B. Riley Lowers Seacoast Banking Co. of Florida (NASDAQ:SBCF) Price Target to $29.00

Seacoast Banking Co. of Florida (NASDAQ:SBCF) had its target price cut by equities researchers at B. Riley from $30.00 to $29.00 in a report released on Friday, BenzingaRatingsTable reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. B. Riley’s target price would indicate a potential upside of 17.93% from the stock’s previous close.

SBCF has been the subject of a number of other research reports. BidaskClub raised Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a report on Monday, September 16th. ValuEngine raised Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a report on Wednesday. Raymond James set a $29.00 price target on Seacoast Banking Co. of Florida and gave the company a “buy” rating in a report on Friday, June 21st. Finally, Zacks Investment Research raised Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a report on Tuesday. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $29.38.

SBCF traded up $0.03 on Friday, reaching $24.59. The company’s stock had a trading volume of 5,156 shares, compared to its average volume of 178,831. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 15.18 and a beta of 0.99. Seacoast Banking Co. of Florida has a 1 year low of $21.74 and a 1 year high of $29.86. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.90 and a quick ratio of 0.89. The business’s 50 day moving average is $24.46 and its 200 day moving average is $25.63.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $73.70 million during the quarter, compared to the consensus estimate of $75.44 million. Seacoast Banking Co. of Florida had a return on equity of 10.69% and a net margin of 24.05%. Seacoast Banking Co. of Florida’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 earnings per share. As a group, research analysts forecast that Seacoast Banking Co. of Florida will post 1.95 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in SBCF. Geode Capital Management LLC lifted its holdings in Seacoast Banking Co. of Florida by 17.3% during the 4th quarter. Geode Capital Management LLC now owns 566,636 shares of the financial services provider’s stock worth $14,743,000 after buying an additional 83,480 shares during the last quarter. Bank of Montreal Can raised its position in shares of Seacoast Banking Co. of Florida by 16.5% during the 1st quarter. Bank of Montreal Can now owns 3,636 shares of the financial services provider’s stock worth $96,000 after purchasing an additional 516 shares during the period. Raymond James Financial Services Advisors Inc. raised its position in shares of Seacoast Banking Co. of Florida by 8.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 38,723 shares of the financial services provider’s stock worth $1,020,000 after purchasing an additional 3,058 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Seacoast Banking Co. of Florida by 2.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 69,549 shares of the financial services provider’s stock worth $1,832,000 after purchasing an additional 1,536 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Seacoast Banking Co. of Florida by 4.8% during the 1st quarter. First Trust Advisors LP now owns 125,697 shares of the financial services provider’s stock worth $3,312,000 after purchasing an additional 5,739 shares during the period. 83.35% of the stock is currently owned by institutional investors.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides financial services to retail and commercial customers in Florida. The company offers commercial and retail banking, wealth management, and treasury management services, as well as home mortgage products; and brokerage and annuity services.

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