Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Sets New 12-Month High – Here’s What Happened

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $32.46 and last traded at $32.46, with a volume of 100642 shares changing hands. The stock had previously closed at $31.82.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SBCF shares. Keefe, Bruyette & Woods increased their price target on Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Raymond James Financial set a $33.00 target price on Seacoast Banking Corporation of Florida and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Piper Sandler reiterated a “neutral” rating and set a $33.50 target price on shares of Seacoast Banking Corporation of Florida in a research note on Monday, November 3rd. Zacks Research raised Seacoast Banking Corporation of Florida from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 21st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.50.

Seacoast Banking Corporation of Florida Stock Down 0.9%

The firm’s 50-day moving average price is $30.74 and its 200 day moving average price is $29.14. The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of 19.13 and a beta of 0.95. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.34.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its earnings results on Monday, February 14th. The financial services provider reported $0.55 earnings per share for the quarter. The firm had revenue of $83.85 million during the quarter. Seacoast Banking Corporation of Florida had a return on equity of 7.16% and a net margin of 16.93%. On average, sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.4%. This is a positive change from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.18. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 44.97%.

Insider Buying and Selling

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction 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 of the company’s stock, valued at approximately $7,822,190.75. The trade was a 3.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Several large investors have recently bought and sold shares of the stock. Keyes Stange & Wooten Wealth Management LLC purchased a new position in shares of Seacoast Banking Corporation of Florida in the 3rd quarter worth approximately $202,000. CIBC Bancorp USA Inc. bought a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at about $276,000. Advisory Services Network LLC bought a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth $45,000. CANADA LIFE ASSURANCE Co increased its position in shares of Seacoast Banking Corporation of Florida by 10.6% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 88,932 shares of the financial services provider’s stock valued at $2,713,000 after purchasing an additional 8,558 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new position in Seacoast Banking Corporation of Florida in the 3rd quarter worth $14,865,000. 81.77% of the stock is currently owned by institutional investors.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.