Seacoast Banking Co. of Florida (SBCF) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) from a sell rating to a hold rating in a research report released on Friday.

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 brokerages also recently issued reports on SBCF. BidaskClub downgraded shares of Seacoast Banking Co. of Florida from a strong-buy rating to a buy rating in a research report on Friday, July 13th. ValuEngine raised shares of Seacoast Banking Co. of Florida from a hold rating to a buy rating in a research report on Thursday, August 23rd. Sandler O’Neill set a $31.00 price objective on shares of Seacoast Banking Co. of Florida and gave the stock a hold rating in a research report on Saturday, July 28th. Finally, B. Riley lowered their price objective on shares of Seacoast Banking Co. of Florida from $37.00 to $35.00 and set a buy rating for the company in a research report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $32.60.

Shares of SBCF stock traded down $0.53 during trading hours on Friday, hitting $26.34. 185,652 shares of the company were exchanged, compared to its average volume of 312,480. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.45. Seacoast Banking Co. of Florida has a 52 week low of $21.74 and a 52 week high of $34.95. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 20.58 and a beta of 0.64.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.07). Seacoast Banking Co. of Florida had a return on equity of 10.20% and a net margin of 22.30%. The company had revenue of $63.85 million for the quarter, compared to the consensus estimate of $65.27 million. On average, equities analysts expect that Seacoast Banking Co. of Florida will post 1.55 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Waddell & Reed Financial Inc. acquired a new position in Seacoast Banking Co. of Florida during the second quarter worth $18,169,000. American Century Companies Inc. acquired a new position in Seacoast Banking Co. of Florida during the second quarter worth $8,853,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in Seacoast Banking Co. of Florida during the second quarter worth $314,000. Cornerstone Wealth Management LLC acquired a new position in Seacoast Banking Co. of Florida during the second quarter worth $212,000. Finally, Royce & Associates LP boosted its holdings in Seacoast Banking Co. of Florida by 23.8% during the second quarter. Royce & Associates LP now owns 280,500 shares of the financial services provider’s stock worth $8,858,000 after purchasing an additional 54,000 shares during the last quarter. Institutional investors and hedge funds own 84.30% of the company’s stock.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides financial services to business and retail customers in Florida. It offers commercial and retail banking, wealth management, and mortgage services; automated teller machines; online and mobile banking services; and brokerage and annuity services.

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