Zacks Investment Research upgraded shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) from a sell rating to a hold rating in a report issued on Tuesday morning.
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 research analysts also recently commented on SBCF. BidaskClub downgraded Seacoast Banking Co. of Florida from a buy rating to a hold rating in a research note on Tuesday, December 12th. Hovde Group set a $27.00 price objective on Seacoast Banking Co. of Florida and gave the stock a hold rating in a research note on Wednesday, January 3rd. Sandler O’Neill set a $27.00 price objective on Seacoast Banking Co. of Florida and gave the stock a hold rating in a research note on Thursday, January 4th. B. Riley restated a buy rating and set a $30.00 price objective on shares of Seacoast Banking Co. of Florida in a research note on Friday, January 26th. Finally, Guggenheim restated a hold rating and set a $28.00 price objective on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, January 31st. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Seacoast Banking Co. of Florida currently has an average rating of Buy and an average target price of $29.00.
Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.01. Seacoast Banking Co. of Florida had a return on equity of 9.36% and a net margin of 17.14%. The business had revenue of $74.87 million during the quarter, compared to the consensus estimate of $67.93 million. During the same period in the previous year, the business earned $0.30 EPS. The business’s quarterly revenue was up 58.1% on a year-over-year basis. equities analysts forecast that Seacoast Banking Co. of Florida will post 1.77 EPS for the current year.
In related news, Director Roger Goldman sold 6,407 shares of the company’s stock in a transaction on Wednesday, March 7th. The stock was sold at an average price of $27.41, for a total transaction of $175,615.87. Following the completion of the transaction, the director now directly owns 23,572 shares in the company, valued at approximately $646,108.52. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.80% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in SBCF. BNP Paribas Arbitrage SA boosted its position in Seacoast Banking Co. of Florida by 58.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,776 shares of the financial services provider’s stock worth $162,000 after acquiring an additional 2,498 shares during the period. Magnetar Financial LLC acquired a new position in Seacoast Banking Co. of Florida during the 3rd quarter worth $203,000. SG Americas Securities LLC acquired a new position in Seacoast Banking Co. of Florida during the 3rd quarter worth $211,000. Arrowstreet Capital Limited Partnership acquired a new position in Seacoast Banking Co. of Florida during the 4th quarter worth $222,000. Finally, Navellier & Associates Inc acquired a new position in Seacoast Banking Co. of Florida during the 4th quarter worth $261,000. Institutional investors own 76.10% of the company’s stock.
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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