Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock Rating Lowered by Wall Street Zen

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

SBCF has been the topic of several other reports. Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. Keefe, Bruyette & Woods lifted their price target on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Finally, Piper Sandler cut their price target on shares of Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $33.13.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ:SBCF opened at $31.09 on Friday. The company’s fifty day moving average price is $31.08 and its 200 day moving average price is $31.81. Seacoast Banking Corporation of Florida has a 12 month low of $23.48 and a 12 month high of $35.55. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $3.02 billion, a P/E ratio of 20.45 and a beta of 0.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The firm had revenue of $205.07 million for the quarter, compared to analyst estimates of $205.51 million. During the same period last year, the business earned $0.38 EPS. Seacoast Banking Corporation of Florida’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, sell-side analysts predict that Seacoast Banking Corporation of Florida will post 2.49 earnings per share for the current fiscal year.

Insider Transactions at Seacoast Banking Corporation of Florida

In related news, EVP Joseph M. Forlenza sold 12,635 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $32.90, for a total value of $415,691.50. Following the transaction, the executive vice president owned 42,392 shares in the company, valued at $1,394,696.80. The trade was a 22.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP James C. Stallings III sold 7,552 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total value of $235,320.32. Following the completion of the transaction, the executive vice president owned 7,247 shares in the company, valued at $225,816.52. This trade represents a 51.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 38,554 shares of company stock worth $1,221,865 over the last three months. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Several institutional investors have recently added to or reduced their stakes in SBCF. Royal Bank of Canada increased its position in Seacoast Banking Corporation of Florida by 41.5% in the 1st quarter. Royal Bank of Canada now owns 107,951 shares of the financial services provider’s stock valued at $2,777,000 after acquiring an additional 31,636 shares during the period. AQR Capital Management LLC increased its position in Seacoast Banking Corporation of Florida by 123.4% in the 1st quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider’s stock valued at $2,133,000 after acquiring an additional 45,792 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Seacoast Banking Corporation of Florida by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,255 shares of the financial services provider’s stock valued at $1,293,000 after acquiring an additional 2,187 shares during the period. Jane Street Group LLC acquired a new position in Seacoast Banking Corporation of Florida in the 1st quarter valued at about $4,817,000. Finally, Cetera Investment Advisers increased its position in Seacoast Banking Corporation of Florida by 4.2% in the 2nd quarter. Cetera Investment Advisers now owns 12,724 shares of the financial services provider’s stock valued at $351,000 after acquiring an additional 513 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.

About Seacoast Banking Corporation of Florida

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.