Seacoast Banking Co. of Florida (NASDAQ:SBCF) Lowered to “Hold” at Zacks Investment Research

Seacoast Banking Co. of Florida (NASDAQ:SBCFGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports.

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. “

A number of other research firms also recently weighed in on SBCF. Keefe, Bruyette & Woods started coverage on shares of Seacoast Banking Co. of Florida in a research note on Monday, January 17th. They issued a “market perform” rating on the stock. StockNews.com downgraded shares of Seacoast Banking Co. of Florida from a “hold” rating to a “sell” rating in a research note on Tuesday, April 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $37.67.

SBCF opened at $34.71 on Thursday. The stock has a fifty day moving average of $34.51 and a 200-day moving average of $35.70. The firm has a market capitalization of $2.13 billion, a P/E ratio of 18.17 and a beta of 1.17. Seacoast Banking Co. of Florida has a 12-month low of $29.28 and a 12-month high of $39.31. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.05.

Seacoast Banking Co. of Florida (NASDAQ:SBCFGet Rating) last released its earnings results on Thursday, April 28th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.12). Seacoast Banking Co. of Florida had a net margin of 30.77% and a return on equity of 9.85%. During the same period in the previous year, the business posted $0.63 earnings per share. On average, analysts expect that Seacoast Banking Co. of Florida will post 2.03 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of SBCF. abrdn plc acquired a new position in Seacoast Banking Co. of Florida during the first quarter worth $47,831,000. William Blair Investment Management LLC increased its position in Seacoast Banking Co. of Florida by 3,160.5% during the third quarter. William Blair Investment Management LLC now owns 1,228,145 shares of the financial services provider’s stock worth $41,524,000 after buying an additional 1,190,478 shares during the last quarter. BlackRock Inc. increased its position in Seacoast Banking Co. of Florida by 6.0% during the fourth quarter. BlackRock Inc. now owns 8,625,827 shares of the financial services provider’s stock worth $305,269,000 after buying an additional 489,024 shares during the last quarter. Capital World Investors increased its position in Seacoast Banking Co. of Florida by 5.1% during the third quarter. Capital World Investors now owns 4,106,901 shares of the financial services provider’s stock worth $138,854,000 after buying an additional 200,000 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in 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 buying an additional 158,246 shares during the last quarter. 79.87% of the stock is currently owned by hedge funds and other institutional investors.

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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