Seacoast Banking Co. of Florida (SBCF) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) from a hold rating to a sell rating in a research note released on Wednesday, March 14th.

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. “

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Other equities analysts have also recently issued research reports about the company. BidaskClub raised Seacoast Banking Co. of Florida from a hold rating to a buy rating in a report on Friday, March 9th. B. Riley reissued a buy rating and set a $30.00 price target on shares of Seacoast Banking Co. of Florida in a report on Friday, January 26th. Sandler O’Neill upgraded Seacoast Banking Co. of Florida from a hold rating to a buy rating and set a $31.00 price objective on the stock in a research report on Thursday, January 11th. Hovde Group set a $27.00 price objective on Seacoast Banking Co. of Florida and gave the stock a hold rating in a research report on Wednesday, January 3rd. Finally, Guggenheim restated a hold rating and set a $28.00 price objective on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, January 31st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $29.00.

NASDAQ SBCF traded down $0.73 during midday trading on Wednesday, hitting $26.47. The company had a trading volume of 267,599 shares, compared to its average volume of 335,764. The stock has a market capitalization of $1,276.16, a PE ratio of 20.68 and a beta of 0.65. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.82 and a quick ratio of 0.81. Seacoast Banking Co. of Florida has a twelve month low of $20.58 and a twelve month high of $28.44.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.37 earnings per share for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $74.87 million during the quarter, compared to analysts’ expectations of $67.93 million. During the same period in the previous year, the firm earned $0.30 EPS. The company’s quarterly revenue was up 58.1% compared to the same quarter last year. equities analysts expect that Seacoast Banking Co. of Florida will post 1.77 EPS for the current year.

In other Seacoast Banking Co. of Florida news, Director Roger Goldman sold 6,407 shares of the company’s stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $27.41, for a total value of $175,615.87. Following the sale, the director now owns 23,572 shares in the company, valued at approximately $646,108.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Segall Bryant & Hamill LLC boosted its position in shares of Seacoast Banking Co. of Florida by 9.0% during the 4th quarter. Segall Bryant & Hamill LLC now owns 754,619 shares of the financial services provider’s stock valued at $19,024,000 after purchasing an additional 62,254 shares in the last quarter. MetLife Investment Advisors LLC bought a new stake in shares of Seacoast Banking Co. of Florida during the 4th quarter valued at about $481,000. Millennium Management LLC boosted its position in shares of Seacoast Banking Co. of Florida by 11.8% during the 4th quarter. Millennium Management LLC now owns 1,371,910 shares of the financial services provider’s stock valued at $34,586,000 after purchasing an additional 144,637 shares in the last quarter. 1492 Capital Management LLC boosted its position in shares of Seacoast Banking Co. of Florida by 7.9% during the 4th quarter. 1492 Capital Management LLC now owns 126,945 shares of the financial services provider’s stock valued at $3,200,000 after purchasing an additional 9,259 shares in the last quarter. Finally, Teachers Advisors LLC boosted its position in shares of Seacoast Banking Co. of Florida by 5.4% during the 4th quarter. Teachers Advisors LLC now owns 75,892 shares of the financial services provider’s stock valued at $1,913,000 after purchasing an additional 3,910 shares in the last quarter. Institutional investors own 76.10% of the company’s stock.

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Seacoast Banking Co. of Florida Company Profile

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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