This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

10 Community Bank M&A Targets

8. Seacoast Banking Corp. of Florida

Shares of Seacoast Banking Corp of Florida (SBCF) of Stuart closed at $1.69 Friday, declining 20% over the previous year.

The company was also listed in January as a possible target by Brett Scheiner.

Seacoast owes $50 million in government bailout funds received through the Troubled Assets Relief Program, or TARP, in December 2008, and has deferred eight consecutive quarterly dividend payments to the government, according to SNL Financial.

For the first quarter, Seacoast reported a net loss to common shareholders of $579 thousand, or a penny a share, improving from a loss of $2.5 million, or 4 cents a share, in the first quarter of 2010. The provision for loan losses declined to $640 thousand in the first quarter, from $2.1 million a year earlier.

CEO Dennis Hudson said that with six consecutive quarters of credit quality improvement, the company was "poised to accelerate our business plan to increase profitability and ultimately position Seacoast as a top-tier community bank, measured by low risk, strong organic growth and increased shareholder value."

Seacoast reported that its nonperforming assets ratio was 4.34% as of March 31, improving from 5.44% a year earlier. The first-quarter net charge-off ratio was 1.32% and reserves covered 2.80% of total loans as of March 31.

Following the earnings announcement, FIG Partners analyst Christopher Marinac reiterated his "market perform" rating on the shares, with a $1.75 price target. Regarding takeout possibilities, the analyst said investors "may wish to speculate that SBCF no longer remains independent once credit impairments are behind it."

While Marinac views a takeout as possible, he said "there is a reasonable chance that the company stays independent for quite a while," since "SBCF would be benefitted by demonstrating a few quarters of core profits plus removing incremental credit risk to justify a strong valuation."

All 10 analysts covering Seacoast Banking Corp. of Florida have neutral ratings on the shares.
4 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BPFH $9.95 2.60%
BAC $11.95 7.08%
BXS $19.88 4.90%
FMBI $16.37 3.00%
JPM $57.49 8.33%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs