Select Bancorp, Inc. (SLCT) Downgraded to “Hold” at Zacks Investment Research

Select Bancorp, Inc. (NASDAQ:SLCT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.

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. “

Other research analysts have also recently issued reports about the stock. ValuEngine raised shares of Select Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. FIG Partners cut shares of Select Bancorp from an “outperform” rating to a “market perform” rating and set a $13.00 price objective for the company. in a report on Monday, May 22nd.

Select Bancorp (NASDAQ SLCT) traded down 1.66% on Friday, hitting $11.26. 18,831 shares of the stock were exchanged. The stock has a market cap of $131.31 million, a price-to-earnings ratio of 19.41 and a beta of 0.33. Select Bancorp has a 12 month low of $7.78 and a 12 month high of $12.75. The company has a 50-day moving average of $11.96 and a 200-day moving average of $11.44.

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

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC bought a new position in Select Bancorp during the fourth quarter valued at $356,000. Mendon Capital Advisors Corp boosted its position in Select Bancorp by 2.2% in the first quarter. Mendon Capital Advisors Corp now owns 43,671 shares of the bank’s stock valued at $476,000 after buying an additional 930 shares during the last quarter. Kennedy Capital Management Inc. bought a new position in Select Bancorp during the second quarter valued at $499,000. Bank of New York Mellon Corp boosted its position in 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 valued at $1,013,000 after buying an additional 610 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Select Bancorp by 6.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 107,396 shares of the bank’s stock valued at $1,058,000 after buying an additional 6,969 shares during the last quarter. 14.72% of the stock is owned by hedge funds and other 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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