Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Lowered to “Hold” Rating by Zacks Research

Zacks Research downgraded shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) from a strong-buy rating to a hold rating in a research report report published on Monday morning,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Piper Sandler reiterated a “neutral” rating and set a $33.50 price objective on shares of Seacoast Banking Corporation of Florida in a research report on Monday, November 3rd. Raymond James Financial set a $33.00 target price on shares of Seacoast Banking Corporation of Florida and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. Keefe, Bruyette & Woods increased their price target on Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $31.50.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF stock opened at $31.41 on Monday. The business has a fifty day simple moving average of $31.35 and a 200 day simple moving average of $30.06. The company has a market cap of $3.07 billion, a P/E ratio of 18.59 and a beta of 0.95. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.34. Seacoast Banking Corporation of Florida has a twelve month low of $21.36 and a twelve month high of $33.23.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its earnings results on Monday, February 14th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter. The firm had revenue of $83.85 million for the quarter. Seacoast Banking Corporation of Florida had a return on equity of 7.16% and a net margin of 16.93%. On average, sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, December 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 44.97%.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In related news, Director Dennis S. Hudson III sold 8,000 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $31.13, for a total value of $249,040.00. Following the completion of the sale, the director directly owned 251,275 shares in the company, valued at $7,822,190.75. This represents a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SBCF. Envestnet Portfolio Solutions Inc. increased its stake in shares of Seacoast Banking Corporation of Florida by 3.9% in the third quarter. Envestnet Portfolio Solutions Inc. now owns 9,274 shares of the financial services provider’s stock valued at $282,000 after buying an additional 344 shares during the period. Jones Financial Companies Lllp boosted its holdings in Seacoast Banking Corporation of Florida by 69.7% in the third quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 352 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Seacoast Banking Corporation of Florida by 21.9% in the second quarter. GAMMA Investing LLC now owns 2,036 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 366 shares during the last quarter. Truist Financial Corp increased its position in Seacoast Banking Corporation of Florida by 2.2% during the 2nd quarter. Truist Financial Corp now owns 17,208 shares of the financial services provider’s stock valued at $475,000 after purchasing an additional 373 shares during the period. Finally, Assetmark Inc. raised its holdings in Seacoast Banking Corporation of Florida by 24.0% during the 2nd quarter. Assetmark Inc. now owns 1,940 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 375 shares during the last quarter. 81.77% of the stock is owned by institutional investors and hedge funds.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.