BidaskClub Downgrades Century Bancorp (CNBKA) to Buy
BidaskClub downgraded shares of Century Bancorp (NASDAQ:CNBKA) from a strong-buy rating to a buy rating in a research note published on Saturday morning.
Separately, ValuEngine cut Century Bancorp from a buy rating to a hold rating in a research report on Friday, December 1st.
Shares of Century Bancorp (NASDAQ:CNBKA) opened at $77.05 on Friday. The company has a market capitalization of $364.34, a P/E ratio of 20.17 and a beta of 0.74. Century Bancorp has a 12-month low of $53.35 and a 12-month high of $89.40. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.61 and a quick ratio of 0.61.
Century Bancorp (NASDAQ:CNBKA) last posted its quarterly earnings data on Tuesday, October 10th. The bank reported $1.44 EPS for the quarter. The business had revenue of $25.30 million during the quarter. Century Bancorp had a return on equity of 11.47% and a net margin of 23.11%.
In related news, major shareholder James J. Filler acquired 932 shares of the stock in a transaction on Wednesday, October 11th. The shares were bought at an average price of $86.96 per share, with a total value of $81,046.72. Following the completion of the purchase, the insider now owns 582,156 shares of the company’s stock, valued at approximately $50,624,285.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder James J. Filler acquired 2,032 shares of the stock in a transaction on Friday, October 13th. The shares were bought at an average cost of $86.06 per share, for a total transaction of $174,873.92. The disclosure for this purchase can be found here. Insiders have purchased 26,770 shares of company stock valued at $2,248,385 over the last quarter. 36.91% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its stake in shares of Century Bancorp by 1,300.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,922 shares of the bank’s stock valued at $249,000 after purchasing an additional 3,642 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Century Bancorp by 54.2% in the 3rd quarter. Wells Fargo & Company MN now owns 3,540 shares of the bank’s stock valued at $283,000 after purchasing an additional 1,244 shares during the last quarter. ZPR Investment Management lifted its stake in shares of Century Bancorp by 2.7% in the 2nd quarter. ZPR Investment Management now owns 4,815 shares of the bank’s stock valued at $306,000 after purchasing an additional 125 shares during the last quarter. ClariVest Asset Management LLC lifted its stake in shares of Century Bancorp by 26.1% in the 3rd quarter. ClariVest Asset Management LLC now owns 5,111 shares of the bank’s stock valued at $409,000 after purchasing an additional 1,057 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. lifted its stake in shares of Century Bancorp by 27.0% in the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 6,593 shares of the bank’s stock valued at $419,000 after purchasing an additional 1,400 shares during the last quarter. 36.50% of the stock is currently owned by institutional investors.
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About Century Bancorp
Century Bancorp, Inc is a state-chartered bank holding company. The Company has a banking subsidiary: Century Bank and Trust Company (the Bank). The Company offers a range of services to commercial enterprises, state and local Governments and agencies, non-profit organizations and individuals. It operates approximately 30 banking offices in 20 cities and towns in Massachusetts, ranging from Braintree in the south to Andover in the north.
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