Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Given a $27.00 Price Target at Hovde Group

Hovde Group set a $27.00 target price on Seacoast Banking Corporation of Florida (NASDAQ:SBCF) in a research report released on Wednesday, January 3rd. The firm currently has a hold rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the stock. FBR & Co restated a buy rating on shares of Seacoast Banking Corporation of Florida in a research report on Friday, October 27th. Zacks Investment Research raised shares of Seacoast Banking Corporation of Florida from a hold rating to a buy rating and set a $29.00 target price for the company in a research note on Saturday, December 30th. Finally, BidaskClub lowered shares of Seacoast Banking Corporation of Florida from a buy rating to a hold rating in a research note on Tuesday, December 12th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $27.80.

Shares of Seacoast Banking Corporation of Florida (SBCF) traded down $0.30 during trading on Wednesday, hitting $26.82. 293,272 shares of the company’s stock traded hands, compared to its average volume of 243,396. The company has a market cap of $1,170.00, a PE ratio of 27.37 and a beta of 0.77. Seacoast Banking Corporation of Florida has a 52 week low of $20.58 and a 52 week high of $27.50. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. Seacoast Banking Corporation of Florida had a net margin of 18.48% and a return on equity of 9.37%. The company had revenue of $57.10 million during the quarter, compared to analysts’ expectations of $57.55 million. During the same quarter in the previous year, the company posted $0.28 EPS. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. research analysts forecast that Seacoast Banking Corporation of Florida will post 1.24 earnings per share for the current fiscal year.

In related news, CEO Dennis S. Hudson III sold 8,000 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $24.39, for a total transaction of $195,120.00. Following the sale, the chief executive officer now owns 19,247 shares in the company, valued at approximately $469,434.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dennis S. Hudson III sold 2,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $24.22, for a total transaction of $55,706.00. Following the completion of the sale, the chief executive officer now owns 19,247 shares in the company, valued at approximately $466,162.34. The disclosure for this sale can be found here. 2.80% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. BNP Paribas Arbitrage SA lifted its holdings in shares of Seacoast Banking Corporation of Florida by 3,190.8% during the second quarter. BNP Paribas Arbitrage SA now owns 4,278 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 4,148 shares during the period. Magnetar Financial LLC acquired a new position in shares of Seacoast Banking Corporation of Florida during the third quarter worth $203,000. SG Americas Securities LLC acquired a new position in shares of Seacoast Banking Corporation of Florida during the third quarter worth $211,000. Legal & General Group Plc lifted its holdings in shares of Seacoast Banking Corporation of Florida by 38.1% during the second quarter. Legal & General Group Plc now owns 10,015 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 2,761 shares during the period. Finally, Virtu KCG Holdings LLC acquired a new position in shares of Seacoast Banking Corporation of Florida during the second quarter worth $277,000. Hedge funds and other institutional investors own 79.54% of the company’s stock.

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About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida is a bank holding company. The Company’s principal subsidiary is Seacoast National Bank, a national banking association (the Bank). The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending and provide a range of trust and asset management services, as well as securities and annuity products to its customers.

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

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