Seacoast Banking Co. of Florida (NASDAQ:SBCF) Upgraded by Hovde Group to “Outperform”

Seacoast Banking Co. of Florida (NASDAQ:SBCF – Get Rating) was upgraded by equities research analysts at Hovde Group from a “market perform” rating to an “outperform” rating in a note issued to investors on Friday, The Fly reports. The brokerage currently has a $33.00 target price on the financial services provider’s stock. Hovde Group’s target price points to a potential upside of 30.95% from the stock’s current price.

A number of other analysts have also recently weighed in on the stock. StockNews.com initiated coverage on shares of Seacoast Banking Co. of Florida in a report on Thursday. They issued a “sell” rating on the stock. Raymond James lifted their target price on shares of Seacoast Banking Co. of Florida from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Monday, January 30th. Finally, Truist Financial lowered their target price on shares of Seacoast Banking Co. of Florida from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, February 1st.

Seacoast Banking Co. of Florida Trading Down 3.9 %

NASDAQ SBCF opened at $25.20 on Friday. Seacoast Banking Co. of Florida has a one year low of $20.66 and a one year high of $36.92. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of 15.09 and a beta of 1.11. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.81 and a current ratio of 0.81. The company’s 50-day simple moving average is $30.77 and its two-hundred day simple moving average is $31.42.

Insider Buying and Selling at Seacoast Banking Co. of Florida

In other Seacoast Banking Co. of Florida news, CEO Charles M. Shaffer sold 4,697 shares of Seacoast Banking Co. of Florida stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $30.71, for a total transaction of $144,244.87. Following the completion of the sale, the chief executive officer now directly owns 60,891 shares in the company, valued at approximately $1,869,962.61. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Charles M. Shaffer sold 4,697 shares of Seacoast Banking Co. of Florida stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $30.71, for a total transaction of $144,244.87. Following the completion of the transaction, the chief executive officer now directly owns 60,891 shares of the company’s stock, valued at approximately $1,869,962.61. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Juliette Kleffel sold 8,500 shares of Seacoast Banking Co. of Florida stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $31.88, for a total transaction of $270,980.00. Following the transaction, the executive vice president now directly owns 38,354 shares of the company’s stock, valued at $1,222,725.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,275 shares of company stock worth $681,880. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Seacoast Banking Co. of Florida

Several institutional investors have recently made changes to their positions in SBCF. Deutsche Bank AG increased its holdings in shares of Seacoast Banking Co. of Florida by 3,172.7% during the 4th quarter. Deutsche Bank AG now owns 869,561 shares of the financial services provider’s stock valued at $27,122,000 after purchasing an additional 842,991 shares in the last quarter. State Street Corp increased its holdings in Seacoast Banking Co. of Florida by 30.6% in the 1st quarter. State Street Corp now owns 3,042,733 shares of the financial services provider’s stock worth $106,557,000 after acquiring an additional 713,391 shares in the last quarter. Fisher Asset Management LLC purchased a new stake in Seacoast Banking Co. of Florida in the 4th quarter worth $17,738,000. North Reef Capital Management LP increased its holdings in Seacoast Banking Co. of Florida by 99.6% in the 3rd quarter. North Reef Capital Management LP now owns 935,091 shares of the financial services provider’s stock worth $28,268,000 after acquiring an additional 466,698 shares in the last quarter. Finally, Penn Capital Management Company LLC increased its holdings in Seacoast Banking Co. of Florida by 389.8% in the 2nd quarter. Penn Capital Management Company LLC now owns 296,557 shares of the financial services provider’s stock worth $9,798,000 after acquiring an additional 236,015 shares in the last quarter. 86.92% of the stock is owned by hedge funds and other institutional investors.

Seacoast Banking Co. of Florida Company Profile

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Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.