Zacks Investment Research Lowers Seacoast Banking Corporation of Florida (SBCF) to Sell

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, November 1st.

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. “

Several other equities research analysts have also commented on the company. FBR & Co restated a “buy” rating on shares of Seacoast Banking Corporation of Florida in a research report on Friday, October 27th. BidaskClub lowered Seacoast Banking Corporation of Florida from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $24.67.

Shares of Seacoast Banking Corporation of Florida (SBCF) traded up $0.34 during mid-day trading on Wednesday, hitting $25.38. The stock had a trading volume of 149,364 shares, compared to its average volume of 280,533. The firm has a market capitalization of $1,089.55, a PE ratio of 20.87 and a beta of 0.77. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.77. Seacoast Banking Corporation of Florida has a 12 month low of $18.57 and a 12 month high of $25.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 9.37% and a net margin of 18.48%. 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 prior year, the firm posted $0.28 earnings per share. The business’s quarterly revenue was up 20.9% on a year-over-year basis. equities analysts forecast that Seacoast Banking Corporation of Florida will post 1.24 earnings per share for the current year.

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

A number of large investors have recently added to or reduced their stakes in SBCF. William Blair Investment Management LLC purchased a new stake in Seacoast Banking Corporation of Florida in the second quarter worth $19,215,000. Jennison Associates LLC increased its position in Seacoast Banking Corporation of Florida by 62.1% in the third quarter. Jennison Associates LLC now owns 1,601,955 shares of the financial services provider’s stock worth $38,271,000 after buying an additional 613,947 shares during the last quarter. State Street Corp increased its position in Seacoast Banking Corporation of Florida by 97.4% in the first quarter. State Street Corp now owns 962,034 shares of the financial services provider’s stock worth $23,071,000 after buying an additional 474,704 shares during the last quarter. Vanguard Group Inc. increased its position in Seacoast Banking Corporation of Florida by 37.6% in the first quarter. Vanguard Group Inc. now owns 1,527,831 shares of the financial services provider’s stock worth $36,637,000 after buying an additional 417,334 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Seacoast Banking Corporation of Florida by 44.4% in the second quarter. Lord Abbett & CO. LLC now owns 1,004,387 shares of the financial services provider’s stock worth $24,206,000 after buying an additional 308,644 shares during the last quarter. 76.72% of the stock is owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Company Profile

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.

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

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