Seacoast Banking Co. of Florida (SBCF) Downgraded to Sell at BidaskClub

BidaskClub cut shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) from a hold rating to a sell rating in a research note released on Wednesday.

SBCF has been the subject of several other reports. Zacks Investment Research raised Seacoast Banking Co. of Florida from a sell rating to a hold rating in a report on Saturday, November 17th. Raymond James raised Seacoast Banking Co. of Florida from a market perform rating to an outperform rating in a report on Thursday, November 15th. FIG Partners cut Seacoast Banking Co. of Florida from an outperform rating to a market perform rating in a report on Friday, January 25th. Finally, B. Riley set a $32.00 price objective on Seacoast Banking Co. of Florida and gave the stock a buy rating in a report on Monday, October 29th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $33.75.

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Shares of NASDAQ SBCF opened at $29.57 on Wednesday. The stock has a market cap of $1.39 billion, a P/E ratio of 18.25 and a beta of 0.69. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.91 and a current ratio of 0.91. Seacoast Banking Co. of Florida has a 12-month low of $21.74 and a 12-month high of $34.95.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, January 24th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.03. The business had revenue of $72.70 million for the quarter, compared to the consensus estimate of $72.01 million. Seacoast Banking Co. of Florida had a net margin of 23.08% and a return on equity of 10.49%. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 EPS. On average, sell-side analysts forecast that Seacoast Banking Co. of Florida will post 1.98 earnings per share for the current fiscal year.

In other news, EVP Charles K. Jr. Cross sold 4,812 shares of the company’s stock in a transaction dated Thursday, February 7th. The stock was sold at an average price of $28.31, for a total value of $136,227.72. Following the completion of the sale, the executive vice president now directly owns 17,287 shares of the company’s stock, valued at approximately $489,394.97. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Charles M. Shaffer sold 4,414 shares of the company’s stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $27.50, for a total value of $121,385.00. Following the completion of the sale, the executive vice president now directly owns 14,881 shares of the company’s stock, valued at $409,227.50. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Capital Investment Advisory Services LLC bought a new stake in shares of Seacoast Banking Co. of Florida in the 4th quarter valued at about $41,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Seacoast Banking Co. of Florida by 35.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,723 shares of the financial services provider’s stock valued at $71,000 after acquiring an additional 716 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Seacoast Banking Co. of Florida by 16.0% in the 4th quarter. Bank of Montreal Can now owns 3,120 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 431 shares during the last quarter. LS Investment Advisors LLC increased its stake in shares of Seacoast Banking Co. of Florida by 153.4% in the 4th quarter. LS Investment Advisors LLC now owns 3,510 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 2,125 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC bought a new stake in shares of Seacoast Banking Co. of Florida in the 3rd quarter valued at about $150,000. 86.38% of the stock is owned by institutional investors.

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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