Yesterday’s Analyst’s Downgrade: Seacoast Banking Corp. of Florida

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) received a stock rating upgrade from FBR Capital on Mar-29-16. In a note to investors, the firm issued an Outperform rating and hiked the target price on the stock from $16 to $20. The analysts previously had an Mkt Perform rating on the stock.

Analysts have a consensus target price of $16.30 in the 12-month period. The price objective is 1.94% higher than the recent closing price of $15.99. The 52-week price range is $13.40-$16.95 and the company has a market capitalization of $553.73 billion. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 4 has assigned a hold rating, 0 says it’s a buy, and 1 have assigned a strong buy rating to the company.

Seacoast Banking Corporation of Florida (SBCF) on March 23, 2016 announced the selection of two new highly qualified directors:

• Herb Lurie, Senior Advisor, Guggenheim Securities


• Tim Huval, Senior Vice President, Chief Human Resources Officer, Humana

Following the appointment of Lurie and Huval, Seacoast’s board will consist of 14 directors. Seacoast expects to appoint Lurie to its board of directors at its April board meeting, and expects to appoint Huval at a board meeting to be held after mid-year.

Dennis S. Hudson, III, Chairman and CEO of Seacoast, said, “After a thorough and deliberate selection process that began last Fall, we are delighted to select directors of such outstanding caliber to join Seacoast’s board. Herb and Tim are both well-recognized and highly accomplished executives with deep experience in commercial banking, operations and human resources. The community banking industry is undergoing massive change, and I am confident that Herb and Tim will be instrumental in helping Seacoast implement our transformation strategy and drive continued shareholder value.”

Lurie said, “Seacoast has distinguished itself from other community banks by continuing to invest in its digital platform, driving organic growth and enabling it to benefit from the acquisition of other Florida institutions. I look forward to continuing to work with Seacoast’s management and the board on the execution of its strategy.”

Huval said, “Seacoast is becoming Florida’s preeminent community-based institution by offering its customers digital and mobile services that are on-par with money center banks. I welcome this opportunity to work with Seacoast’s talented management team and board as they continue the bank’s transformation into an engaged and customer-focused institution.”

See also: A Peek Inside Donald Trump’s Financials Shows How He Takes Advantage Of A Little Known Income Stream That’s Available To Everyone!