Zacks Investment Research Upgrades Select Bancorp, Inc. (NASDAQ:SLCT) to Buy

Select Bancorp, Inc. (NASDAQ:SLCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, July 26th. The firm currently has a $14.00 target price on the bank’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 24.33% from the company’s previous close.

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. “

Several other research firms also recently weighed in on SLCT. ValuEngine downgraded shares of Select Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, July 7th. FIG Partners downgraded shares of Select Bancorp from an “outperform” rating to a “market perform” rating and set a $13.00 price target for the company. in a research note on Monday, May 22nd.

Select Bancorp (SLCT) traded down 1.66% on Wednesday, reaching $11.26. The company’s stock had a trading volume of 18,831 shares. The firm has a 50-day moving average of $11.96 and a 200-day moving average of $11.44. The company has a market capitalization of $131.31 million, a PE ratio of 19.41 and a beta of 0.33. Select Bancorp has a one year low of $7.78 and a one year high of $12.75.

Select Bancorp (NASDAQ:SLCT) last posted its quarterly earnings results on Tuesday, August 1st. The bank reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.07. Select Bancorp had a net margin of 17.31% and a return on equity of 6.44%. The company had revenue of $9.05 million for the quarter, compared to the consensus estimate of $9.28 million. Analysts predict that Select Bancorp will post $0.64 EPS for the current year.

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A number of institutional investors have recently modified their holdings of SLCT. Dimensional Fund Advisors LP increased its position in shares of Select Bancorp by 2.2% in the second quarter. Dimensional Fund Advisors LP now owns 115,629 shares of the bank’s stock worth $1,413,000 after buying an additional 2,516 shares during the period. Vanguard Group Inc. increased its position in shares of Select Bancorp by 36.9% in the second quarter. Vanguard Group Inc. now owns 202,655 shares of the bank’s stock worth $2,476,000 after buying an additional 54,635 shares during the period. Context BH Capital Management LP increased its position in shares of Select Bancorp by 0.3% in the second quarter. Context BH Capital Management LP now owns 172,410 shares of the bank’s stock worth $2,107,000 after buying an additional 543 shares during the period. Kennedy Capital Management Inc. acquired a new position in shares of Select Bancorp during the second quarter worth approximately $499,000. Finally, Bank of New York Mellon Corp increased its position in shares of Select Bancorp by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 82,953 shares of the bank’s stock worth $1,013,000 after buying an additional 610 shares during the period. 14.72% of the stock is owned by institutional investors.

About Select Bancorp

Select Bancorp, Inc is the bank holding company for Select Bank & Trust Company (the Bank). The Bank is a commercial bank. The Bank provides commercial and retail financial services to customers located in its market areas. The Bank offers a range of banking services, including checking and savings accounts, commercial, consumer, mortgage and personal loans, and other associated financial services.

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