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

Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) from a sell rating to a hold rating in a research report report published on Saturday morning.

Other research analysts have also issued reports about the stock. Stephens decreased their price target on shares of Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an “equal weight” rating for the company in a report on Monday, April 28th. Hovde Group lifted their price target on shares of Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the company a “market perform” rating in a report on Wednesday, June 4th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Seacoast Banking Corporation of Florida from $31.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, June 2nd. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $29.20.

Seacoast Banking Corporation of Florida Price Performance

SBCF opened at $28.76 on Friday. The company has a 50-day moving average of $26.91 and a 200-day moving average of $26.32. The company has a market capitalization of $2.47 billion, a P/E ratio of 17.64 and a beta of 0.94. Seacoast Banking Corporation of Florida has a 1-year low of $21.36 and a 1-year high of $31.68. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.85 and a current ratio of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its earnings results on Thursday, July 24th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.10. Seacoast Banking Corporation of Florida had a net margin of 16.63% and a return on equity of 6.70%. The company had revenue of $151.40 million during the quarter, compared to the consensus estimate of $146.08 million. During the same quarter in the previous year, the firm earned $0.36 EPS. Equities analysts expect that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date of this dividend is Monday, September 15th. Seacoast Banking Corporation of Florida’s payout ratio is 44.17%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SBCF. Opal Wealth Advisors LLC acquired a new position in Seacoast Banking Corporation of Florida during the 1st quarter valued at about $27,000. IFP Advisors Inc boosted its stake in Seacoast Banking Corporation of Florida by 343.9% during the 1st quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 994 shares during the period. GAMMA Investing LLC boosted its stake in Seacoast Banking Corporation of Florida by 38.0% during the 1st quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 460 shares during the period. CWM LLC boosted its stake in Seacoast Banking Corporation of Florida by 61.6% during the 1st quarter. CWM LLC now owns 2,635 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 1,004 shares during the period. Finally, Sterling Capital Management LLC boosted its stake in Seacoast Banking Corporation of Florida by 811.6% during the 4th quarter. Sterling Capital Management LLC now owns 2,662 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 2,370 shares during the period. 81.77% of the stock is owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.