Zacks Investment Research Downgrades Seacoast Banking Corporation of Florida (SBCF) to Hold

Zacks Investment Research downgraded shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) from a buy rating to a hold rating in a report published on Thursday.

According to Zacks, “Seacoast Banking Corp of Florida is a bank holding company. Seacoast and its subsidiaries offer a full array of deposit accounts and retail banking services, engages in consumer and commercial lending and provides a wide variety of trust and asset management services, as well as securities and annuity products. “

Several other research analysts have also issued reports on the stock. BidaskClub raised shares of Seacoast Banking Corporation of Florida from a sell rating to a hold rating in a research note on Tuesday. FIG Partners upgraded shares of Seacoast Banking Corporation of Florida from a market-perform rating to an outperform rating in a research report on Friday, May 19th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Seacoast Banking Corporation of Florida currently has an average rating of Buy and a consensus target price of $22.60.

Seacoast Banking Corporation of Florida (NASDAQ SBCF) traded up 0.92% during midday trading on Thursday, hitting $24.10. 427,580 shares of the stock were exchanged. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 26.81 and a beta of 0.77. The company has a 50 day moving average price of $24.03 and a 200 day moving average price of $23.52. Seacoast Banking Corporation of Florida has a one year low of $15.85 and a one year high of $25.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, July 27th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.29. The company had revenue of $54.60 million for the quarter, compared to analyst estimates of $53.90 million. Seacoast Banking Corporation of Florida had a net margin of 17.09% and a return on equity of 9.80%. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. Equities analysts anticipate that Seacoast Banking Corporation of Florida will post $1.24 EPS for the current year.

In related news, Director Roger Goldman sold 3,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $22.55, for a total value of $67,650.00. Following the sale, the director now directly owns 20,072 shares in the company, valued at approximately $452,623.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in SBCF. William Blair Investment Management LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the second quarter worth $19,215,000. Jennison Associates LLC increased its stake in shares of Seacoast Banking Corporation of Florida by 37.1% in the second quarter. Jennison Associates LLC now owns 988,008 shares of the financial services provider’s stock worth $23,811,000 after buying an additional 267,115 shares in the last quarter. Palisades Hudson Asset Management L.P. purchased a new stake in shares of Seacoast Banking Corporation of Florida during the second quarter worth $250,000. BNP Paribas Arbitrage SA increased its stake in shares of Seacoast Banking Corporation of Florida by 3,190.8% in the second quarter. BNP Paribas Arbitrage SA now owns 4,278 shares of the financial services provider’s stock worth $103,000 after buying an additional 4,148 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Seacoast Banking Corporation of Florida by 38.1% in the second quarter. Legal & General Group Plc now owns 10,015 shares of the financial services provider’s stock worth $242,000 after buying an additional 2,761 shares in the last quarter. Institutional investors and hedge funds own 71.53% of the company’s stock.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida is a bank holding company. The Company’s principal subsidiary is Seacoast National Bank, a national banking association (the Bank). The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending and provide a range of trust and asset management services, as well as securities and annuity products to its customers.

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