Trade Report: The Seacoast Banking Corp. of Florida (SBCF) Cut to Hold at Zacks Investment Research

The Seacoast Banking Corp. of Florida (SBCF) Cut to Hold at Zacks Investment Research

Seacoast Banking Corp. of Florida (NASDAQ:SBCF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

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 equities analysts also recently commented on SBCF. Keefe, Bruyette & Woods raised shares of Seacoast Banking Corp. of Florida from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $18.00 to $20.00 in a report on Thursday, September 1st. Hovde Group downgraded shares of Seacoast Banking Corp. of Florida from an “outperform” rating to a “market perform” rating in a report on Tuesday, September 6th. Finally, FBR & Co reaffirmed a “buy” rating and set a $20.00 price objective on shares of Seacoast Banking Corp. of Florida in a report on Friday, July 29th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $18.65.

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Seacoast Banking Corp. of Florida (NASDAQ:SBCF) remained flat at $16.45 on Wednesday. The stock had a trading volume of 59,351 shares. The company has a market capitalization of $616.38 million, a PE ratio of 29.43 and a beta of 0.71. Seacoast Banking Corp. of Florida has a 12 month low of $13.40 and a 12 month high of $17.80. The stock’s 50-day moving average is $16.47 and its 200-day moving average is $16.31.

Seacoast Banking Corp. of Florida (NASDAQ:SBCF) last posted its earnings results on Wednesday, July 27th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.23. Seacoast Banking Corp. of Florida had a net margin of 11.53% and a return on equity of 7.35%. During the same period last year, the firm posted $0.18 EPS. On average, equities research analysts expect that Seacoast Banking Corp. of Florida will post $0.98 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in SBCF. Virginia Retirement System purchased a new position in shares of Seacoast Banking Corp. of Florida during the first quarter valued at about $437,000. BlackRock Institutional Trust Company N.A. increased its position in shares of Seacoast Banking Corp. of Florida by 3.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,719,462 shares of the financial services provider’s stock valued at $27,150,000 after buying an additional 55,537 shares in the last quarter. State Street Corp increased its position in shares of Seacoast Banking Corp. of Florida by 2.5% in the first quarter. State Street Corp now owns 321,456 shares of the financial services provider’s stock valued at $5,075,000 after buying an additional 7,983 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Seacoast Banking Corp. of Florida by 13.1% in the first quarter. Geode Capital Management LLC now owns 181,985 shares of the financial services provider’s stock valued at $2,873,000 after buying an additional 21,018 shares in the last quarter. Finally, Harvest Capital Strategies LLC increased its position in shares of Seacoast Banking Corp. of Florida by 135.2% in the first quarter. Harvest Capital Strategies LLC now owns 53,213 shares of the financial services provider’s stock valued at $840,000 after buying an additional 30,592 shares in the last quarter. 51.37% of the stock is owned by hedge funds and other institutional investors.

About Seacoast Banking Corp. of Florida

Seacoast Banking Corporation of Florida is a bank holding company. The Company’s principal subsidiary is Seacoast National Bank, a national banking association. 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.

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