This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

10 Community Bank M&A Targets

Stocks in this article: UCBI BXS FMBI TCBI SBCF PNFP MBFI CFNL GBNK OKSB BAC STI RF FITB USB FMER

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs