Seacoast Banking Co. of Florida (NASDAQ: SBCFGet a rating) has been updated by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report released Wednesday, Zacks.com reports. The company currently has a target price of $39.00 on shares of the financial services provider. Zacks Investment ResearchThe company’s price target suggests a potential upside of 13.90% from the company’s previous close.

According to Zacks, “Seacoast Banking Corp of Florida is a bank holding company. Seacoast and its subsidiaries offer a full range of deposit accounts and retail banking services, engage in consumer and commercial lending, and provide a wide variety of trust and asset management services, as well as securities and annuities. “

Separately, StockNews.com downgraded shares of Seacoast Banking Co. of Florida from a “hold” rating to a “sell” rating in a Friday, May 6, report. One financial analyst has assigned the stock a sell rating, two have issued a hold rating and two have assigned the stock a buy rating. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $38.00.

SBCF Share opened at $34.24 on Wednesday. The company has a debt ratio of 0.05, a current ratio of 0.81 and a quick ratio of 0.81. The company’s 50-day simple moving average is $33.81 and its 200-day simple moving average is $35.22. Seacoast Banking Co. of Florida has a 12-month low of $29.28 and a 12-month high of $39.31. The company has a market capitalization of $2.10 billion, a PE ratio of 17.93 and a beta of 1.17.

Seacoast Banking Co. of Florida (NASDAQ: SBCFGet a rating) last announced its results on Thursday, April 28. The financial services provider reported EPS of $0.33 for the quarter, missing analyst consensus estimates of $0.45 per ($0.12). Seacoast Banking Co. of Florida had a net margin of 30.77% and a return on equity of 9.85%. The company posted revenue of $91.90 million for the quarter, versus analyst estimates of $91.53 million. In the same quarter last year, the company posted EPS of $0.63. As a group, sell-side analysts expect Seacoast Banking Co. of Florida to post 2 per share earnings for the current year.

A number of hedge funds have recently changed their positions in SBCF. First Republic Investment Management Inc. increased its equity stake in Seacoast Banking Co. of Florida by 8.2% during the 4th quarter. First Republic Investment Management Inc. now owns 12,044 shares of the financial services provider valued at $426,000 after purchasing an additional 908 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Seacoast Banking Co. of Florida by 40.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 75,157 shares of the financial services provider worth $2,660,000 after buying an additional 21,500 shares in the last quarter. Janney Montgomery Scott LLC bought a new stock position in Seacoast Banking Co. of Florida in the fourth quarter worth $204,000. Wellington Management Group LLP increased its stake in Seacoast Banking Co. of Florida by 11.6% during the third quarter. Wellington Management Group LLP now owns 1,516,829 shares of the financial services provider valued at $51,283,000 after buying an additional 158,246 shares last quarter. Finally, Neuberger Berman Group LLC increased its position in shares of Seacoast Banking Co. of Florida by 65.1% during the third quarter. Neuberger Berman Group LLC now owns 240,805 shares of the financial services provider worth $8,060,000 after acquiring an additional 94,926 shares in the last quarter. 79.87% of the shares are currently held by hedge funds and other institutional investors.

Company Profile Seacoast Banking Co. of Florida (Get a rating)

Seacoast Banking Corporation of Florida operates as a bank holding company for Seacoast National Bank which provides financial services to retail and commercial customers in Florida. It offers commercial and retail banking, wealth management and mortgages; and brokerage and annuity services.

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