Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Reaches New 52-Week High – Here’s What Happened

Seacoast Banking Corporation of Florida (NASDAQ:SBCF)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $35.55 and last traded at $35.3850, with a volume of 171802 shares. The stock had previously closed at $34.65.

Analyst Ratings Changes

Several research firms have weighed in on SBCF. Keefe, Bruyette & Woods increased their target price on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday. Zacks Research cut Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Piper Sandler reissued a “neutral” rating and set a $33.50 price objective on shares of Seacoast Banking Corporation of Florida in a research note on Monday, November 3rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Seacoast Banking Corporation of Florida currently has a consensus rating of “Hold” and a consensus target price of $31.90.

Seacoast Banking Corporation of Florida Trading Up 1.3%

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $3.44 billion, a P/E ratio of 21.95 and a beta of 0.93. The business has a 50 day moving average of $32.78 and a 200-day moving average of $31.07.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.07). Seacoast Banking Corporation of Florida had a net margin of 15.47% and a return on equity of 7.07%. The company had revenue of $204.79 million during the quarter, compared to analyst estimates of $201.25 million. During the same quarter last year, the company earned $0.48 EPS. The firm’s quarterly revenue was up 53.0% compared to the same quarter last year. Analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $0.19 per share. The ex-dividend date is Friday, March 13th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 47.50%.

Insider Transactions at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, Director Jacqueline Lynette Bradley sold 2,279 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $33.54, for a total transaction of $76,437.66. Following the completion of the transaction, the director owned 7,000 shares of the company’s stock, valued at $234,780. This represents a 24.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Maryann Goebel sold 3,419 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $34.23, for a total transaction of $117,032.37. Following the completion of the sale, the director owned 6,000 shares in the company, valued at $205,380. This trade represents a 36.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,117 shares of company stock worth $559,474 in the last 90 days. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Seacoast Banking Corporation of Florida

A number of hedge funds and other institutional investors have recently modified their holdings of SBCF. Jones Financial Companies Lllp boosted its position in Seacoast Banking Corporation of Florida by 69.7% during the third quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 352 shares during the last quarter. Salomon & Ludwin LLC grew its stake in shares of Seacoast Banking Corporation of Florida by 59.3% in the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after buying an additional 356 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new position in Seacoast Banking Corporation of Florida during the third quarter worth $33,000. Advisory Services Network LLC acquired a new stake in Seacoast Banking Corporation of Florida in the third quarter valued at $45,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of Seacoast Banking Corporation of Florida by 41.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,642 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 478 shares during the last quarter. Institutional investors and hedge funds own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.