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Home Bancorp, Inc. (HBCP) - $25 value - yours FREE >>
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Home Bancorp, Inc. (HBCP) - $25 value - yours FREE >>
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Select Bancorp Rewards Shareholders With New Buyback Plan
Select Bancorp, Inc. recently announced a new share-repurchase plan. The board of directors has approved the repurchase of about 875,000 shares of the company’s common stock.
The latest plan comes close on the heels of Select Bancorp’s recently-concluded share-buyback program. The company’s previous program was announced in September 2019, including repurchase of about 937,248 shares at an average price of $9.85 per share.
As of Jun 30, the company had a total debt of $57.37 million, higher than the cash and cash equivalents balance of $24.04 million. However, at the end of second-quarter 2020, Select Bancorp’s total debt to total capital of 15% improved sequentially and is lower than the industry average of 45.16%. Thus, given the strong balance sheet, the company will likely be able to sustain the current level of capital-deployment activities.
Over the past six months, shares of Select Bancorp have appreciated 6% compared with the 14.5% increase of the industry it belongs to.
Currently, Select Bancorp carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Over the last few weeks, several firms including Home Bancorp, Inc. (HBCP - Free Report) , HarborOne Bancorp, Inc. (HONE - Free Report) and Columbia Financial, Inc. (CLBK - Free Report) have announced new share-repurchase authorizations. Home Bancorp’s board of directors approved the repurchase of up to 444,000 shares of the company’s common stock.
HarborOne Bancorp’s board of directors has adopted a share-repurchase program, which has authorized buyback of up to 2.92 million shares, while Columbia Financial announced an authorization to repurchase up to 5 million shares.
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Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
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