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

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) reached a new 52-week high on Wednesday . The company traded as high as $34.54 and last traded at $34.6740, with a volume of 105107 shares traded. The stock had previously closed at $33.15.

Wall Street Analyst Weigh In

SBCF has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target on Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 29th. Piper Sandler reissued a “neutral” rating and set a $33.50 price target on shares of Seacoast Banking Corporation of Florida in a research report on Monday, November 3rd. Zacks Research cut shares of Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Wednesday, October 8th. Finally, Raymond James Financial set a $33.00 price target on Seacoast Banking Corporation of Florida and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $31.50.

Seacoast Banking Corporation of Florida Stock Up 4.0%

The company has a market cap of $3.37 billion, a P/E ratio of 20.41 and a beta of 0.92. The company’s 50-day moving average is $31.93 and its two-hundred day moving average is $30.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.84 and a quick ratio of 0.84.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Monday, October 27th. The financial services provider reported $0.52 EPS for the quarter, beating the consensus estimate of $0.47 by $0.05. Seacoast Banking Corporation of Florida had a return on equity of 7.16% and a net margin of 16.93%.The business had revenue of $158.57 million for the quarter, compared to the consensus estimate of $154.84 million. During the same period last year, the business posted $0.36 EPS. The company’s revenue was up 20.7% compared to the same quarter last year. As a group, equities analysts predict that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a $0.19 dividend. This is a positive change from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. Seacoast Banking Corporation of Florida’s payout ratio is presently 44.97%.

Insider Activity

In other news, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $31.13, for a total value of $249,040.00. Following the completion of the sale, the director directly owned 251,275 shares in the company, valued at $7,822,190.75. The trade was a 3.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

A number of hedge funds have recently added to or reduced their stakes in SBCF. Jones Financial Companies Lllp grew its holdings in shares of Seacoast Banking Corporation of Florida by 69.7% in the third quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 352 shares during the period. Measured Wealth Private Client Group LLC bought a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at about $33,000. Advisory Services Network LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at about $45,000. Smartleaf Asset Management LLC increased its position 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 valued at $50,000 after purchasing an additional 478 shares during the last quarter. Finally, Caldwell Trust Co bought a new position in shares of Seacoast Banking Corporation of Florida in the 2nd quarter worth approximately $51,000. 81.77% of the stock is currently owned by hedge funds and other institutional investors.

About Seacoast Banking Corporation of Florida

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.