Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock Rating Lowered by Wall Street Zen

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

SBCF has been the subject of several other research reports. Keefe, Bruyette & Woods lifted their price objective on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Piper Sandler dropped 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 note on Thursday, April 30th. Finally, Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Seacoast Banking Corporation of Florida has a consensus rating of “Moderate Buy” and a consensus price target of $33.13.

Seacoast Banking Corporation of Florida Price Performance

Shares of Seacoast Banking Corporation of Florida stock opened at $30.49 on Monday. Seacoast Banking Corporation of Florida has a twelve month low of $24.04 and a twelve month high of $35.55. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. The company has a 50-day simple moving average of $30.85 and a two-hundred day simple moving average of $31.79. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 20.06 and a beta of 0.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $205.10 million during the quarter, compared to analysts’ expectations of $205.51 million. During the same quarter in the previous year, the company earned $0.38 EPS. The business’s revenue was up 45.8% on a year-over-year basis. Analysts forecast that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current year.

Insider Activity

In other Seacoast Banking Corporation of Florida news, CEO Charles M. Shaffer sold 10,367 shares of the firm’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 transaction, the chief executive officer directly owned 174,113 shares of the company’s stock, valued at $5,376,609.44. This trade represents a 5.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Joseph M. Forlenza sold 12,635 shares of the firm’s stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $32.90, for a total transaction of $415,691.50. Following the completion of the transaction, the executive vice president directly owned 42,392 shares in the company, valued at approximately $1,394,696.80. This represents a 22.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 38,554 shares of company stock valued at $1,221,865 in the last 90 days. 1.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Several hedge funds have recently bought and sold shares of the company. Aster Capital Management DIFC Ltd bought a new stake in shares of Seacoast Banking Corporation of Florida during the 4th quarter valued at approximately $26,000. Jones Financial Companies Lllp grew its holdings in shares of Seacoast Banking Corporation of Florida by 69.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 352 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Seacoast Banking Corporation of Florida by 59.3% during the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 356 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at approximately $33,000. Finally, Advisory Services Network LLC bought a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at approximately $45,000. 81.77% of the stock is owned by institutional investors.

About Seacoast Banking Corporation of Florida

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.