Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Reaches New 1-Year High – Here’s Why

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) shares hit a new 52-week high during trading on Friday . The company traded as high as $35.55 and last traded at $35.3850, with a volume of 171802 shares traded. The stock had previously closed at $34.65.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Zacks Research cut Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Keefe, Bruyette & Woods lifted their price objective on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Weiss Ratings restated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Thursday, January 22nd. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $33.50 price target on shares of Seacoast Banking Corporation of Florida in a report on Monday, November 3rd. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $31.90.

Seacoast Banking Corporation of Florida Price Performance

The business’s 50-day simple moving average is $32.85 and its 200 day simple moving average is $31.13. The company has a market capitalization of $3.43 billion, a P/E ratio of 21.93 and a beta of 0.93. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.07). Seacoast Banking Corporation of Florida had a net margin of 15.47% and a return on equity of 7.07%. The company had revenue of $204.79 million during the quarter, compared to the consensus estimate of $201.25 million. During the same quarter last year, the business earned $0.48 earnings per share. The company’s revenue was up 53.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.19 per share. The ex-dividend date is Friday, March 13th. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is 47.50%.

Insider Transactions at Seacoast Banking Corporation of Florida

In other news, Director Dennis S. Hudson III sold 8,000 shares of the company’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $31.13, for a total value of $249,040.00. Following the completion of the sale, the director owned 251,275 shares in the company, valued at $7,822,190.75. This represents a 3.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Maryann Goebel sold 3,419 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $34.23, for a total value of $117,032.37. Following the transaction, the director directly owned 6,000 shares of the company’s stock, valued at $205,380. This represents a 36.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,117 shares of company stock worth $559,474 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Seacoast Banking Corporation of Florida

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. World Investment Advisors lifted its position in Seacoast Banking Corporation of Florida by 3.6% in 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 period. CWM LLC raised its stake in shares of Seacoast Banking Corporation of Florida by 3.0% in the 4th quarter. CWM LLC now owns 11,083 shares of the financial services provider’s stock valued at $348,000 after buying an additional 320 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Seacoast Banking Corporation of Florida by 3.9% during the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 9,274 shares of the financial services provider’s stock worth $282,000 after acquiring 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% during the 3rd 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. Finally, Salomon & Ludwin LLC boosted its position in shares of Seacoast Banking Corporation of Florida by 59.3% during the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 356 shares in the last quarter. 81.77% of the stock is currently owned by 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.