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(GNN) - 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.
(Reuters)(Reporting by Caroline Humer; Editing by Leslie Adler)
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.
(Reuters)(Reporting by Caroline Humer; Editing by Leslie Adler)
