Century Bancorp (CNBKA) Lowered to Hold at ValuEngine

ValuEngine downgraded shares of Century Bancorp (NASDAQ:CNBKA) from a buy rating to a hold rating in a research report sent to investors on Friday.

Shares of Century Bancorp (NASDAQ CNBKA) traded down $0.80 during trading hours on Friday, reaching $85.00. 5,298 shares of the company traded hands, compared to its average volume of 7,258. Century Bancorp has a twelve month low of $53.35 and a twelve month high of $89.40. The firm has a market cap of $383.90, a P/E ratio of 16.60 and a beta of 0.76. 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 issued its earnings results on Tuesday, October 10th. The bank reported $1.44 earnings per share (EPS) for the quarter. Century Bancorp had a net margin of 23.11% and a return on equity of 11.47%. The business had revenue of $25.30 million during the quarter.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were paid a $0.12 dividend. The ex-dividend date was Tuesday, October 31st. This represents a $0.48 annualized dividend and a yield of 0.56%. Century Bancorp’s dividend payout ratio (DPR) is currently 12.57%.

In related news, major shareholder James J. Filler acquired 443 shares of the business’s stock in a transaction on Tuesday, September 5th. The stock was purchased at an average cost of $66.67 per share, for a total transaction of $29,534.81. Following the completion of the transaction, the insider now directly owns 578,117 shares of the company’s stock, valued at approximately $38,543,060.39. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder James J. Filler acquired 400 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were bought at an average price of $65.79 per share, with a total value of $26,316.00. Following the completion of the transaction, the insider now directly owns 578,631 shares of the company’s stock, valued at $38,068,133.49. The disclosure for this purchase can be found here. Insiders purchased a total of 23,081 shares of company stock valued at $1,903,933 over the last quarter. 36.91% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CNBKA. Russell Investments Group Ltd. raised its position in shares of Century Bancorp by 21.3% in the second quarter. Russell Investments Group Ltd. now owns 15,951 shares of the bank’s stock valued at $1,014,000 after buying an additional 2,800 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Century Bancorp by 0.8% in the second quarter. Acadian Asset Management LLC now owns 15,136 shares of the bank’s stock valued at $961,000 after buying an additional 115 shares in the last quarter. Strs Ohio raised its position in shares of Century Bancorp by 2.5% in the second quarter. Strs Ohio now owns 8,100 shares of the bank’s stock valued at $515,000 after buying an additional 200 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Century Bancorp in the second quarter valued at approximately $209,000. Finally, First Manhattan Co. raised its position in shares of Century Bancorp by 96.8% in the second quarter. First Manhattan Co. now owns 12,400 shares of the bank’s stock valued at $788,000 after buying an additional 6,100 shares in the last quarter. Institutional investors own 36.50% of the company’s stock.

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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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