Seacoast Banking Corporation of Florida (SBCF) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) from a buy rating to a hold rating in a research note released on Thursday, August 3rd.

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. “

A number of other research analysts have also recently issued reports on the company. FIG Partners upgraded Seacoast Banking Corporation of Florida from a market-perform rating to an outperform rating in a research report on Friday, May 19th. BidaskClub cut Seacoast Banking Corporation of Florida from a hold rating to a sell rating in a report on Tuesday, July 25th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has an average rating of Buy and an average target price of $22.60.

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) opened at 22.00 on Thursday. Seacoast Banking Corporation of Florida has a 12-month low of $15.85 and a 12-month high of $25.88. The company’s 50-day moving average is $23.79 and its 200-day moving average is $23.61. The firm has a market capitalization of $942.50 million, a price-to-earnings ratio of 24.47 and a beta of 0.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its earnings results on Thursday, July 27th. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.29. Seacoast Banking Corporation of Florida had a return on equity of 9.20% and a net margin of 17.09%. The firm had revenue of $54.60 million for the quarter, compared to analysts’ expectations of $53.90 million. During the same quarter in the previous year, the business posted $0.24 earnings per share. The business’s revenue for the quarter was up 25.2% on a year-over-year basis. On average, equities analysts forecast that Seacoast Banking Corporation of Florida will post $1.24 earnings per share for the current fiscal year.

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In related news, Director Roger Goldman sold 2,200 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $24.11, for a total value of $53,042.00. Following the transaction, the director now directly owns 20,072 shares of the company’s stock, valued at $483,935.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.80% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the stock. US Bancorp DE raised its position in shares of Seacoast Banking Corporation of Florida by 0.5% in the second quarter. US Bancorp DE now owns 4,157 shares of the financial services provider’s stock valued at $100,000 after buying an additional 20 shares during the period. Alpine Woods Capital Investors LLC raised its position in shares of Seacoast Banking Corporation of Florida by 7.7% in the second quarter. Alpine Woods Capital Investors LLC now owns 14,000 shares of the financial services provider’s stock valued at $337,000 after buying an additional 1,000 shares during the period. Teachers Advisors LLC raised its position in shares of Seacoast Banking Corporation of Florida by 1.3% in the second quarter. Teachers Advisors LLC now owns 85,014 shares of the financial services provider’s stock valued at $2,049,000 after buying an additional 1,079 shares during the period. American International Group Inc. raised its position in shares of Seacoast Banking Corporation of Florida by 7.2% in the first quarter. American International Group Inc. now owns 18,252 shares of the financial services provider’s stock valued at $438,000 after buying an additional 1,220 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of Seacoast Banking Corporation of Florida by 5.1% in the first quarter. Wells Fargo & Company MN now owns 28,202 shares of the financial services provider’s stock valued at $677,000 after buying an additional 1,374 shares during the period. 71.74% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

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