Weiss Ratings Reiterates Buy (B-) Rating for ECB Bancorp (NASDAQ:ECBK)

Key Points

• Weiss Ratings has reaffirmed a Buy (B-) rating for ECB Bancorp (NASDAQ:ECBK), suggesting confidence in the company's stock outlook.
• ECB Bancorp's stock reached $15.49 during mid-day trading on Wednesday, with a market cap of $137.10 million.
• Institutional investors are increasingly buying into ECB Bancorp, with notable increases from firms like Geode Capital Management, which raised its stake by 114.6% in the last quarter.

ECB Bancorp (NASDAQ:ECBK - Get Free Report)'s stock had its "buy (b-)" rating reaffirmed by analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

ECB Bancorp Stock Performance

ECB Bancorp stock traded up $0.24 during mid-day trading on Wednesday, reaching $15.49. The company had a trading volume of 4,417 shares, compared to its average volume of 11,631. 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 has a 52 week low of $12.56 and a 52 week high of $17.33. The company has a 50 day moving average of $16.28 and a 200-day moving average of $15.93. The firm has a market cap of $137.10 million, a price-to-earnings ratio of 24.20 and a beta of 0.47.

ECB Bancorp (NASDAQ:ECBK - Get Free Report) last issued its quarterly 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 during 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 institutional investors have recently added to or reduced their stakes in ECBK. Geode Capital Management LLC lifted its holdings in ECB Bancorp by 114.6% during the 2nd quarter. Geode Capital Management LLC now owns 172,835 shares of the company's stock valued at $2,669,000 after purchasing an additional 92,310 shares during the last quarter. Minerva Advisors LLC increased its position in ECB Bancorp by 37.0% in the 1st quarter. Minerva Advisors LLC now owns 49,940 shares of the company's stock valued at $757,000 after acquiring an additional 13,500 shares in the last quarter. Jane Street Group LLC acquired a new stake in ECB Bancorp in the 1st quarter valued at about $200,000. New York State Common Retirement Fund acquired a new stake in ECB Bancorp in the 2nd quarter valued at about $103,000. Finally, Oppenheimer & Close LLC increased its position in ECB Bancorp by 10.9% in the 1st quarter. Oppenheimer & Close LLC now owns 61,007 shares of the company's stock valued at $924,000 after acquiring an additional 6,007 shares in the last quarter. 30.27% of the stock is owned by 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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