This Day On The Street
Continue to site right-arrow
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 Bank Stocks in the M&A Crosshairs (Update 2)


3. Seacoast Banking Corp.

Shares of Seacoast Banking Corp. (SBCF) of Stuart, Fla., closed at $1.71 Friday, up 3% from a year earlier.

Seacoast was originally mentioned as a takeout target by Brett Scheiner in early 2011, however, the analyst now says that with "material improvement in credit and operating trends and a deferred tax asset that can be recaptured if the company remains profitable , they believe they can create the most value for their shareholders by operating the bank independently."

The company owes $50 million in TARP money.

Seacoast reported 2011 earnings available to common shareholders of $2.9 million, or three cents a share, improving from a loss of $37.0 million, or 48 cents a share, in 2010. The provision for loan losses declined to $2.0 million in 2011, from $31.7 million, a year earlier.

The company estimated that its tangible common equity ratio "was 5.6 percent at year-end 2011 and will increase to an estimated 7.6 percent when the deferred tax asset valuation allowance is released."

SunTrust Robinson Humphrey analyst Mac Hodgson has a neutral rating on Seacoast, saying on Jan. 27 that "potential catalysts appear to be developing slowly, and core earnings power will likely remain weak for some time," and that the shares are fairly valued, factoring-in the eventual recapture of the deferred tax assets.

Seacoast trades just below tangible book value, according to HighlineFI. The consensus 2012 EPS estimate is six cents.

Interested in more on Seacoast Banking Corp.? See TheStreet Ratings' report card for this stock.

9 of 11

Select the service that is right for you!

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!


DOW 17,897.02 +92.22 0.52%
S&P 500 2,070.85 +0.20 0.01%
NASDAQ 4,767.6660 +2.2860 0.05%

Brokerage Partners

Rates from

  • 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