Select Bancorp (NASDAQ:SLCT) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Select Bancorp (NASDAQ:SLCT) from a hold rating to a sell rating in a research report sent to investors on Wednesday, 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. “

NASDAQ SLCT opened at $10.65 on Wednesday. The stock has a market cap of $210.53 million, a price-to-earnings ratio of 12.86 and a beta of 0.36. Select Bancorp has a 52-week low of $10.14 and a 52-week high of $14.25. The business has a 50 day simple moving average of $11.19 and a 200 day simple moving average of $11.48. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.10 and a current ratio of 1.10.

Select Bancorp (NASDAQ:SLCT) last issued its quarterly earnings results on Friday, August 2nd. The bank reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $13.03 million during the quarter, compared to analysts’ expectations of $12.93 million. Select Bancorp had a net margin of 24.90% and a return on equity of 7.35%. On average, analysts predict that Select Bancorp will post 0.76 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of SLCT. BNP Paribas Arbitrage SA grew its stake in shares of Select Bancorp by 521.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,279 shares of the bank’s stock worth $37,000 after acquiring an additional 2,751 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Select Bancorp in the 1st quarter valued at approximately $101,000. Rhumbline Advisers boosted its holdings in shares of Select Bancorp by 16.3% in the 1st quarter. Rhumbline Advisers now owns 18,995 shares of the bank’s stock valued at $216,000 after buying an additional 2,663 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Select Bancorp by 11.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 39,034 shares of the bank’s stock valued at $447,000 after buying an additional 3,974 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Select Bancorp by 98.8% in the 4th quarter. Bank of America Corp DE now owns 36,555 shares of the bank’s stock valued at $453,000 after buying an additional 18,163 shares during the last quarter. 47.42% of the stock is owned by institutional investors.

About Select Bancorp

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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