StockNews.com Lowers Seacoast Banking Co. of Florida (NASDAQ:SBCF) to Sell

Seacoast Banking Co. of Florida (NASDAQ:SBCFGet Rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

Other equities research analysts also recently issued reports about the company. Keefe, Bruyette & Woods began coverage on Seacoast Banking Co. of Florida in a report on Monday, January 17th. They issued a “market perform” rating for the company. Zacks Investment Research upgraded Seacoast Banking Co. of Florida from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Tuesday, April 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.67.

NASDAQ:SBCF traded up $0.36 during mid-day trading on Wednesday, hitting $33.39. The company had a trading volume of 160,457 shares, compared to its average volume of 383,047. Seacoast Banking Co. of Florida has a fifty-two week low of $29.28 and a fifty-two week high of $39.31. The company has a fifty day moving average price of $35.55. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 15.32 and a beta of 1.20.

Seacoast Banking Co. of Florida (NASDAQ:SBCFGet Rating) last released its earnings results on Thursday, January 27th. The financial services provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.09. Seacoast Banking Co. of Florida had a return on equity of 10.93% and a net margin of 35.05%. The firm had revenue of $91.00 million for the quarter, compared to analyst estimates of $88.69 million. During the same quarter in the prior year, the firm posted $0.55 earnings per share. As a group, research analysts anticipate that Seacoast Banking Co. of Florida will post 2.04 earnings per share for the current year.

In other Seacoast Banking Co. of Florida news, Director Dennis S. Hudson III sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 2nd. The stock was sold at an average price of $36.35, for a total transaction of $290,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Charles M. Shaffer sold 10,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 1st. The shares were sold at an average price of $36.35, for a total value of $381,675.00. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP lifted its position in shares of Seacoast Banking Co. of Florida by 11.6% during the third quarter. Wellington Management Group LLP now owns 1,516,829 shares of the financial services provider’s stock worth $51,283,000 after acquiring an additional 158,246 shares in the last quarter. Neuberger Berman Group LLC grew its stake in shares of Seacoast Banking Co. of Florida by 65.1% during the third quarter. Neuberger Berman Group LLC now owns 240,805 shares of the financial services provider’s stock valued at $8,060,000 after buying an additional 94,926 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Seacoast Banking Co. of Florida by 12.8% in the third quarter. American Century Companies Inc. now owns 9,107 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 1,032 shares during the last quarter. Advisor Group Holdings Inc. grew its stake in shares of Seacoast Banking Co. of Florida by 408.3% in the third quarter. Advisor Group Holdings Inc. now owns 3,802 shares of the financial services provider’s stock worth $128,000 after purchasing an additional 3,054 shares during the last quarter. Finally, Richard Bernstein Advisors LLC grew its stake in shares of Seacoast Banking Co. of Florida by 7.1% in the third quarter. Richard Bernstein Advisors LLC now owns 113,751 shares of the financial services provider’s stock worth $3,846,000 after purchasing an additional 7,576 shares during the last quarter. 82.61% of the stock is owned by institutional investors and hedge funds.

About Seacoast Banking Co. of Florida (Get Rating)

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. It offers commercial and retail banking, wealth management, and mortgage services; and brokerage and annuity services.

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