Select Bancorp (SLCT) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Select Bancorp (NASDAQ:SLCT) from a hold rating to a buy rating in a report issued on Wednesday. The firm 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. “
SLCT has been the topic of several other research reports. FIG Partners upgraded shares of Select Bancorp from a market perform rating to an outperform rating in a research note on Tuesday, September 4th. ValuEngine upgraded shares of Select Bancorp from a hold rating to a buy rating in a research note on Monday, October 29th.
Select Bancorp (NASDAQ:SLCT) last announced its quarterly earnings results on Monday, October 22nd. The bank reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.07. Select Bancorp had a net margin of 12.66% and a return on equity of 8.83%. The company had revenue of $12.92 million for the quarter, compared to analyst estimates of $13.61 million. As a group, research analysts predict that Select Bancorp will post 0.95 earnings per share for the current fiscal year.
In other news, Director Gerald W. Hayes, Jr. bought 2,395 shares of the stock in a transaction that occurred on Wednesday, September 26th. The shares were acquired at an average cost of $12.50 per share, for a total transaction of $29,937.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Alan Jeffries bought 2,500 shares of the stock in a transaction that occurred on Thursday, August 30th. The stock was purchased at an average price of $12.00 per share, for a total transaction of $30,000.00. Following the completion of the purchase, the chief financial officer now directly owns 2,500 shares in the company, valued at approximately $30,000. The disclosure for this purchase can be found here. Insiders purchased a total of 5,895 shares of company stock worth $71,938 over the last quarter. 14.02% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. Clover Partners L.P. acquired a new position in Select Bancorp in the 3rd quarter valued at $1,329,000. BlackRock Inc. grew its position 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 purchasing an additional 28,750 shares during the last quarter. Thomson Horstmann & Bryant Inc. acquired a new stake in Select Bancorp in the 3rd quarter worth $5,868,000. Alliancebernstein L.P. grew its position 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 purchasing an additional 218,998 shares during the last quarter. Finally, Seidman Lawrence B acquired a new stake in Select Bancorp in the 3rd quarter worth $1,033,000. Institutional investors and hedge funds own 32.07% of the company’s stock.
Select Bancorp Company Profile
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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