Seacoast Banking Co. of Florida (SBCF) Cut to “Sell” at BidaskClub

Seacoast Banking Co. of Florida (NASDAQ:SBCF) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Tuesday, BidAskClub reports.

Several other brokerages also recently weighed in on SBCF. Hovde Group downgraded shares of Seacoast Banking Co. of Florida from a “market perform” rating to an “underperform” rating and reduced their target price for the company from $28.00 to $27.50 in a research note on Monday, March 4th. Zacks Investment Research raised shares of Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a research note on Thursday, January 17th. Finally, FIG Partners downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating in a research note on Friday, January 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.63.

Shares of SBCF opened at $26.39 on Tuesday. Seacoast Banking Co. of Florida has a twelve month low of $21.74 and a twelve month high of $34.95. The firm has a market capitalization of $1.33 billion, a PE ratio of 16.29 and a beta of 0.74. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.08.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its earnings results on Thursday, April 25th. The financial services provider reported $0.47 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.47. Seacoast Banking Co. of Florida had a net margin of 23.29% and a return on equity of 10.47%. The business had revenue of $73.61 million for the quarter, compared to the consensus estimate of $74.28 million. During the same quarter in the prior year, the firm posted $0.40 earnings per share. On average, equities research analysts predict that Seacoast Banking Co. of Florida will post 1.99 earnings per share for the current year.

In other news, CEO Dennis S. Hudson III sold 8,000 shares of the firm’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $29.31, for a total value of $234,480.00. Following the sale, the chief executive officer now directly owns 35,839 shares in the company, valued at approximately $1,050,441.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP David D. Houdeshell sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $29.15, for a total transaction of $145,750.00. Following the completion of the sale, the executive vice president now owns 18,197 shares in the company, valued at $530,442.55. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Pembroke Management LTD boosted its stake in Seacoast Banking Co. of Florida by 24.9% in the 1st quarter. Pembroke Management LTD now owns 293,400 shares of the financial services provider’s stock worth $7,731,000 after purchasing an additional 58,450 shares in the last quarter. Comerica Bank boosted its stake in Seacoast Banking Co. of Florida by 9.2% in the 4th quarter. Comerica Bank now owns 50,067 shares of the financial services provider’s stock worth $1,377,000 after purchasing an additional 4,226 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services boosted its stake in Seacoast Banking Co. of Florida by 238.7% in the 1st quarter. First National Bank of Mount Dora Trust Investment Services now owns 40,507 shares of the financial services provider’s stock worth $1,068,000 after purchasing an additional 28,546 shares in the last quarter. LS Investment Advisors LLC boosted its stake in Seacoast Banking Co. of Florida by 153.4% in the 4th quarter. LS Investment Advisors LLC now owns 3,510 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 2,125 shares in the last quarter. Finally, Suntrust Banks Inc. boosted its stake in Seacoast Banking Co. of Florida by 15.0% in the 4th quarter. Suntrust Banks Inc. now owns 20,608 shares of the financial services provider’s stock worth $536,000 after purchasing an additional 2,683 shares in the last quarter. Institutional investors and hedge funds own 82.24% 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 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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