Century Bancorp (CNBKA) Lifted to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Century Bancorp (NASDAQ:CNBKA) from a buy rating to a strong-buy rating in a report issued on Friday, BidAskClub reports.

Shares of Century Bancorp stock opened at $91.00 on Friday. The company has a market cap of $508.10 million, a price-to-earnings ratio of 13.40 and a beta of 0.95. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.79. Century Bancorp has a 12-month low of $65.15 and a 12-month high of $95.40.

Century Bancorp (NASDAQ:CNBKA) last released its quarterly earnings data on Tuesday, April 9th. The bank reported $1.69 EPS for the quarter. The business had revenue of $27.87 million for the quarter. Century Bancorp had a net margin of 23.53% and a return on equity of 13.15%.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend is Tuesday, April 30th.

In other news, major shareholder James J. Filler purchased 1,950 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were purchased at an average cost of $72.85 per share, with a total value of $142,057.50. Following the completion of the acquisition, the insider now owns 687,825 shares of the company’s stock, valued at approximately $50,108,051.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder James J. Filler purchased 763 shares of the stock in a transaction that occurred on Thursday, February 7th. The shares were purchased at an average cost of $77.01 per share, for a total transaction of $58,758.63. Following the completion of the acquisition, the insider now directly owns 677,767 shares of the company’s stock, valued at approximately $52,194,836.67. The disclosure for this purchase can be found here. Insiders bought a total of 11,218 shares of company stock worth $846,944 over the last ninety days. Insiders own 36.91% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its holdings in Century Bancorp by 4.4% during the third quarter. Renaissance Technologies LLC now owns 134,000 shares of the bank’s stock worth $9,682,000 after buying an additional 5,600 shares in the last quarter. SlateStone Wealth LLC purchased a new stake in Century Bancorp during the fourth quarter worth $764,000. Dimensional Fund Advisors LP raised its position in Century Bancorp by 5.7% during the third quarter. Dimensional Fund Advisors LP now owns 166,966 shares of the bank’s stock worth $12,063,000 after acquiring an additional 9,036 shares during the period. Delphi Management Inc. MA raised its position in Century Bancorp by 20.5% during the fourth quarter. Delphi Management Inc. MA now owns 10,810 shares of the bank’s stock worth $732,000 after acquiring an additional 1,840 shares during the period. Finally, Wells Fargo & Company MN raised its position in Century Bancorp by 25.9% during the third quarter. Wells Fargo & Company MN now owns 12,551 shares of the bank’s stock worth $906,000 after acquiring an additional 2,583 shares during the period. 35.16% 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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