Select Bancorp (SLCT) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Select Bancorp (NASDAQ:SLCT) from a hold rating to a buy rating in a research report sent to investors on Thursday. Zacks Investment Research currently has $14.00 price target on the bank’s stock.

According to Zacks, “Select Bancorp Inc. is a bank holding company. It engages in providing personal and business banking products through its branches and the Internet. The Bank offers a range of banking services, including checking and savings accounts, commercial, consumer, mortgage and personal loans, and other associated financial services. Select Bancorp, Inc., formerly known as New Century Bancorp, Inc., is based in United States. “

Separately, ValuEngine raised Select Bancorp from a hold rating to a buy rating in a research note on Monday, October 29th.

Shares of SLCT opened at $12.02 on Thursday. The company has a market cap of $236.01 million, a P/E ratio of 19.70 and a beta of 0.23. Select Bancorp has a 12-month low of $11.20 and a 12-month high of $14.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.12 and a current ratio of 1.12.

Select Bancorp (NASDAQ:SLCT) last issued its earnings results on Monday, October 22nd. The bank reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.07. The company had revenue of $12.92 million for the quarter, compared to the consensus estimate of $13.61 million. Select Bancorp had a return on equity of 7.88% and a net margin of 12.66%. On average, equities analysts expect that Select Bancorp will post 0.95 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc increased its stake in Select Bancorp by 39.1% in the 3rd quarter. Vanguard Group Inc now owns 595,454 shares of the bank’s stock worth $7,384,000 after acquiring an additional 167,235 shares during the last quarter. Vanguard Group Inc. increased its stake in Select Bancorp by 39.1% in the 3rd quarter. Vanguard Group Inc. now owns 595,454 shares of the bank’s stock worth $7,384,000 after acquiring an additional 167,235 shares during the last quarter. Alliancebernstein L.P. increased its stake in Select Bancorp by 58.9% in the 3rd quarter. Alliancebernstein L.P. now owns 590,858 shares of the bank’s stock worth $7,327,000 after acquiring an additional 218,998 shares during the last quarter. BlackRock Inc. increased its stake in Select Bancorp by 5.9% in the 3rd quarter. BlackRock Inc. now owns 514,249 shares of the bank’s stock worth $6,377,000 after acquiring an additional 28,750 shares during the last quarter. Finally, JCSD Capital LLC bought a new stake in Select Bancorp in the 3rd quarter worth approximately $6,045,000. 44.51% of the stock is currently owned by institutional investors and hedge funds.

About Select Bancorp

Select Bancorp, Inc operates as the bank holding company for Select Bank & Trust Company that provides banking services to individuals and small to medium-sized businesses. The company accepts deposit products, such as non-interest-bearing demand deposits, money market and NOW accounts, savings accounts, and time deposits.

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