Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Upgraded to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Seacoast Banking Corporation of Florida from “sell” to “hold”, adding to a mixed analyst picture that currently includes three Buy and three Hold ratings.
• The company beat quarterly EPS expectations, reporting $0.62 per share versus estimates of $0.58, while revenue rose 45.8% year over year to $205.1 million.
• Insider selling and institutional buying were both notable: executives sold shares in recent months, while large investors like Vanguard and Wellington increased their holdings, with institutions owning 81.77% of the stock.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Sunday.

SBCF has been the subject of several other reports. Piper Sandler cut their price objective on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating for the company in a research note on Thursday, April 30th. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, March 23rd. Finally, Keefe, Bruyette & Woods boosted their price objective on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, February 2nd. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $33.13.

Seacoast Banking Corporation of Florida Price Performance

Shares of Seacoast Banking Corporation of Florida stock opened at $29.80 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. Seacoast Banking Corporation of Florida has a twelve month low of $23.48 and a twelve month high of $35.55. The business has a 50-day moving average price of $30.89 and a 200 day moving average price of $31.79. The firm has a market cap of $2.90 billion, a PE ratio of 19.61 and a beta of 0.88.

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

Insider Transactions at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, EVP James C. Stallings III sold 7,552 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total transaction of $235,320.32. Following the completion of the sale, the executive vice president directly owned 7,247 shares in the company, valued at approximately $225,816.52. The trade was a 51.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Dennis S. Hudson III sold 8,000 shares of the business's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $31.34, for a total value of $250,720.00. Following the transaction, the director owned 236,854 shares in the company, valued at approximately $7,423,004.36. This represents a 3.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 38,554 shares of company stock valued at $1,221,865 in the last 90 days. Corporate insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SBCF. Wellington Management Group LLP boosted its holdings in shares of Seacoast Banking Corporation of Florida by 58.6% during the 3rd quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider's stock worth $166,825,000 after purchasing an additional 2,025,988 shares during the last quarter. North Reef Capital Management LP boosted its holdings in shares of Seacoast Banking Corporation of Florida by 16.8% during the 4th quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider's stock worth $183,244,000 after purchasing an additional 837,075 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Seacoast Banking Corporation of Florida by 11.1% during the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider's stock worth $222,732,000 after purchasing an additional 705,554 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth approximately $14,865,000. Finally, Emerald Advisers LLC boosted its holdings in shares of Seacoast Banking Corporation of Florida by 163.2% during the 1st quarter. Emerald Advisers LLC now owns 504,363 shares of the financial services provider's stock worth $15,277,000 after purchasing an additional 312,712 shares during the last quarter. 81.77% of the stock is currently 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.

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