Seacoast Banking Co. of Florida (SBCF) Rating Increased to Hold at Zacks Investment Research

Seacoast Banking Co. of Florida (NASDAQ:SBCF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Seacoast Banking Corp of Florida is a bank holding company. Seacoast and its subsidiaries offer a full array of deposit accounts and retail banking services, engages in consumer and commercial lending and provides a wide variety of trust and asset management services, as well as securities and annuity products. “

A number of other equities analysts also recently weighed in on SBCF. BidaskClub raised shares of Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a research note on Wednesday, November 28th. B. Riley set a $32.00 target price on shares of Seacoast Banking Co. of Florida and gave the company a “buy” rating in a research note on Monday, October 29th. ValuEngine raised shares of Seacoast Banking Co. of Florida from a “hold” rating to a “buy” rating in a research note on Thursday, August 23rd. Finally, Raymond James raised shares of Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 15th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $32.60.

Shares of NASDAQ SBCF opened at $27.45 on Thursday. Seacoast Banking Co. of Florida has a fifty-two week low of $21.74 and a fifty-two week high of $34.95. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 18.09 and a beta of 0.68. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.45.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its earnings results on Thursday, October 25th. The financial services provider reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.07). Seacoast Banking Co. of Florida had a net margin of 22.30% and a return on equity of 10.20%. The business had revenue of $63.85 million for the quarter, compared to the consensus estimate of $65.27 million. On average, sell-side analysts anticipate that Seacoast Banking Co. of Florida will post 1.55 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in SBCF. O Shaughnessy Asset Management LLC bought a new position in shares of Seacoast Banking Co. of Florida during the third quarter valued at approximately $150,000. Cornerstone Wealth Management LLC bought a new position in shares of Seacoast Banking Co. of Florida during the second quarter valued at approximately $212,000. Amalgamated Bank bought a new position in shares of Seacoast Banking Co. of Florida during the second quarter valued at approximately $216,000. Aperio Group LLC bought a new stake in shares of Seacoast Banking Co. of Florida during the second quarter valued at approximately $221,000. Finally, Probabilities Fund Management LLC bought a new stake in shares of Seacoast Banking Co. of Florida during the third quarter valued at approximately $226,000. 85.34% of the stock is owned by institutional investors and hedge funds.

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 business and retail customers in Florida. It offers commercial and retail banking, wealth management, and mortgage services; automated teller machines; online and mobile banking services; and brokerage and annuity services.

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