Seacoast Banking Co. of Florida (NASDAQ:SBCF) PT Lowered to $28.00

Seacoast Banking Co. of Florida (NASDAQ:SBCF) had its price objective cut by Truist Financial from $30.00 to $28.00 in a report issued on Monday, Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s target price would indicate a potential upside of 6.34% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Hovde Group cut Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $29.00 to $31.00 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $29.38.

Seacoast Banking Co. of Florida Stock Performance

NASDAQ SBCF opened at $26.33 on Monday. The company has a market cap of $2.24 billion, a P/E ratio of 19.08 and a beta of 1.07. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a 50-day moving average of $26.75 and a two-hundred day moving average of $25.14. Seacoast Banking Co. of Florida has a 1-year low of $19.67 and a 1-year high of $29.98.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share for the quarter, meeting the consensus estimate of $0.36. The company had revenue of $130.30 million during the quarter, compared to the consensus estimate of $129.20 million. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. Seacoast Banking Co. of Florida’s revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.37 EPS. As a group, analysts anticipate that Seacoast Banking Co. of Florida will post 1.43 EPS for the current year.

Institutional Investors Weigh In On Seacoast Banking Co. of Florida

Several institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in Seacoast Banking Co. of Florida by 73.4% during the third quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 412 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in Seacoast Banking Co. of Florida by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 74,241 shares of the financial services provider’s stock valued at $1,755,000 after buying an additional 438 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Seacoast Banking Co. of Florida by 6.0% in the first quarter. Janney Montgomery Scott LLC now owns 8,127 shares of the financial services provider’s stock valued at $206,000 after buying an additional 460 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in Seacoast Banking Co. of Florida by 1.0% in the first quarter. Illinois Municipal Retirement Fund now owns 46,860 shares of the financial services provider’s stock valued at $1,190,000 after buying an additional 477 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in Seacoast Banking Co. of Florida by 1.2% in the second quarter. Louisiana State Employees Retirement System now owns 42,300 shares of the financial services provider’s stock valued at $1,000,000 after buying an additional 500 shares during the last quarter. Hedge funds and other institutional investors own 81.77% of the company’s stock.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.