ECB Bancorp (NASDAQ:ECBK) Posts Quarterly Earnings Results

ECB Bancorp (NASDAQ:ECBK) announced its earnings results on Thursday. The company reported $0.39 earnings per share for the quarter, FiscalAI reports. The business had revenue of $10.34 million for the quarter. ECB Bancorp had a net margin of 11.49% and a return on equity of 5.60%.

ECB Bancorp Trading Up 1.9%

ECBK opened at $20.23 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 1.48. The stock’s fifty day moving average is $19.30 and its two-hundred day moving average is $18.17. The company has a market capitalization of $177.01 million, a P/E ratio of 17.59 and a beta of 0.46. ECB Bancorp has a 52 week low of $14.83 and a 52 week high of $20.76.

Hedge Funds Weigh In On ECB Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in shares of ECB Bancorp by 5,104.5% in the second quarter. Bank of America Corp DE now owns 3,435 shares of the company’s stock valued at $53,000 after acquiring an additional 3,369 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in ECB Bancorp during the 2nd quarter valued at about $56,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in ECB Bancorp during the 2nd quarter valued at about $65,000. Farther Finance Advisors LLC bought a new stake in shares of ECB Bancorp in the 4th quarter valued at about $87,000. Finally, New York State Common Retirement Fund bought a new stake in shares of ECB Bancorp in the 2nd quarter valued at about $103,000. Institutional investors own 30.27% of the company’s stock.

Analysts Set New Price Targets

ECBK has been the topic of several analyst reports. Weiss Ratings downgraded shares of ECB Bancorp from a “buy (b+)” rating to a “buy (b)” rating in a report on Friday, July 17th. Wall Street Zen raised ECB Bancorp to a “hold” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy”.

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.