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

Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $30.00 and last traded at $30.00, with a volume of 79177 shares. The stock had previously closed at $27.09.

Analysts Set New Price Targets

Several brokerages have commented on SBCF. Stephens upped their price objective on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Monday, October 28th. Truist Financial reduced their price target on shares of Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Hovde Group cut shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $29.00 to $31.00 in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $31.00 target price on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $28.70.

Seacoast Banking Co. of Florida Trading Down 4.0 %

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average is $26.92 and its two-hundred day moving average is $25.43. The company has a market capitalization of $2.48 billion, a PE ratio of 21.18 and a beta of 1.07.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share for the quarter, hitting the consensus estimate of $0.36. The firm had revenue of $130.30 million during the quarter, compared to analysts’ expectations of $129.20 million. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.37 EPS. As a group, sell-side analysts predict that Seacoast Banking Co. of Florida will post 1.42 EPS for the current fiscal year.

Seacoast Banking Co. of Florida Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.46%. Seacoast Banking Co. of Florida’s dividend payout ratio is presently 52.17%.

Institutional Investors Weigh In On Seacoast Banking Co. of Florida

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its stake in Seacoast Banking Co. of Florida by 73.4% in the third quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 412 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Seacoast Banking Co. of Florida during the 2nd quarter valued at $55,000. KBC Group NV boosted its position in shares of Seacoast Banking Co. of Florida by 30.0% in the 3rd quarter. KBC Group NV now owns 3,326 shares of the financial services provider’s stock worth $89,000 after purchasing an additional 768 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Seacoast Banking Co. of Florida during the 3rd quarter worth $121,000. Finally, Algert Global LLC acquired a new position in Seacoast Banking Co. of Florida during the 2nd quarter valued at about $202,000. 81.77% of the stock is currently owned by hedge funds and other institutional investors.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.