Seacoast Banking Co. of Florida (NASDAQ:SBCF) Upgraded to “Hold” at BidaskClub

BidaskClub upgraded shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) from a sell rating to a hold rating in a report published on Monday, BidAskClub reports.

A number of other analysts have also commented on the stock. Raymond James set a $29.00 price objective on shares of Seacoast Banking Co. of Florida and gave the company a buy rating in a research note on Friday, June 21st. Zacks Investment Research raised shares of Seacoast Banking Co. of Florida from a sell rating to a hold rating in a research note on Wednesday, August 28th. B. Riley set a $30.00 price objective on shares of Seacoast Banking Co. of Florida and gave the company a buy rating in a research note on Thursday, July 11th. Finally, ValuEngine lowered shares of Seacoast Banking Co. of Florida from a hold rating to a sell rating in a research note on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $29.63.

Shares of NASDAQ SBCF opened at $25.65 on Monday. Seacoast Banking Co. of Florida has a twelve month low of $21.74 and a twelve month high of $31.23. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 15.83 and a beta of 0.97. The firm has a 50-day moving average of $24.55 and a two-hundred day moving average of $25.87.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.50 earnings per share for the quarter, beating 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 company had revenue of $73.70 million during the quarter, compared to the consensus estimate of $75.44 million. During the same period in the prior year, the company earned $0.38 EPS. Seacoast Banking Co. of Florida’s revenue was up 17.2% on a year-over-year basis. As a group, research analysts predict that Seacoast Banking Co. of Florida will post 1.95 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the business. Hillcrest Asset Management LLC lifted its stake in Seacoast Banking Co. of Florida by 0.6% during the second quarter. Hillcrest Asset Management LLC now owns 507,192 shares of the financial services provider’s stock valued at $12,903,000 after buying an additional 3,060 shares in the last quarter. Bank of Montreal Can lifted its stake in Seacoast Banking Co. of Florida by 16.5% during the first quarter. Bank of Montreal Can now owns 3,636 shares of the financial services provider’s stock valued at $96,000 after buying an additional 516 shares in the last quarter. Barr E S & Co. lifted its position in shares of Seacoast Banking Co. of Florida by 2.3% in the second quarter. Barr E S & Co. now owns 44,650 shares of the financial services provider’s stock worth $1,136,000 after purchasing an additional 1,000 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in shares of Seacoast Banking Co. of Florida in the second quarter worth approximately $273,000. Finally, RMB Capital Management LLC lifted its position in shares of Seacoast Banking Co. of Florida by 6.1% in the second quarter. RMB Capital Management LLC now owns 170,408 shares of the financial services provider’s stock worth $4,335,000 after purchasing an additional 9,808 shares in the last quarter. 83.35% 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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