Select Bancorp (SLCT) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Select Bancorp (NASDAQ:SLCT) from a hold rating to a sell rating in a research report report published on Tuesday morning, 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. “

Separately, ValuEngine upgraded Select Bancorp from a sell rating to a hold rating in a research note on Wednesday, April 10th.

Shares of Select Bancorp stock traded down $0.11 during trading hours on Tuesday, hitting $11.66. 26 shares of the company’s stock traded hands, compared to its average volume of 17,761. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.13 and a quick ratio of 1.13. The company has a market capitalization of $226.69 million, a PE ratio of 12.39 and a beta of 0.21. Select Bancorp has a twelve month low of $10.14 and a twelve month high of $14.25.

Select Bancorp (NASDAQ:SLCT) last announced its earnings results on Tuesday, April 30th. The bank reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.03). The business had revenue of $12.65 million for the quarter, compared to analyst estimates of $13.14 million. Select Bancorp had a net margin of 24.54% and a return on equity of 8.21%. On average, equities analysts expect that Select Bancorp will post 0.77 earnings per share for the current fiscal year.

In other news, COO Lynn H. Johnson sold 14,380 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $11.59, for a total transaction of $166,664.20. Following the transaction, the chief operating officer now owns 800 shares of the company’s stock, valued at $9,272. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Seth Wilfong purchased 25,000 shares of Select Bancorp stock in a transaction dated Friday, February 15th. The shares were bought at an average cost of $12.00 per share, for a total transaction of $300,000.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 45,475 shares of company stock worth $532,028 and have sold 26,130 shares worth $298,699. Company insiders own 15.90% of the company’s stock.

Several hedge funds have recently modified their holdings of SLCT. Capital Investment Advisory Services LLC bought a new position in shares of Select Bancorp during the fourth quarter worth about $33,000. BNP Paribas Arbitrage SA lifted its position in shares of Select Bancorp by 521.0% during the first quarter. BNP Paribas Arbitrage SA now owns 3,279 shares of the bank’s stock worth $37,000 after purchasing an additional 2,751 shares during the last quarter. Citigroup Inc. lifted its position in shares of Select Bancorp by 28.5% during the fourth quarter. Citigroup Inc. now owns 3,972 shares of the bank’s stock worth $50,000 after purchasing an additional 881 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Select Bancorp during the fourth quarter worth about $54,000. Finally, SG Americas Securities LLC bought a new position in shares of Select Bancorp during the first quarter worth about $101,000. 47.54% of the stock is currently 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.

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