Brokerages Set Seacoast Banking Co. of Florida (NASDAQ:SBCF) Target Price at $29.50

Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) have been assigned a consensus rating of “Hold” from the seven research firms that are currently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $29.50.

A number of research firms have weighed in on SBCF. Raymond James set a $29.00 price objective on shares of Seacoast Banking Co. of Florida and gave the stock a “buy” rating in a report on Friday, June 21st. ValuEngine cut shares of Seacoast Banking Co. of Florida from a “hold” rating to a “sell” rating in a report on Wednesday, May 22nd. Hovde Group raised shares of Seacoast Banking Co. of Florida from an “underperform” rating to a “market perform” rating in a report on Tuesday, May 14th. B. Riley set a $30.00 price objective on shares of Seacoast Banking Co. of Florida and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, BidaskClub cut shares of Seacoast Banking Co. of Florida from a “hold” rating to a “sell” rating in a report on Friday, August 9th.

In other news, EVP Juliette Kleffel sold 4,433 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $24.13, for a total transaction of $106,968.29. Following the transaction, the executive vice president now directly owns 4,730 shares in the company, valued at $114,134.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.70% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Seacoast Banking Co. of Florida by 3.7% during the second quarter. BlackRock Inc. now owns 7,416,663 shares of the financial services provider’s stock worth $188,679,000 after acquiring an additional 265,759 shares during the last quarter. Jennison Associates LLC grew its position in shares of Seacoast Banking Co. of Florida by 6.2% during the first quarter. Jennison Associates LLC now owns 2,226,693 shares of the financial services provider’s stock worth $58,673,000 after acquiring an additional 129,399 shares during the last quarter. Investment Counselors of Maryland LLC grew its position in Seacoast Banking Co. of Florida by 1.1% in the 2nd quarter. Investment Counselors of Maryland LLC now owns 862,312 shares of the financial services provider’s stock valued at $21,937,000 after buying an additional 9,394 shares during the last quarter. Northern Trust Corp grew its position in Seacoast Banking Co. of Florida by 3.5% in the 2nd quarter. Northern Trust Corp now owns 668,689 shares of the financial services provider’s stock valued at $17,012,000 after buying an additional 22,919 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Seacoast Banking Co. of Florida by 17.3% in the 4th quarter. Geode Capital Management LLC now owns 566,636 shares of the financial services provider’s stock valued at $14,743,000 after buying an additional 83,480 shares during the last quarter. Institutional investors and hedge funds own 83.55% of the company’s stock.

SBCF stock opened at $25.00 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.23. Seacoast Banking Co. of Florida has a twelve month low of $21.74 and a twelve month high of $31.94. The business’s 50 day moving average is $25.68. The firm has a market capitalization of $1.31 billion, a PE ratio of 15.43 and a beta of 0.91.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. Seacoast Banking Co. of Florida had a net margin of 24.05% and a return on equity of 10.69%. The company had revenue of $73.70 million for the quarter, compared to analysts’ expectations of $75.44 million. During the same quarter last year, the company earned $0.38 earnings per share. The firm’s revenue for the quarter was up 17.2% on a year-over-year basis. On average, equities analysts predict that Seacoast Banking Co. of Florida will post 1.94 EPS for the current year.

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 retail and commercial customers in Florida. The company offers commercial and retail banking, wealth management, and treasury management services, as well as home mortgage products; and brokerage and annuity services.

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