Wall Street Zen Downgrades Seacoast Banking Corporation of Florida (NASDAQ:SBCF) to Sell

Key Points

• Wall Street Zen downgraded Seacoast Banking Corporation of Florida (NASDAQ:SBCF) from hold to sell, even though the broader analyst view remains mixed with a consensus rating of Moderate Buy.
• The company recently reported strong quarterly earnings, posting $0.62 EPS versus the $0.58 estimate and growing revenue 45.8% year over year, while shares were trading around $31.09.
• Recent ownership moves were mixed: an insider director sold shares while another bought, and institutional investors own 81.77% of the stock, indicating continued heavy institutional interest.

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

Other equities research analysts have also recently issued reports about the stock. 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. Piper Sandler cut their price target on shares of Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, February 2nd. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $33.13.

Seacoast Banking Corporation of Florida Trading Up 0.2%

Shares of NASDAQ:SBCF opened at $31.09 on Friday. The company's 50-day moving average price is $31.08 and its two-hundred day moving average price is $31.81. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.78 and a quick ratio of 0.78. Seacoast Banking Corporation of Florida has a one year low of $23.48 and a one year high of $35.55. The stock has a market capitalization of $3.02 billion, a PE ratio of 20.45 and a beta of 0.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $205.07 million for the quarter, compared to analysts' expectations of $205.51 million. During the same period in the previous year, the firm posted $0.38 EPS. The company's revenue for the quarter was up 45.8% on a year-over-year basis. On average, equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.49 EPS 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 business'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 transaction, the director directly owned 236,854 shares in the company, valued at $7,423,004.36. The trade was a 3.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph B. Shearouse III acquired 4,000 shares of the stock in a transaction dated Thursday, February 12th. The shares were purchased at an average price of $33.19 per share, for a total transaction of $132,760.00. Following the completion of the purchase, the director directly owned 35,500 shares in the company, valued at $1,178,245. The trade was a 12.70% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 38,554 shares of company stock worth $1,221,865 over the last ninety days. Company insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. increased its stake in shares of Seacoast Banking Corporation of Florida by 18.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 59,688 shares of the financial services provider's stock worth $1,808,000 after purchasing an additional 9,260 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Seacoast Banking Corporation of Florida by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,150,592 shares of the financial services provider's stock worth $95,427,000 after purchasing an additional 123,273 shares during the last quarter. Swiss National Bank increased its stake in shares of Seacoast Banking Corporation of Florida by 11.7% during the 1st quarter. Swiss National Bank now owns 193,600 shares of the financial services provider's stock worth $5,864,000 after purchasing an additional 20,300 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in shares of Seacoast Banking Corporation of Florida by 10.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 50,285 shares of the financial services provider's stock worth $1,523,000 after purchasing an additional 4,742 shares during the last quarter. Finally, Hillsdale Investment Management Inc. grew its stake in Seacoast Banking Corporation of Florida by 3,760.0% in the 1st quarter. Hillsdale Investment Management Inc. now owns 9,650 shares of the financial services provider's stock valued at $292,000 after buying an additional 9,400 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors and hedge funds.

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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