Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Downgraded to “Hold” Rating by Zacks Research

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research analysts have also commented on SBCF. Keefe, Bruyette & Woods upped their price objective on shares of Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Piper Sandler reiterated a “neutral” rating and set a $33.50 price target on shares of Seacoast Banking Corporation of Florida in a research report on Monday, November 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research note on Wednesday, October 8th. Finally, Raymond James Financial set a $33.00 price objective on Seacoast Banking Corporation of Florida and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $31.50.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF stock opened at $31.41 on Monday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.84 and a current ratio of 0.84. Seacoast Banking Corporation of Florida has a fifty-two week low of $21.36 and a fifty-two week high of $33.23. The firm has a market cap of $3.07 billion, a P/E ratio of 18.59 and a beta of 0.95. The business’s 50 day moving average price is $31.35 and its 200-day moving average price is $30.06.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its earnings results on Monday, February 14th. The financial services provider reported $0.55 EPS for the quarter. Seacoast Banking Corporation of Florida had a return on equity of 7.16% and a net margin of 16.93%.The company had revenue of $83.85 million during the quarter. On average, equities research analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Dennis S. Hudson III sold 8,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $31.13, for a total transaction of $249,040.00. Following the sale, the director owned 251,275 shares of the company’s stock, valued at $7,822,190.75. The trade was a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Large investors have recently made changes to their positions in the business. HighTower Advisors LLC boosted its position in shares of Seacoast Banking Corporation of Florida by 7.0% in the 1st quarter. HighTower Advisors LLC now owns 10,149 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 663 shares in the last quarter. Ieq Capital LLC purchased a new position in Seacoast Banking Corporation of Florida during the first quarter valued at $277,000. Graham Capital Management L.P. bought a new stake in Seacoast Banking Corporation of Florida in the first quarter worth $1,097,000. Royal Bank of Canada grew its stake in shares of Seacoast Banking Corporation of Florida by 41.5% in the first quarter. Royal Bank of Canada now owns 107,951 shares of the financial services provider’s stock worth $2,777,000 after acquiring an additional 31,636 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Seacoast Banking Corporation of Florida by 123.4% in the first quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider’s stock worth $2,133,000 after acquiring an additional 45,792 shares during the last quarter. 81.77% of the stock is currently owned by hedge funds and other institutional investors.

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.