Zacks: Select Bancorp Inc (SLCT) Given Consensus Recommendation of “Strong Buy” by Analysts

Shares of Select Bancorp Inc (NASDAQ:SLCT) have earned an average broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy recommendation. Select Bancorp’s rating score has improved by 66.7% in the last 90 days as a result of various analysts’ ratings changes.

Brokers have set a 12-month consensus price objective of $14.75 for the company and are forecasting that the company will post $0.20 earnings per share for the current quarter, according to Zacks. Zacks has also given Select Bancorp an industry rank of 94 out of 257 based on the ratings given to related companies.

A number of research analysts have issued reports on SLCT shares. FIG Partners upgraded shares of Select Bancorp from a “market perform” rating to an “outperform” rating in a research report on Tuesday, September 4th. ValuEngine upgraded shares of Select Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, October 29th. Finally, Zacks Investment Research upgraded shares of Select Bancorp from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Wednesday, November 7th.

Select Bancorp stock opened at $11.97 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.12 and a current ratio of 1.12. Select Bancorp has a 1 year low of $11.50 and a 1 year high of $14.25. The stock has a market cap of $231.00 million, a price-to-earnings ratio of 19.62 and a beta of 0.21.

Select Bancorp (NASDAQ:SLCT) last released its earnings results on Monday, October 22nd. The bank reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. Select Bancorp had a net margin of 12.66% and a return on equity of 7.88%. The company had revenue of $12.92 million for the quarter, compared to the consensus estimate of $13.61 million. On average, analysts forecast that Select Bancorp will post 0.95 earnings per share for the current year.

In other news, 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 acquired at an average cost of $12.00 per share, for a total transaction of $30,000.00. Following the transaction, the chief financial officer now directly owns 2,500 shares of the company’s stock, valued at approximately $30,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 price of $12.50 per share, for a total transaction of $29,937.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 5,895 shares of company stock worth $71,938. Corporate insiders own 14.02% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Alliancebernstein L.P. raised its position in shares of Select Bancorp by 58.9% in the 3rd quarter. Alliancebernstein L.P. now owns 590,858 shares of the bank’s stock valued at $7,327,000 after acquiring an additional 218,998 shares during the period. BlackRock Inc. raised its position in shares of Select Bancorp by 5.9% in the 3rd quarter. BlackRock Inc. now owns 514,249 shares of the bank’s stock valued at $6,377,000 after acquiring an additional 28,750 shares during the period. JCSD Capital LLC acquired a new stake in shares of Select Bancorp in the 3rd quarter valued at approximately $6,045,000. Thomson Horstmann & Bryant Inc. acquired a new stake in shares of Select Bancorp in the 3rd quarter valued at approximately $5,868,000. Finally, Stieven Capital Advisors L.P. acquired a new stake in shares of Select Bancorp in the 3rd quarter valued at approximately $3,353,000. Institutional investors and hedge funds own 49.04% of the company’s stock.

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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