Seacoast Banking Co. of Florida (NASDAQ:SBCF) Raised to Hold at StockNews.com

Seacoast Banking Co. of Florida (NASDAQ:SBCF) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

SBCF has been the topic of a number of other research reports. Truist Financial cut their price objective on shares of Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Stephens boosted their target price on shares of Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, October 28th. Finally, Raymond James restated an “outperform” rating and set a $31.00 price objective (up previously from $29.00) on shares of Seacoast Banking Co. of Florida in a research note on Wednesday. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $29.40.

Seacoast Banking Co. of Florida Trading Down 0.5 %

Shares of SBCF traded down $0.14 during mid-day trading on Wednesday, reaching $28.25. The company had a trading volume of 466,146 shares, compared to its average volume of 378,275. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of 20.47 and a beta of 1.09. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. The firm has a fifty day simple moving average of $28.09 and a 200-day simple moving average of $27.45. Seacoast Banking Co. of Florida has a fifty-two week low of $21.90 and a fifty-two week high of $31.68.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.15. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. On average, sell-side analysts anticipate that Seacoast Banking Co. of Florida will post 1.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other Seacoast Banking Co. of Florida news, CEO Charles M. Shaffer sold 21,255 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $30.36, for a total value of $645,301.80. Following the transaction, the chief executive officer now directly owns 126,232 shares of the company’s stock, valued at $3,832,403.52. This represents a 14.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Seacoast Banking Co. of Florida

Several hedge funds have recently bought and sold shares of the business. State Street Corp boosted its position in shares of Seacoast Banking Co. of Florida by 0.7% in the third quarter. State Street Corp now owns 4,239,308 shares of the financial services provider’s stock valued at $112,978,000 after acquiring an additional 28,066 shares during the period. Wellington Management Group LLP raised its stake in Seacoast Banking Co. of Florida by 7.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,170,515 shares of the financial services provider’s stock valued at $111,144,000 after purchasing an additional 305,843 shares during the last quarter. Geode Capital Management LLC raised its stake in Seacoast Banking Co. of Florida by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,024,351 shares of the financial services provider’s stock valued at $53,959,000 after purchasing an additional 23,396 shares during the last quarter. Segall Bryant & Hamill LLC boosted its holdings in Seacoast Banking Co. of Florida by 0.7% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 1,846,418 shares of the financial services provider’s stock valued at $49,207,000 after purchasing an additional 13,567 shares during the period. Finally, abrdn plc grew its position in Seacoast Banking Co. of Florida by 10.9% during the third quarter. abrdn plc now owns 1,122,478 shares of the financial services provider’s stock worth $29,914,000 after buying an additional 110,582 shares in the last quarter. 81.77% of the stock is owned by institutional investors and hedge funds.

About Seacoast Banking Co. of Florida

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.