Seacoast Banking Corporation of Florida (SBCF) Given a $27.00 Price Target by Hovde Group Analysts

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) has been given a $27.00 price objective by equities researchers at Hovde Group in a report released on Wednesday. The brokerage presently has a “hold” rating on the financial services provider’s stock. Hovde Group’s target price would indicate a potential upside of 8.70% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. FBR & Co reissued a “buy” rating on shares of Seacoast Banking Corporation of Florida in a research note on Friday, October 27th. Zacks Investment Research raised Seacoast Banking Corporation of Florida from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Saturday. Finally, BidaskClub lowered Seacoast Banking Corporation of Florida from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th. Three investment analysts have rated the stock with a hold rating and four 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 price target of $27.00.

Seacoast Banking Corporation of Florida (NASDAQ SBCF) traded down $0.06 during trading hours on Wednesday, hitting $24.84. The stock had a trading volume of 160,659 shares, compared to its average volume of 194,050. The company has a market cap of $1,096.94, a P/E ratio of 25.35 and a beta of 0.77. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.77. Seacoast Banking Corporation of Florida has a 1 year low of $20.58 and a 1 year high of $27.13.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its earnings results on Thursday, October 26th. The financial services provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 9.37% and a net margin of 18.48%. The firm had revenue of $57.10 million during the quarter, compared to the consensus estimate of $57.55 million. During the same period in the prior year, the company posted $0.28 EPS. The company’s revenue was up 20.9% compared to the same quarter last year. analysts expect that Seacoast Banking Corporation of Florida will post 1.24 EPS for the current fiscal year.

In other news, CEO Dennis S. Hudson III sold 2,300 shares of Seacoast Banking Corporation of Florida stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $24.22, for a total value of $55,706.00. Following the completion of the transaction, the chief executive officer now directly owns 19,247 shares in the company, valued at $466,162.34. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $24.39, for a total value of $195,120.00. Following the completion of the transaction, the chief executive officer now owns 19,247 shares of the company’s stock, valued at $469,434.33. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Hedge funds have recently modified their holdings of the business. BNP Paribas Arbitrage SA lifted its stake in shares of Seacoast Banking Corporation of Florida by 3,190.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,278 shares of the financial services provider’s stock valued at $103,000 after acquiring an additional 4,148 shares during the last quarter. Magnetar Financial LLC bought a new stake in shares of Seacoast Banking Corporation of Florida in the 3rd quarter valued at about $203,000. SG Americas Securities LLC bought a new stake in shares of Seacoast Banking Corporation of Florida in the 3rd quarter valued at about $211,000. Legal & General Group Plc lifted its stake in shares of Seacoast Banking Corporation of Florida by 38.1% in the 2nd quarter. Legal & General Group Plc now owns 10,015 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 2,761 shares during the last quarter. Finally, Virtu KCG Holdings LLC purchased a new position in Seacoast Banking Corporation of Florida during the 2nd quarter valued at about $277,000. 79.54% of the stock is owned by hedge funds and other institutional investors.

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About Seacoast Banking Corporation of Florida

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.

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

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