Select Bancorp (NASDAQ:SLCT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

Shares of SLCT traded down $0.04 during trading hours on Wednesday, reaching $10.96. The stock had a trading volume of 1,886 shares, compared to its average volume of 20,818. Select Bancorp has a 12 month low of $10.14 and a 12 month high of $14.25. The firm has a 50-day simple moving average of $11.23 and a 200 day simple moving average of $11.50. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $206.10 million, a price-to-earnings ratio of 11.53 and a beta of 0.36.

Select Bancorp (NASDAQ:SLCT) last issued its earnings results on Friday, August 2nd. The bank reported $0.18 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.18. Select Bancorp had a return on equity of 7.35% and a net margin of 24.90%. The company had revenue of $13.03 million for the quarter, compared to analysts’ expectations of $12.93 million. On average, equities analysts forecast that Select Bancorp will post 0.76 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SLCT. BlackRock Inc. raised its position in Select Bancorp by 11.1% in the 2nd quarter. BlackRock Inc. now owns 799,709 shares of the bank’s stock valued at $9,148,000 after buying an additional 79,854 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Select Bancorp in the 2nd quarter valued at $701,000. Northern Trust Corp raised its position in Select Bancorp by 56.1% in the 4th quarter. Northern Trust Corp now owns 162,504 shares of the bank’s stock valued at $2,012,000 after buying an additional 58,426 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Select Bancorp by 28.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 226,396 shares of the bank’s stock valued at $2,803,000 after buying an additional 50,351 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Select Bancorp by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 866,009 shares of the bank’s stock valued at $9,907,000 after buying an additional 23,991 shares during the last quarter. 47.42% of the stock is owned by institutional investors and hedge funds.

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 deposit and NOW accounts, savings accounts, and time deposits, as well as certificates of deposit.

See Also: How do buyers and sellers choose a strike price?

Get a free copy of the Zacks research report on Select Bancorp (SLCT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Select Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Select Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.