This Day On The Street
Continue to site
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

10 Bank Stocks With Up to 55% Upside

5. Park Sterling Corp.

Shares of Park Sterling Corp. (PSTB) of Charlotte, N.C., closed at $4.99 Friday, down 19% year-to-date. Based on the mean target price of $6.92, the shares have 39% upside potential.

The company had $628 million in total assets as of March 31, and is in the midst of a major expansion, after raising $150 million in common equity last August

On March 31, the company announced an agreement to acquire Community Capital Corp. (CPBK) of Greenwood, S.C., for $32.4 million in cash and stock. Community Capital had $649 million in total assets as of March 31, with 18 branches located throughout South Carolina. The merger is expected to be completed during the third quarter.

Park Sterling's CEO James Cherry said when the deal was announced that the combined company would "work together to build an $8 to $10 billion community banking franchise in the Carolinas and Virginia."

Park Sterling posted a first-quarter net loss of $2.9 million, or 10 cents a share, compared to net income of $1578 thousand, or 3 cents a share, a year earlier. Earnings continued to drag as the company worked through its problem loans. The first-quarter provision for loan losses was $4.5 million, rising from $1.5 million in the first quarter of 2010, but declining from a peak of $8.2 million in the fourth quarter.

The consensus among analysts polled by FactSet is for Park Sterling to post a net loss of 30 cents a share for all of 2011, followed by a loss of 7 cents a share in 2012.

All three analysts covering Park Sterling Corp. rate the shares a buy.

7 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
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!
SYM TRADE IT LAST %CHG
BPOP $35.00 -0.20%
BAC $15.56 -1.46%
C $53.07 -1.76%
CSE $15.50 -0.51%
WIBC $9.99 -2.54%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs