ECB Bancorp (NASDAQ:ECBK) Announces Earnings Results

ECB Bancorp (NASDAQ:ECBK) released its quarterly earnings results on Thursday. The company reported $0.38 earnings per share for the quarter, FiscalAI reports. ECB Bancorp had a return on equity of 4.59% and a net margin of 9.78%.The business had revenue of $10.16 million during the quarter.

ECB Bancorp Stock Down 0.2%

Shares of ECBK stock opened at $18.25 on Friday. The stock’s 50 day simple moving average is $17.38 and its 200 day simple moving average is $17.10. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.30 and a current ratio of 1.30. ECB Bancorp has a twelve month low of $14.82 and a twelve month high of $20.05. The company has a market capitalization of $160.24 million, a price-to-earnings ratio of 19.62 and a beta of 0.46.

Insider Buying and Selling at ECB Bancorp

In related news, Director Maura Ellen Sullivan acquired 2,200 shares of the business’s stock in a transaction that occurred on Monday, February 9th. The shares were acquired at an average cost of $18.50 per share, with a total value of $40,700.00. Following the purchase, the director owned 5,700 shares of the company’s stock, valued at approximately $105,450. The trade was a 62.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its position in ECB Bancorp by 5,104.5% in the 2nd quarter. Bank of America Corp DE now owns 3,435 shares of the company’s stock worth $53,000 after buying an additional 3,369 shares during the period. JPMorgan Chase & Co. acquired a new position in ECB Bancorp in the second quarter worth $56,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in ECB Bancorp in the second quarter worth $65,000. Farther Finance Advisors LLC acquired a new position in ECB Bancorp in the fourth quarter worth $87,000. Finally, New York State Common Retirement Fund bought a new stake in shares of ECB Bancorp during the second quarter worth $103,000. 30.27% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded ECB Bancorp from a “hold (c)” rating to a “buy (b)” rating in a research report on Thursday, March 12th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy”.

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.