Century Bancorp (NASDAQ:CNBKA) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of Century Bancorp (NASDAQ:CNBKA) from a hold rating to a buy rating in a research note published on Thursday morning, BidAskClub reports.

Separately, ValuEngine lowered Century Bancorp from a hold rating to a sell rating in a report on Thursday, August 1st.

Shares of CNBKA stock traded down $0.89 during mid-day trading on Thursday, hitting $89.41. 11,503 shares of the stock were exchanged, compared to its average volume of 8,273. The stock’s fifty day simple moving average is $82.21 and its two-hundred day simple moving average is $84.14. The stock has a market capitalization of $495.54 million, a price-to-earnings ratio of 12.55 and a beta of 0.86. Century Bancorp has a 12-month low of $65.15 and a 12-month high of $95.70. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.59 and a current ratio of 0.59.

Century Bancorp (NASDAQ:CNBKA) last issued its quarterly earnings data on Tuesday, July 9th. The bank reported $1.70 earnings per share (EPS) for the quarter. The company had revenue of $28.25 million for the quarter. Century Bancorp had a return on equity of 12.63% and a net margin of 22.75%.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, August 1st were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.54%. The ex-dividend date was Wednesday, July 31st.

In related news, major shareholder James J. Filler purchased 300 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were purchased at an average price of $86.55 per share, with a total value of $25,965.00. Following the completion of the acquisition, the insider now directly owns 699,211 shares in the company, valued at approximately $60,516,712.05. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder James J. Filler purchased 431 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were bought at an average cost of $85.41 per share, for a total transaction of $36,811.71. Following the acquisition, the insider now owns 699,211 shares of the company’s stock, valued at $59,719,611.51. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 25,853 shares of company stock worth $2,134,689. Corporate insiders own 36.91% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNBKA. Dimensional Fund Advisors LP lifted its position in Century Bancorp by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 171,330 shares of the bank’s stock valued at $11,604,000 after purchasing an additional 4,364 shares during the period. BNP Paribas Arbitrage SA lifted its position in Century Bancorp by 552.2% in the first quarter. BNP Paribas Arbitrage SA now owns 600 shares of the bank’s stock valued at $44,000 after purchasing an additional 508 shares during the period. SG Americas Securities LLC acquired a new stake in Century Bancorp in the first quarter valued at about $130,000. Janney Montgomery Scott LLC lifted its position in Century Bancorp by 10.2% in the first quarter. Janney Montgomery Scott LLC now owns 5,847 shares of the bank’s stock valued at $427,000 after purchasing an additional 541 shares during the period. Finally, Acadian Asset Management LLC lifted its position in Century Bancorp by 11.7% in the first quarter. Acadian Asset Management LLC now owns 5,290 shares of the bank’s stock valued at $386,000 after purchasing an additional 556 shares during the period. 33.73% of the stock is currently owned by hedge funds and other institutional investors.

About Century Bancorp

Century Bancorp, Inc operates as a bank holding company for Century Bank and Trust Company that provides banking products and services. The company accepts savings accounts, NOW accounts, demand deposits, time deposits, and money market accounts, as well as cash management accounts. It offers single-family and multi-family residential loans, municipal loans, commercial and residential real estate loans, and various consumer loans, as well as provides loans for the construction of residential homes, multi-family properties, commercial real estate properties, and land development.

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