Seacoast Banking Co. of Florida (NASDAQ:SBCF) PT Lowered to $24.00

Seacoast Banking Co. of Florida (NASDAQ:SBCF) had its price target dropped by investment analysts at Truist Financial from $25.00 to $24.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 1.39% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the company. Hovde Group cut their price target on Seacoast Banking Co. of Florida from $31.00 to $29.00 and set an “outperform” rating for the company in a report on Monday, April 29th. Keefe, Bruyette & Woods raised shares of Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $26.00 to $27.00 in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Seacoast Banking Co. of Florida currently has an average rating of “Hold” and an average target price of $26.10.

Seacoast Banking Co. of Florida Price Performance

Shares of NASDAQ SBCF opened at $23.67 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.10. The company’s 50-day moving average price is $23.33 and its 200 day moving average price is $24.40. Seacoast Banking Co. of Florida has a 52 week low of $19.04 and a 52 week high of $29.98. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 16.91 and a beta of 1.10.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.31 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.03). Seacoast Banking Co. of Florida had a net margin of 15.08% and a return on equity of 5.68%. The business had revenue of $125.58 million during the quarter, compared to analyst estimates of $127.95 million. As a group, research analysts forecast that Seacoast Banking Co. of Florida will post 1.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Seacoast Banking Co. of Florida

In other news, EVP James C. Stallings III sold 3,855 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $24.44, for a total transaction of $94,216.20. Following the transaction, the executive vice president now directly owns 3,961 shares in the company, valued at approximately $96,806.84. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SBCF. Russell Investments Group Ltd. increased its stake in Seacoast Banking Co. of Florida by 70.9% during the fourth quarter. Russell Investments Group Ltd. now owns 375,529 shares of the financial services provider’s stock worth $10,688,000 after acquiring an additional 155,776 shares during the last quarter. Schroder Investment Management Group raised its holdings in Seacoast Banking Co. of Florida by 10.2% in the fourth quarter. Schroder Investment Management Group now owns 551,327 shares of the financial services provider’s stock valued at $15,691,000 after buying an additional 50,902 shares during the period. One Wealth Management Investment & Advisory Services LLC acquired a new position in Seacoast Banking Co. of Florida during the fourth quarter valued at approximately $1,321,000. Wellington Management Group LLP grew its stake in Seacoast Banking Co. of Florida by 31.7% during the third quarter. Wellington Management Group LLP now owns 4,597,739 shares of the financial services provider’s stock worth $100,966,000 after buying an additional 1,106,724 shares during the period. Finally, Otter Creek Advisors LLC acquired a new stake in shares of Seacoast Banking Co. of Florida in the fourth quarter worth $2,376,000. 81.77% of the stock is owned by hedge funds and other institutional investors.

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.