Zacks: Select Bancorp Inc (SLCT) Given Consensus Rating of “Strong Buy” by Analysts
Select Bancorp Inc (NASDAQ:SLCT) has earned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy rating. Select Bancorp’s rating score has improved by 66.7% from three months ago as a result of a number of analysts’ upgrades and downgrades.
Brokers have set a twelve-month consensus price target of $14.75 for the company and are forecasting that the company will post $0.20 EPS for the current quarter, according to Zacks. Zacks has also given Select Bancorp an industry rank of 104 out of 257 based on the ratings given to its competitors.
Several equities analysts recently issued reports on the company. FIG Partners upgraded Select Bancorp from a “market perform” rating to an “outperform” rating in a report on Tuesday, September 4th. ValuEngine upgraded Select Bancorp from a “hold” rating to a “buy” rating in a report on Monday, October 29th. Finally, Zacks Investment Research upgraded Select Bancorp from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Wednesday, November 7th.
Select Bancorp (NASDAQ:SLCT) last posted its quarterly earnings results on Monday, October 22nd. The bank reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.07. The business had revenue of $12.92 million for the quarter, compared to analysts’ expectations of $13.61 million. Select Bancorp had a return on equity of 7.88% and a net margin of 12.66%. As a group, sell-side analysts expect that Select Bancorp will post 0.95 EPS for the current year.
In related news, Director Gerald W. Hayes, Jr. bought 2,395 shares of the business’s stock in a transaction on Wednesday, September 26th. The shares were purchased at an average price of $12.50 per share, with a total value of $29,937.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Alan Jeffries bought 2,500 shares of the business’s stock in a transaction on Thursday, August 30th. The stock was bought at an average cost of $12.00 per share, for a total transaction of $30,000.00. Following the purchase, the chief financial officer now directly owns 2,500 shares of the company’s stock, valued at approximately $30,000. The disclosure for this purchase can be found here. Insiders acquired 5,895 shares of company stock worth $71,938 in the last three months. Insiders own 14.02% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers acquired a new stake in shares of Select Bancorp during the third quarter worth about $132,000. PNC Financial Services Group Inc. acquired a new stake in shares of Select Bancorp during the second quarter worth about $193,000. Schwab Charles Investment Management Inc. acquired a new stake in shares of Select Bancorp during the second quarter worth about $293,000. Salzhauer Michael raised its position in shares of Select Bancorp by 66.1% during the third quarter. Salzhauer Michael now owns 50,270 shares of the bank’s stock worth $623,000 after purchasing an additional 20,000 shares during the period. Finally, Cutler Capital Management LLC acquired a new stake in shares of Select Bancorp during the third quarter worth about $775,000. 49.04% of the stock is currently owned by hedge funds and other 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 and NOW accounts, savings accounts, and time deposits.
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