ValuEngine Downgrades Century Bancorp (NASDAQ:CNBKA) to Sell

Century Bancorp (NASDAQ:CNBKA) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, ValuEngine reports.

Separately, BidaskClub raised shares of Century Bancorp from a “strong sell” rating to a “sell” rating in a report on Thursday.

CNBKA traded up $0.47 during trading on Thursday, hitting $82.58. 4,798 shares of the company traded hands, compared to its average volume of 9,184. The firm has a market capitalization of $459.97 million, a price-to-earnings ratio of 12.15 and a beta of 0.84. The firm’s fifty day moving average price is $86.07. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.95. Century Bancorp has a one year low of $65.15 and a one year high of $95.70.

Century Bancorp (NASDAQ:CNBKA) last released its quarterly earnings data on Tuesday, July 9th. The bank reported $1.70 EPS for the quarter. The business had revenue of $28.25 million for the quarter. Century Bancorp had a net margin of 22.75% and a return on equity of 12.85%.

In other news, major shareholder James J. Filler purchased 3,608 shares of the stock in a transaction dated Monday, June 3rd. The shares were purchased at an average cost of $89.36 per share, with a total value of $322,410.88. Following the completion of the acquisition, the insider now owns 691,161 shares in the company, valued at approximately $61,762,146.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder James J. Filler purchased 500 shares of the stock in a transaction dated Monday, July 22nd. The stock was purchased at an average cost of $83.00 per share, for a total transaction of $41,500.00. Following the completion of the acquisition, the insider now owns 703,451 shares of the company’s stock, valued at approximately $58,386,433. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 15,656 shares of company stock worth $1,373,479. Insiders own 36.91% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA raised its stake 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 in the last quarter. Metropolitan Life Insurance Co. NY bought a new position in Century Bancorp during the fourth quarter valued at approximately $72,000. MetLife Investment Advisors LLC bought a new position in Century Bancorp during the fourth quarter valued at approximately $99,000. Bessemer Group Inc. bought a new position in Century Bancorp during the second quarter valued at approximately $105,000. Finally, SG Americas Securities LLC bought a new position in Century Bancorp during the first quarter valued at approximately $130,000. 33.88% 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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