In a report released today, Steve Moss from B.Riley FBR reiterated a Buy rating on Seacoast Banking Corporation Of Florida (SBCF), with a price target of $32. The company’s shares closed yesterday at $28.36.
Moss commented:
“Seacoast Banking Corp. of Florida’s (SBCF—Buy, $32 PT) 1Q19 results were marked by higher- than-expected expenses and softer-than-expected loan growth, which belie management’s efforts to improve the franchise value. Positively, higher expenses were the result of accelerated investments, which bode well for 2H19 results, and tempered loan growth reflected management’s conservatism to maintain underwriting standards as the pipeline remains strong and recent commercial hires should drive a greater mix of C&I growth. Business prospects remain strong given the favorable Florida business environment and ongoing internal improvements. Additionally, market disruption should provide for additional opportunities to capture loan and deposit market share as the year progresses.”
According to TipRanks.com, Moss is a 3-star analyst with an average return of 1.2% and a 50.0% success rate. Moss covers the Financial sector, focusing on stocks such as Bridgewater Bancshares Inc, Meta Financial Group, and Axos Financial Inc.
Seacoast Banking Corporation Of Florida has an analyst consensus of Hold, with a price target consensus of $32.
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The company has a one-year high of $34.95 and a one-year low of $21.74. Currently, Seacoast Banking Corporation Of Florida has an average volume of 213.1K.
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is negative on the stock.
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Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It offers commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, traditional branch offices, and commercial banking centers.
