Select Bancorp (SLCT) Raised to “Buy” at Zacks Investment Research

Select Bancorp (NASDAQ:SLCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a $14.00 price objective on the bank’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 14.47% from the stock’s current price.

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 note on Monday, October 29th.

Shares of SLCT stock opened at $12.23 on Thursday. The firm has a market capitalization of $240.65 million, a P/E ratio of 20.05 and a beta of 0.23. 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 1 year low of $11.20 and a 1 year high of $14.25.

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, topping the Zacks’ consensus estimate of $0.20 by $0.07. The company had revenue of $12.92 million during the quarter, compared to analyst estimates of $13.61 million. Select Bancorp had a return on equity of 7.88% and a net margin of 12.66%. Analysts forecast that Select Bancorp will post 0.95 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLCT. Vanguard Group Inc grew its position in shares of Select Bancorp by 39.1% during the 3rd quarter. Vanguard Group Inc now owns 595,454 shares of the bank’s stock valued at $7,384,000 after acquiring an additional 167,235 shares during the period. Vanguard Group Inc. grew its position in shares of Select Bancorp by 39.1% during the 3rd quarter. Vanguard Group Inc. now owns 595,454 shares of the bank’s stock valued at $7,384,000 after acquiring an additional 167,235 shares during the period. EJF Capital LLC acquired a new stake in shares of Select Bancorp during the 3rd quarter valued at about $1,801,000. Banc Funds Co. LLC acquired a new stake in shares of Select Bancorp during the 3rd quarter valued at about $1,550,000. Finally, Monashee Investment Management LLC acquired a new stake in shares of Select Bancorp during the 3rd quarter valued at about $1,715,000. 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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