Select Bancorp (SLCT) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Select Bancorp (NASDAQ:SLCT) from a buy rating to a hold rating in a research report released on Friday.

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 upgraded Select Bancorp from a hold rating to a buy rating in a research report on Monday, October 29th.

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

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

Several hedge funds have recently made changes to their positions in SLCT. Rhumbline Advisers acquired a new position in Select Bancorp in the 3rd quarter worth about $132,000. PNC Financial Services Group Inc. acquired a new position in Select Bancorp in the 2nd quarter worth about $193,000. Schwab Charles Investment Management Inc. acquired a new position in Select Bancorp in the 2nd quarter worth about $293,000. Salzhauer Michael increased its holdings in Select Bancorp by 66.1% in the 3rd quarter. Salzhauer Michael now owns 50,270 shares of the bank’s stock worth $623,000 after purchasing an additional 20,000 shares in the last quarter. Finally, Cutler Capital Management LLC acquired a new position in Select Bancorp in the 3rd quarter worth about $775,000. Institutional investors and hedge funds own 44.51% of the company’s stock.

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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