Zacks Investment Research Downgrades Select Bancorp (SLCT) to Sell

Zacks Investment Research downgraded shares of Select Bancorp (NASDAQ:SLCT) from a hold rating to a sell rating in a research report sent to investors on Tuesday, 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 cut shares of Select Bancorp from a hold rating to a sell rating in a research report on Saturday, February 23rd.

NASDAQ SLCT opened at $11.78 on Tuesday. The stock has a market capitalization of $227.47 million, a P/E ratio of 12.40 and a beta of 0.21. Select Bancorp has a twelve month low of $10.14 and a twelve month high of $14.25. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.27.

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

In related news, Director James H. Jr. Glen sold 4,450 shares of Select Bancorp stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $11.15, for a total transaction of $49,617.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Seth Wilfong bought 25,000 shares of the company’s stock in a transaction on Friday, February 15th. The stock was bought at an average cost of $12.00 per share, with a total value of $300,000.00. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 45,475 shares of company stock worth $532,028 and sold 26,130 shares worth $298,699. 15.90% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in SLCT. Capital Investment Advisory Services LLC purchased a new stake in Select Bancorp in the fourth quarter worth approximately $33,000. BNP Paribas Arbitrage SA raised its holdings 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 valued at $37,000 after acquiring an additional 2,751 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Select Bancorp by 28.5% during the fourth quarter. Citigroup Inc. now owns 3,972 shares of the bank’s stock valued at $50,000 after acquiring an additional 881 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Select Bancorp during the fourth quarter valued at approximately $54,000. Finally, SG Americas Securities LLC acquired a new position in shares of Select Bancorp during the first quarter valued at approximately $101,000. 47.54% of the stock is owned by 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 deposit and NOW accounts, savings accounts, and time deposits, as well as certificates of deposit.

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