Seacoast Banking Co. of Florida (NASDAQ:SBCF) Rating Lowered to Sell at BidaskClub

BidaskClub downgraded shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) from a hold rating to a sell rating in a report issued on Friday morning, BidAskClub reports.

A number of other equities research analysts also recently weighed in on the stock. ValuEngine downgraded shares of Seacoast Banking Co. of Florida from a hold rating to a sell rating in a research note on Wednesday, May 22nd. Raymond James set a $29.00 price objective on Seacoast Banking Co. of Florida and gave the company a buy rating in a report on Friday, June 21st. B. Riley set a $30.00 price objective on Seacoast Banking Co. of Florida and gave the company a buy rating in a report on Thursday, July 11th. Hovde Group raised Seacoast Banking Co. of Florida from an underperform rating to a market perform rating in a report on Tuesday, May 14th. Finally, Zacks Investment Research cut Seacoast Banking Co. of Florida from a hold rating to a sell rating in a report on Wednesday, July 3rd. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Seacoast Banking Co. of Florida has an average rating of Hold and an average price target of $29.63.

SBCF opened at $25.02 on Friday. Seacoast Banking Co. of Florida has a fifty-two week low of $21.74 and a fifty-two week high of $31.94. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.90 and a quick ratio of 0.89. The business’s fifty day simple moving average is $25.65. The firm has a market capitalization of $1.29 billion, a P/E ratio of 15.44 and a beta of 0.91.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 firm had revenue of $73.70 million for the quarter, compared to the consensus estimate of $75.44 million. During the same quarter in the previous year, the company earned $0.38 earnings per share. The business’s revenue was up 17.2% compared to the same quarter last year. On average, analysts forecast that Seacoast Banking Co. of Florida will post 1.94 earnings per share for the current fiscal year.

In other Seacoast Banking Co. of Florida news, EVP Juliette Kleffel sold 4,433 shares of Seacoast Banking Co. of Florida stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $24.13, for a total transaction of $106,968.29. Following the completion of the transaction, the executive vice president now directly owns 4,730 shares of the company’s stock, valued at $114,134.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.70% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Jennison Associates LLC raised its holdings in shares of Seacoast Banking Co. of Florida by 6.2% in the first quarter. Jennison Associates LLC now owns 2,226,693 shares of the financial services provider’s stock valued at $58,673,000 after buying an additional 129,399 shares during the last quarter. Investment Counselors of Maryland LLC raised its holdings in shares of Seacoast Banking Co. of Florida by 1.1% in the second 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. Geode Capital Management LLC raised its holdings in shares of Seacoast Banking Co. of Florida by 17.3% in the fourth 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. Hillcrest Asset Management LLC raised its holdings in shares of Seacoast Banking Co. of Florida by 36.0% in the first quarter. Hillcrest Asset Management LLC now owns 504,132 shares of the financial services provider’s stock valued at $13,284,000 after buying an additional 133,462 shares during the last quarter. Finally, Granite Investment Partners LLC raised its holdings in shares of Seacoast Banking Co. of Florida by 1.0% in the second quarter. Granite Investment Partners LLC now owns 461,456 shares of the financial services provider’s stock valued at $11,739,000 after buying an additional 4,690 shares during the last quarter. 83.85% of the stock is owned by institutional investors.

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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