Zacks Investment Research upgraded shares of Select Bancorp (NASDAQ:SLCT) from a hold rating to a buy rating in a research report released on Wednesday. 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. “
A number of other equities analysts also recently commented on SLCT. FIG Partners raised shares of Select Bancorp from a market perform rating to an outperform rating in a report on Tuesday, September 4th. ValuEngine raised shares of Select Bancorp from a hold rating to a buy rating in a report on Monday, October 29th.
Select Bancorp (NASDAQ:SLCT) last released its quarterly earnings data on Monday, October 22nd. The bank reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The company had revenue of $12.92 million during the quarter, compared to the consensus estimate of $13.61 million. Select Bancorp had a net margin of 12.66% and a return on equity of 8.83%. Sell-side analysts forecast that Select Bancorp will post 0.95 EPS for the current year.
In other news, Director Gerald W. Hayes, Jr. purchased 2,395 shares of the business’s stock in a transaction that occurred on Wednesday, September 26th. The stock was purchased at an average cost of $12.50 per share, with a total value of $29,937.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Alan Jeffries purchased 2,500 shares of the business’s stock in a transaction that occurred on Thursday, August 30th. The shares were purchased at an average cost of $12.00 per share, with a total value of $30,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 2,500 shares in the company, valued at $30,000. The disclosure for this purchase can be found here. Insiders have purchased a total of 5,895 shares of company stock valued at $71,938 over the last three months. 14.02% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Alliancebernstein L.P. lifted its holdings in Select Bancorp by 58.9% during the 3rd quarter. Alliancebernstein L.P. now owns 590,858 shares of the bank’s stock valued at $7,327,000 after purchasing an additional 218,998 shares during the last quarter. BlackRock Inc. lifted its holdings in Select Bancorp by 5.9% during the 3rd quarter. BlackRock Inc. now owns 514,249 shares of the bank’s stock valued at $6,377,000 after purchasing an additional 28,750 shares during the last quarter. JCSD Capital LLC bought a new position in Select Bancorp during the 3rd quarter valued at about $6,045,000. Thomson Horstmann & Bryant Inc. bought a new position in Select Bancorp during the 3rd quarter valued at about $5,868,000. Finally, Bank of New York Mellon Corp lifted its holdings in Select Bancorp by 19.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 169,820 shares of the bank’s stock valued at $2,288,000 after purchasing an additional 27,768 shares during the last quarter. 32.07% of the stock is owned by hedge funds and other institutional investors.
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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