Seacoast Banking Co. of Florida (NASDAQ:SBCF) Downgraded by ValuEngine

Seacoast Banking Co. of Florida (NASDAQ:SBCF) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, May 22nd, ValuEngine reports.

SBCF has been the subject of a number of other research reports. Zacks Investment Research upgraded Seacoast Banking Co. of Florida from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Wednesday, May 1st. FIG Partners lowered Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating in a research report on Friday, January 25th. BidaskClub upgraded Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a research report on Thursday, February 14th. Finally, Hovde Group upgraded Seacoast Banking Co. of Florida from an “underperform” rating to a “market perform” rating in a research report on Tuesday, May 14th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Seacoast Banking Co. of Florida currently has an average rating of “Hold” and a consensus price target of $30.63.

Shares of SBCF traded down $0.29 during trading hours on Wednesday, reaching $23.96. 128,969 shares of the company’s stock traded hands, compared to its average volume of 222,945. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 14.79 and a beta of 0.90. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.87 and a current ratio of 0.87. Seacoast Banking Co. of Florida has a twelve month low of $21.74 and a twelve month high of $34.95.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.47 EPS for the quarter, meeting analysts’ consensus estimates of $0.47. The company had revenue of $73.61 million for the quarter, compared to analyst estimates of $74.28 million. Seacoast Banking Co. of Florida had a return on equity of 10.47% and a net margin of 23.29%. During the same period last year, the company earned $0.40 earnings per share. Analysts forecast that Seacoast Banking Co. of Florida will post 1.99 EPS for the current fiscal year.

In related news, EVP Juliette Kleffel sold 4,433 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $24.13, for a total value of $106,968.29. Following the transaction, the executive vice president now directly owns 4,730 shares of the company’s stock, valued at approximately $114,134.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.70% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in Seacoast Banking Co. of Florida by 2.8% in the 1st quarter. BlackRock Inc. now owns 7,150,904 shares of the financial services provider’s stock valued at $188,427,000 after buying an additional 193,917 shares in the last quarter. Vanguard Group Inc boosted its stake in Seacoast Banking Co. of Florida by 3.2% in the 3rd quarter. Vanguard Group Inc now owns 2,762,389 shares of the financial services provider’s stock valued at $80,661,000 after buying an additional 85,439 shares in the last quarter. Vanguard Group Inc. boosted its stake in Seacoast Banking Co. of Florida by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 2,762,389 shares of the financial services provider’s stock valued at $80,661,000 after buying an additional 85,439 shares in the last quarter. Wellington Management Group LLP boosted its stake in Seacoast Banking Co. of Florida by 16.3% in the 1st quarter. Wellington Management Group LLP now owns 2,320,813 shares of the financial services provider’s stock valued at $61,153,000 after buying an additional 324,432 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in 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 worth $58,673,000 after purchasing an additional 129,399 shares in the last quarter. 83.94% of the stock is currently owned by institutional investors and hedge funds.

Seacoast Banking Co. of Florida Company Profile

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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Analyst Recommendations for Seacoast Banking Co. of Florida (NASDAQ:SBCF)

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