Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Raised to “Hold” at Wall Street Zen

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

A number of other research analysts also recently commented on SBCF. Piper Sandler decreased their price objective on shares of Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 23rd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $33.13.

Seacoast Banking Corporation of Florida Stock Down 1.9%

Shares of SBCF stock opened at $29.72 on Tuesday. The firm’s fifty day moving average price is $30.92 and its two-hundred day moving average price is $31.77. Seacoast Banking Corporation of Florida has a 1 year low of $24.46 and a 1 year high of $35.55. The firm has a market capitalization of $2.89 billion, a P/E ratio of 19.55 and a beta of 0.86. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The company had revenue of $205.10 million during the quarter, compared to the consensus estimate of $205.51 million. During the same quarter last year, the firm posted $0.38 EPS. The company’s quarterly revenue was up 45.8% on a year-over-year basis. On average, equities analysts predict that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current fiscal year.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, CEO Charles M. Shaffer sold 10,367 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $30.88, for a total value of $320,132.96. Following the completion of the sale, the chief executive officer owned 174,113 shares of the company’s stock, valued at $5,376,609.44. The trade was a 5.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP James C. Stallings III sold 7,552 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total transaction of $235,320.32. Following the completion of the sale, the executive vice president directly owned 7,247 shares of the company’s stock, valued at $225,816.52. This represents a 51.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 25,919 shares of company stock valued at $806,173 in the last quarter. Company insiders own 1.50% of the company’s stock.

Institutional Trading of Seacoast Banking Corporation of Florida

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in shares of Seacoast Banking Corporation of Florida by 97.4% during the 1st quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider’s stock worth $14,056,000 after acquiring an additional 228,935 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Seacoast Banking Corporation of Florida by 21.1% during the 1st quarter. Janus Henderson Group PLC now owns 47,603 shares of the financial services provider’s stock worth $1,442,000 after acquiring an additional 8,300 shares during the period. Amundi lifted its holdings in shares of Seacoast Banking Corporation of Florida by 16.6% during the 1st quarter. Amundi now owns 15,647 shares of the financial services provider’s stock worth $474,000 after acquiring an additional 2,230 shares during the period. California State Teachers Retirement System lifted its holdings in shares of Seacoast Banking Corporation of Florida by 43.2% during the 1st quarter. California State Teachers Retirement System now owns 118,324 shares of the financial services provider’s stock worth $3,584,000 after acquiring an additional 35,693 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Seacoast Banking Corporation of Florida by 2.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 44,740 shares of the financial services provider’s stock worth $1,355,000 after acquiring an additional 1,263 shares during the period. Institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.