Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Price Target Raised to $38.00

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) had its price target lifted by Keefe, Bruyette & Woods from $36.00 to $38.00 in a report published on Monday morning,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

SBCF has been the subject of several other reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, January 22nd. Raymond James Financial set a $33.00 price target on shares of Seacoast Banking Corporation of Florida and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Zacks Research cut Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Finally, Piper Sandler restated a “neutral” rating and issued a $33.50 price objective on shares of Seacoast Banking Corporation of Florida in a research report on Monday, November 3rd. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $31.90.

Seacoast Banking Corporation of Florida Stock Up 1.0%

SBCF stock opened at $34.49 on Monday. Seacoast Banking Corporation of Florida has a twelve month low of $21.36 and a twelve month high of $35.46. The company has a market cap of $3.37 billion, a PE ratio of 21.56 and a beta of 0.93. The business’s 50-day simple moving average is $32.72 and its 200 day simple moving average is $31.05. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.35.

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

Seacoast Banking Corporation of Florida Announces Dividend

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

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 stock was sold at an average price of $31.13, for a total transaction of $249,040.00. Following the completion of the transaction, the director directly owned 251,275 shares in the company, valued at approximately $7,822,190.75. The trade was a 3.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SBCF. World Investment Advisors grew its holdings in shares of Seacoast Banking Corporation of Florida by 3.6% during the fourth quarter. World Investment Advisors now owns 9,036 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 316 shares during the last quarter. CWM LLC grew its position in shares of Seacoast Banking Corporation of Florida by 3.0% during the 4th quarter. CWM LLC now owns 11,083 shares of the financial services provider’s stock worth $348,000 after buying an additional 320 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in shares of Seacoast Banking Corporation of Florida by 3.9% in the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 9,274 shares of the financial services provider’s stock valued at $282,000 after buying an additional 344 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of Seacoast Banking Corporation of Florida by 69.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 352 shares in the last quarter. Finally, Salomon & Ludwin LLC increased its position in shares of Seacoast Banking Corporation of Florida by 59.3% during the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 356 shares in the last quarter. 81.77% of the stock is owned by institutional investors.

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.