Seacoast Banking Co. of Florida (NASDAQ:SBCF) Rating Increased to Outperform at Hovde Group

Seacoast Banking Co. of Florida (NASDAQ:SBCF – Get Rating) was upgraded by Hovde Group from a “market perform” rating to an “outperform” rating in a report issued on Friday, The Fly reports. The brokerage presently has a $33.00 target price on the financial services provider’s stock. Hovde Group’s target price would indicate a potential upside of 30.95% from the stock’s previous close.

Several other equities research analysts have also commented on SBCF. Raymond James boosted their price objective on shares of Seacoast Banking Co. of Florida from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, January 30th. StockNews.com assumed coverage on shares of Seacoast Banking Co. of Florida in a research note on Thursday. They set a “sell” rating on the stock. Finally, Truist Financial dropped their target price on shares of Seacoast Banking Co. of Florida from $38.00 to $37.00 and set a “buy” rating on the stock in a research note on Wednesday, February 1st.

Seacoast Banking Co. of Florida Trading Down 3.9 %

NASDAQ:SBCF opened at $25.20 on Friday. Seacoast Banking Co. of Florida has a one year low of $20.66 and a one year high of $36.92. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81. The company’s 50-day simple moving average is $30.77 and its 200 day simple moving average is $31.42. The firm has a market capitalization of $2.13 billion, a P/E ratio of 15.09 and a beta of 1.11.

Insider Transactions at Seacoast Banking Co. of Florida

In other news, CEO Charles M. Shaffer sold 4,697 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $30.71, for a total transaction of $144,244.87. Following the completion of the transaction, the chief executive officer now directly owns 60,891 shares of the company’s stock, valued at $1,869,962.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Dennis S. Hudson III sold 8,078 shares of the business’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $33.01, for a total transaction of $266,654.78. Following the completion of the transaction, the director now directly owns 160,538 shares of the company’s stock, valued at $5,299,359.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles M. Shaffer sold 4,697 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $30.71, for a total transaction of $144,244.87. Following the transaction, the chief executive officer now directly owns 60,891 shares of the company’s stock, valued at $1,869,962.61. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,275 shares of company stock worth $681,880. Corporate insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Cowa LLC purchased a new stake in Seacoast Banking Co. of Florida during the third quarter valued at approximately $42,000. FMR LLC increased its holdings in Seacoast Banking Co. of Florida by 24.8% during the second quarter. FMR LLC now owns 1,659 shares of the financial services provider’s stock valued at $55,000 after buying an additional 330 shares during the last quarter. Fairfield Bush & CO. purchased a new stake in Seacoast Banking Co. of Florida during the first quarter valued at approximately $60,000. Allspring Global Investments Holdings LLC increased its holdings in Seacoast Banking Co. of Florida by 72.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,107 shares of the financial services provider’s stock valued at $63,000 after buying an additional 887 shares during the last quarter. Finally, Captrust Financial Advisors increased its holdings in Seacoast Banking Co. of Florida by 52.1% during the first quarter. Captrust Financial Advisors now owns 2,973 shares of the financial services provider’s stock valued at $104,000 after buying an additional 1,018 shares during the last quarter. 86.92% of the stock is owned by hedge funds and other institutional investors.

About Seacoast Banking Co. of Florida

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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.