Seacoast Banking Corp. of Florida is set to gain from economic growth in the state, where more than 700 new residents are added per day, weekly newspaper Barron's reported in its March 23 edition. The shares look inexpensive and in the next 18 months could move up by 20 percent as the bank's loan growth and earnings pick up, Barron's said. FIG Partners analyst Christopher Marinac told the newspaper that the shares are worth $16. In a buyout, the stock would likely fetch more, Barron's wrote.The bank's biggest shareholder, CapGen Financial Group, has had its stake for six years and may be looking to exit either through a secondary stock offering or a sale, it said.Seacoast's shares closed at $13.60 on Friday.
Seacoast Banking Corporation of Florida is a bank holding company that operates through its principal subsidiary, Seacoast National Bank (Seacoast National). Shares of SBCF traded higher by 1.8% or $0.24/share to $13.60. In the past year, the shares have traded as low as $10.00 and as high as $14.24. On average, 86500 shares of SBCF exchange hands on a given day and today's volume is recorded at 63543.
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