 50 day simple moving average is $20.43 and its 200-day simple moving average is $18.83. The firm has a market cap of $181.35 million, a PE ratio of 15.15 and a beta of 0.45. ECB Bancorp, Inc. has a one year low of $14.83 and a one year high of $21.78.

ECB Bancorp (NASDAQ:ECBK - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.39 earnings per share (EPS) for the quarter. ECB Bancorp had a net margin of 13.19% and a return on equity of 6.55%. The business had revenue of $10.34 million for the quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wall Street Zen raised ECB Bancorp to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings raised ECB Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, ECB Bancorp currently has an average rating of "Strong Buy".

ECB Bancorp 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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