Seacoast Banking price target lowered to $28 from $30 at Truist

Truist analyst Brandon King lowered the firm’s price target on Seacoast Banking (SBCF) to $28 from $30 and keeps a Hold rating on the shares. The firm forecast net interest margin and net interest expense expanding moderately over the next several quarters as the balance sheet remains liability sensitive and thinks fixed rate repricing benefits will have an increasingly meaningful impact with a higher pace of loan growth and a potentially steeper yield curve, the analyst tells investors in a research note. Truist still believes shares are close to fairly valued.