Seacoast Banking Co. of Florida (SBCF) Rating Increased to Hold at Zacks Investment Research

Seacoast Banking Co. of Florida (NASDAQ:SBCF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.

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. “

SBCF has been the subject of a number of other research reports. B. Riley set a $32.00 target price on shares of Seacoast Banking Co. of Florida and gave the stock a “buy” rating in a research report on Monday, October 29th. Raymond James raised shares of Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 15th. BidaskClub downgraded shares of Seacoast Banking Co. of Florida from a “buy” rating to a “hold” rating in a research report on Thursday, September 13th. Finally, ValuEngine downgraded shares of Seacoast Banking Co. of Florida from a “buy” rating to a “hold” rating in a research report on Monday, September 24th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Seacoast Banking Co. of Florida currently has a consensus rating of “Hold” and an average price target of $32.60.

NASDAQ:SBCF opened at $27.45 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.45. Seacoast Banking Co. of Florida has a 12 month low of $21.74 and a 12 month high of $34.95. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 18.09 and a beta of 0.68.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its earnings results on Thursday, October 25th. The financial services provider reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.07). Seacoast Banking Co. of Florida had a return on equity of 10.20% and a net margin of 22.30%. The company had revenue of $63.85 million during the quarter, compared to the consensus estimate of $65.27 million. On average, sell-side analysts forecast that Seacoast Banking Co. of Florida will post 1.55 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Seacoast Banking Co. of Florida by 0.7% during the 3rd quarter. BlackRock Inc. now owns 6,643,594 shares of the financial services provider’s stock worth $193,992,000 after acquiring an additional 43,211 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Seacoast Banking Co. of Florida by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,762,389 shares of the financial services provider’s stock worth $80,661,000 after acquiring an additional 85,439 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Seacoast Banking Co. of Florida by 1.4% during the 3rd quarter. Jennison Associates LLC now owns 2,084,536 shares of the financial services provider’s stock worth $60,868,000 after acquiring an additional 28,896 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Seacoast Banking Co. of Florida by 13.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,711,815 shares of the financial services provider’s stock worth $49,984,000 after acquiring an additional 199,244 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Seacoast Banking Co. of Florida by 0.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,092,941 shares of the financial services provider’s stock worth $31,914,000 after acquiring an additional 8,381 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

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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