Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Hits New 1-Year High – What’s Next?

Seacoast Banking Corporation of Florida (NASDAQ:SBCF)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $35.68 and last traded at $35.46, with a volume of 133986 shares trading hands. The stock had previously closed at $35.37.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Piper Sandler boosted their price objective on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Finally, Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $35.50.

Seacoast Banking Corporation of Florida Stock Performance

The firm’s 50-day moving average price is $33.04 and its two-hundred day moving average price is $32.06. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $3.48 billion, a PE ratio of 22.89 and a beta of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $209.99 million for the quarter, compared to analysts’ expectations of $209.84 million. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. As a group, research analysts predict that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.19 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.1%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 48.41%.

Insiders Place Their Bets

In other news, Director Dennis S. Hudson III sold 8,000 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $31.41, for a total value of $251,280.00. Following the transaction, the director owned 220,854 shares in the company, valued at $6,937,024.14. This represents a 3.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. William Blair Investment Management LLC raised its holdings in shares of Seacoast Banking Corporation of Florida by 4.9% during the 4th quarter. William Blair Investment Management LLC now owns 1,282,535 shares of the financial services provider’s stock valued at $40,297,000 after purchasing an additional 59,780 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 11.1% during the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider’s stock valued at $222,732,000 after acquiring an additional 705,554 shares during the last quarter. Fifth Third Bancorp grew its holdings in Seacoast Banking Corporation of Florida by 2,562.9% during the first quarter. Fifth Third Bancorp now owns 74,348 shares of the financial services provider’s stock valued at $2,252,000 after purchasing an additional 71,556 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in Seacoast Banking Corporation of Florida in the 1st quarter valued at $1,302,000. Finally, California State Teachers Retirement System increased its stake in shares of Seacoast Banking Corporation of Florida by 43.2% in the first quarter. California State Teachers Retirement System now owns 118,324 shares of the financial services provider’s stock worth $3,584,000 after purchasing an additional 35,693 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.

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.