Seacoast Banking Corporation of Florida’s (SBCF) Buy Rating Reaffirmed at FBR & Co

Seacoast Banking Corporation of Florida (NASDAQ:SBCF)‘s stock had its “buy” rating reiterated by research analysts at FBR & Co in a research note issued to investors on Friday, October 27th. FBR & Co also issued estimates for Seacoast Banking Corporation of Florida’s Q1 2019 earnings at $0.40 EPS, Q2 2019 earnings at $0.45 EPS and Q3 2019 earnings at $0.47 EPS.

The analysts wrote, “We are initiating coverage of Xenia Hotels & Resorts, Inc. (XHR) with a Neutral rating and a $23 price target. Xenia is a predominantly upper-upscale and luxury lodging REIT with ownership positions in 39 hotels (11,533 rooms) broadly diversified throughout the U.S. The REIT was formerly the lodging division of Inland American Real Estate, a non-traded REIT, prior to becoming internally advised and publicly traded (via a 1:8 spin-off from Inland American, a.k.a. InvenTrust) in 1Q15. Xenia management has been meaningfully upgrading the portfolio since the spin-off, despite the lateness of the lodging cycle and generally moderating RevPAR growth. We are very constructive on the XHR story. However, the shares have increased meaningfully in the last two months and, now trading at ~13.4x our 2017E EBITDA estimate, in our view, are approaching fair value.””

A number of other analysts have also commented on SBCF. BidaskClub raised Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Zacks Investment Research lowered Seacoast Banking Corporation of Florida from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $24.67.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) opened at $24.55 on Friday. The company has a market capitalization of $1,070.00, a PE ratio of 20.14 and a beta of 0.77. Seacoast Banking Corporation of Florida has a twelve month low of $18.20 and a twelve month high of $25.88. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, October 26th. The financial services provider reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 9.37% and a net margin of 18.48%. The business had revenue of $57.10 million during the quarter, compared to analyst estimates of $57.55 million. During the same period in the previous year, the company posted $0.28 EPS. The firm’s revenue was up 20.9% compared to the same quarter last year. equities analysts anticipate that Seacoast Banking Corporation of Florida will post 1.24 earnings per share for the current fiscal year.

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In related news, CEO Dennis S. Hudson III sold 2,300 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $24.22, for a total value of $55,706.00. Following the transaction, the chief executive officer now owns 19,247 shares in the company, valued at $466,162.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Dennis S. Hudson III sold 8,000 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $24.39, for a total value of $195,120.00. Following the sale, the chief executive officer now owns 19,247 shares in the company, valued at approximately $469,434.33. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the company. US Bancorp DE increased its holdings in shares of Seacoast Banking Corporation of Florida by 0.5% in the second quarter. US Bancorp DE now owns 4,157 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 20 shares during the period. BNP Paribas Arbitrage SA increased its holdings in shares of Seacoast Banking Corporation of Florida by 3,190.8% in the second quarter. BNP Paribas Arbitrage SA now owns 4,278 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 4,148 shares during the period. Magnetar Financial LLC bought a new position in shares of Seacoast Banking Corporation of Florida in the third quarter worth $203,000. SG Americas Securities LLC bought a new position in shares of Seacoast Banking Corporation of Florida in the first quarter worth $209,000. Finally, Legal & General Group Plc increased its holdings in shares of Seacoast Banking Corporation of Florida by 38.1% in the second quarter. Legal & General Group Plc now owns 10,015 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 2,761 shares during the period. 79.09% of the stock is currently owned by hedge funds and other institutional investors.

Seacoast Banking Corporation 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 Bank). 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 to its customers.

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

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