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Midday Wednesday: Seacoast Banking up as shareholder pushes for sale


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Midday Wednesday: Seacoast Banking up as shareholder pushes for sale

Bank stocks added to yesterday's gains in morning trading Wednesday, May 11.Around midday, the SNL U.S. Bank Index went up 0.12% to 399.83, while the SNLU.S. Thrift Index was almost flat at 787.33.

The broader markets moved lower, with the Dow JonesIndustrial Average retreating 0.56% to 17,827.50, the S&P 500 decreasing0.34% to 2,077.22 and the Nasdaq composite index slipping 0.37% to 4,792.01.

Among large-caps, JPMorgan Chase & Co. gained 0.64% to $62.44,Wells Fargo & Co.added 0.61% to $49.70, Bank ofAmerica Corp. increased 0.59% to $14.39 and advanced 0.66% to $45.13.

SeacoastBanking Corp. of Florida saw its stock jump 5.00% to $16.38 inmorning trading amid news that the Stuart, Fla.-based company is from an activistshareholder to sell. Additionally, the company disclosed in a filing that itcorrected itsfirst-quarter earnings report, recording net income of $4.0 million, or 11 centsper share, instead of $3.2 million, or 9 cents per share.

Among notable movers, New York-based gained 1.72% to$134.38, and Dallas-based TexasCapital Bancshares Inc. rose 2.93% to $44.58.

In the thrift space, Westbury, N.Y.-based added0.67% to $14.97, Cleveland-based TFS Financial Corp. (MHC) inched up 0.08% to $18.39 andLake Success, N.Y.-based AstoriaFinancial Corp. ticked up 0.80% to $15.16. San Diego-basedBofI Holding Inc.lost 2.08% to $18.33.

In economic news, the Mortgage Bankers Association reportedthat mortgageapplications were up 0.4% on a seasonally adjusted basis in theweek ended May 6, compared to the previous week. The market composite index,which measures mortgage loan application volume, was up 1% on an unadjustedbasis from the week ago period.

Market prices andindex values are current as of the time of publication and are subject tochange.