Zacks Research Upgrades Seacoast Banking Corporation of Florida (NASDAQ:SBCF) to "Strong-Buy"

Key Points

• Seacoast Banking Corporation of Florida has been upgraded to a "strong-buy" rating by Zacks Research, reflecting increased confidence in the company's stock performance.
• Despite the upgrade, other analysts have mixed opinions; Stephens lowered its price target from $28.00 to $26.00, while Keefe, Bruyette & Woods raised theirs from $32.00 to $33.00.
• The company reported a quarterly earnings per share of $0.52, exceeding estimates, with expectations of a projected 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Thursday, August 21st,Zacks.com reports.

SBCF has been the topic of several other reports. Stephens reduced their price target on Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an "equal weight" rating on the stock in a report on Monday, April 28th. Keefe, Bruyette & Woods increased their price target on Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the stock an "outperform" rating in a report on Tuesday, July 29th. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Hovde Group increased their price target on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the stock a "market perform" rating in a report on Wednesday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $29.40.

Seacoast Banking Corporation of Florida Trading Down 0.7%

SBCF stock traded down $0.22 during midday trading on Thursday, reaching $30.97. 138,125 shares of the company traded hands, compared to its average volume of 519,818. Seacoast Banking Corporation of Florida has a 52-week low of $21.36 and a 52-week high of $31.68. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.85 and a current ratio of 0.85. The business has a 50 day moving average of $28.55 and a 200-day moving average of $26.56. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 19.01 and a beta of 0.98.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.10. Seacoast Banking Corporation of Florida had a return on equity of 6.65% and a net margin of 16.63%.The business had revenue of $151.40 million for the quarter, compared to the consensus estimate of $146.08 million. During the same period in the prior year, the business posted $0.36 earnings per share. As a group, sell-side analysts expect that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Opal Wealth Advisors LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida in the 1st quarter worth $27,000. IFP Advisors Inc boosted its position in shares of Seacoast Banking Corporation of Florida by 343.9% in the 1st quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock worth $33,000 after purchasing an additional 994 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Seacoast Banking Corporation of Florida by 38.0% in the 1st quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock worth $43,000 after purchasing an additional 460 shares in the last quarter. Assetmark Inc. boosted its position in shares of Seacoast Banking Corporation of Florida by 24.0% in 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 in the last quarter. Finally, First Horizon Advisors Inc. boosted its position in shares of Seacoast Banking Corporation of Florida by 28.1% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,059 shares of the financial services provider's stock worth $57,000 after purchasing an additional 452 shares in the last quarter. 81.77% of the stock is owned by institutional investors.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.