Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Seacoast Banking Corporation of Florida (NASDAQ:SBCF) from “hold” to “sell”, though the broader analyst view remains mixed with a consensus rating of Moderate Buy and a target price of $33.13.
• The company reported Q1 earnings of $0.62 per share, beating estimates, while revenue came in roughly in line with expectations. Revenue rose 45.8% year over year, and analysts expect full-year EPS of 2.49.
• There has also been notable insider selling, including transactions by Director Dennis S. Hudson III and CEO Charles M. Shaffer, while institutional investors continue to hold a large majority of the stock at 81.77%.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Monday.

A number of other research analysts also recently commented on SBCF. Piper Sandler decreased their price objective on shares of Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating for the company in a research report on Thursday, April 30th. Keefe, Bruyette & Woods lifted their price objective on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, February 2nd. Finally, Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 23rd. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Seacoast Banking Corporation of Florida has an average rating of "Moderate Buy" and a consensus target price of $33.13.

Seacoast Banking Corporation of Florida Price Performance

Seacoast Banking Corporation of Florida stock opened at $30.49 on Monday. The company has a market cap of $2.97 billion, a P/E ratio of 20.06 and a beta of 0.88. Seacoast Banking Corporation of Florida has a 1-year low of $24.04 and a 1-year high of $35.55. The company has a fifty day simple moving average of $30.85 and a 200 day simple moving average of $31.79. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The company had revenue of $205.10 million during the quarter, compared to the consensus estimate of $205.51 million. During the same quarter last year, the firm posted $0.38 EPS. The company's quarterly revenue was up 45.8% on a year-over-year basis. Research analysts anticipate that Seacoast Banking Corporation of Florida will post 2.49 earnings per share for the current fiscal year.

Insider Activity at Seacoast Banking Corporation of Florida

In other news, Director Dennis S. Hudson III sold 8,000 shares of the firm's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $31.34, for a total transaction of $250,720.00. Following the completion of the sale, the director owned 236,854 shares in the company, valued at approximately $7,423,004.36. This trade represents a 3.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Charles M. Shaffer sold 10,367 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $30.88, for a total transaction of $320,132.96. Following the sale, the chief executive officer owned 174,113 shares of the company's stock, valued at approximately $5,376,609.44. This represents a 5.62% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 38,554 shares of company stock worth $1,221,865. 1.50% of the stock is owned by corporate insiders.

Institutional Trading of Seacoast Banking Corporation of Florida

A number of hedge funds have recently modified their holdings of SBCF. Jones Financial Companies Lllp lifted its stake in shares of Seacoast Banking Corporation of Florida by 69.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider's stock worth $26,000 after buying an additional 352 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 4th quarter worth about $26,000. Salomon & Ludwin LLC lifted its stake in shares of Seacoast Banking Corporation of Florida by 59.3% during the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock worth $31,000 after buying an additional 356 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth about $33,000. Finally, Advisory Services Network LLC acquired a new stake in Seacoast Banking Corporation of Florida in the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Company Profile

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.

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