Citigroup Inc. initiated coverage on shares of Seacoast Banking Corp. of Florida (NASDAQ:SBCF) in a research note issued on Wednesday, The Fly reports. The firm set an “outperform” rating and a $22.00 price target on the financial services provider’s stock. Citigroup Inc.’s price objective suggests a potential upside of 10.06% from the company’s previous close.

Several other research firms also recently weighed in on SBCF. Zacks Investment Research upgraded Seacoast Banking Corp. of Florida from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research note on Friday, August 5th. Keefe, Bruyette & Woods upgraded Seacoast Banking Corp. of Florida from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $18.00 to $20.00 in a research note on Thursday, September 1st. FBR & Co set a $20.00 price target on Seacoast Banking Corp. of Florida and gave the stock a “buy” rating in a research note on Sunday, October 30th. FIG Partners downgraded Seacoast Banking Corp. of Florida from an “outperform” rating to a “market perform” rating in a research note on Monday, November 7th. Finally, Hovde Group downgraded Seacoast Banking Corp. of Florida from an “outperform” rating to a “market perform” rating in a research note on Tuesday, September 6th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $19.38.

Analyst Recommendations for Seacoast Banking Corp. of Florida (NASDAQ:SBCF)

Shares of Seacoast Banking Corp. of Florida (NASDAQ:SBCF) opened at 19.99 on Wednesday. Seacoast Banking Corp. of Florida has a 52 week low of $13.40 and a 52 week high of $19.88. The firm has a 50 day moving average price of $17.68 and a 200 day moving average price of $16.73. The company has a market capitalization of $750.60 million, a price-to-earnings ratio of 29.88 and a beta of 0.79.

Seacoast Banking Corp. of Florida (NASDAQ:SBCF) last posted its quarterly earnings results on Wednesday, October 26th. The financial services provider reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $47.21 million for the quarter, compared to the consensus estimate of $47.20 million. Seacoast Banking Corp. of Florida had a return on equity of 7.99% and a net margin of 13.51%. The firm’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 EPS. Equities analysts forecast that Seacoast Banking Corp. of Florida will post $1.00 EPS for the current year.

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In other Seacoast Banking Corp. of Florida news, Director Julie H. Daum bought 3,000 shares of the business’s stock in a transaction on Tuesday, November 29th. The shares were acquired at an average cost of $19.93 per share, for a total transaction of $59,790.00. Following the purchase, the director now owns 21,456 shares in the company, valued at approximately $427,618.08. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.80% of the company’s stock.

A number of hedge funds have recently modified their holdings of SBCF. PNC Financial Services Group Inc. increased its position in Seacoast Banking Corp. of Florida by 1.0% in the second quarter. PNC Financial Services Group Inc. now owns 10,978 shares of the financial services provider’s stock worth $178,000 after buying an additional 109 shares during the period. National Investment Services Inc. WI purchased a new position in Seacoast Banking Corp. of Florida during the second quarter worth about $270,000. Swiss National Bank increased its position in Seacoast Banking Corp. of Florida by 3.6% in the second quarter. Swiss National Bank now owns 45,500 shares of the financial services provider’s stock worth $739,000 after buying an additional 1,600 shares during the period. RMB Capital Management LLC increased its position in Seacoast Banking Corp. of Florida by 348.6% in the third quarter. RMB Capital Management LLC now owns 800,018 shares of the financial services provider’s stock worth $12,873,000 after buying an additional 621,670 shares during the period. Finally, Commonwealth Equity Services Inc increased its position in Seacoast Banking Corp. of Florida by 11.5% in the second quarter. Commonwealth Equity Services Inc now owns 11,646 shares of the financial services provider’s stock worth $189,000 after buying an additional 1,200 shares during the period. Institutional investors and hedge funds own 53.01% of the company’s stock.

Seacoast Banking Corp. of Florida Company Profile

Seacoast Banking Corporation of Florida is a bank holding company. The Company’s principal subsidiary is Seacoast National Bank, a national banking association. The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending and provide a range of trust and asset management services, as well as securities and annuity products.

5 Day Chart for NASDAQ:SBCF

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