Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

Seacoast Banking Corporation of Florida (NASDAQ:SBCF)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.29 and traded as high as $31.00. Seacoast Banking Corporation of Florida shares last traded at $30.91, with a volume of 745,860 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Piper Sandler restated a “neutral” rating and issued a $33.50 price target on shares of Seacoast Banking Corporation of Florida in a research note on Monday. Zacks Research raised shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 21st. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods lifted 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. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.50.

Seacoast Banking Corporation of Florida Stock Up 1.1%

The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 18.29 and a beta of 1.01. The stock has a 50-day moving average of $30.72 and a 200-day moving average of $28.29. The company has a current ratio of 0.84, a quick ratio of 0.85 and a debt-to-equity ratio of 0.34.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Monday, February 14th. The financial services provider reported $0.55 earnings per share for the quarter. Seacoast Banking Corporation of Florida had a return on equity of 7.16% and a net margin of 16.93%.The firm had revenue of $83.85 million for the quarter. As a group, 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 company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a $0.19 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.76 annualized dividend and a yield of 2.5%. This is a boost from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.18. Seacoast Banking Corporation of Florida’s payout ratio is 44.97%.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Several large investors have recently made changes to their positions in the company. First National Bank of Omaha bought a new stake in shares of Seacoast Banking Corporation of Florida during the third quarter valued at approximately $694,000. Vanguard Group Inc. raised its stake in Seacoast Banking Corporation of Florida by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 6,383,315 shares of the financial services provider’s stock valued at $194,244,000 after acquiring an additional 33,993 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Seacoast Banking Corporation of Florida by 9.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 52,736 shares of the financial services provider’s stock valued at $1,605,000 after acquiring an additional 4,629 shares in the last quarter. Public Sector Pension Investment Board boosted its position in Seacoast Banking Corporation of Florida by 16.8% during the 3rd quarter. Public Sector Pension Investment Board now owns 338,543 shares of the financial services provider’s stock worth $10,302,000 after acquiring an additional 48,661 shares during the period. Finally, Rhumbline Advisers grew its stake in shares of Seacoast Banking Corporation of Florida by 0.7% in the third quarter. Rhumbline Advisers now owns 253,765 shares of the financial services provider’s stock worth $7,722,000 after purchasing an additional 1,792 shares in the last quarter. Institutional investors and hedge funds own 81.77% of the company’s stock.

About Seacoast Banking Corporation of Florida

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.