Hovde Group Lowers Seacoast Banking Co. of Florida (NASDAQ:SBCF) Price Target to $29.00

Seacoast Banking Co. of Florida (NASDAQ:SBCF) had its price target dropped by equities researchers at Hovde Group from $31.00 to $29.00 in a research note issued to investors on Monday, MarketBeat reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s price objective points to a potential upside of 25.70% from the company’s current price.

A number of other analysts have also issued reports on SBCF. Truist Financial dropped their price target on shares of Seacoast Banking Co. of Florida from $28.00 to $27.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Raymond James boosted their price target on Seacoast Banking Co. of Florida from $23.00 to $27.50 and gave the company an “outperform” rating in a report on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $25.90.

Seacoast Banking Co. of Florida Stock Performance

Shares of SBCF stock opened at $23.07 on Monday. Seacoast Banking Co. of Florida has a 52 week low of $17.93 and a 52 week high of $29.98. The company’s fifty day simple moving average is $23.96 and its 200-day simple moving average is $24.47. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.96 billion, a PE ratio of 16.48 and a beta of 1.16.

Institutional Investors Weigh In On Seacoast Banking Co. of Florida

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in Seacoast Banking Co. of Florida during the 3rd quarter valued at $859,000. Raymond James Financial Services Advisors Inc. raised its holdings in Seacoast Banking Co. of Florida by 1.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 192,112 shares of the financial services provider’s stock worth $4,219,000 after acquiring an additional 3,579 shares during the period. Brown Advisory Inc. boosted its stake in Seacoast Banking Co. of Florida by 5.9% during the 3rd quarter. Brown Advisory Inc. now owns 375,428 shares of the financial services provider’s stock valued at $8,244,000 after purchasing an additional 20,971 shares during the period. Advisor Partners II LLC increased its position in Seacoast Banking Co. of Florida by 29.7% during the third quarter. Advisor Partners II LLC now owns 29,865 shares of the financial services provider’s stock worth $656,000 after acquiring an additional 6,837 shares during the period. Finally, First Horizon Advisors Inc. raised its stake in Seacoast Banking Co. of Florida by 39.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,827 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 520 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.