Seacoast Banking Co. of Florida (NASDAQ:SBCF) Rating Lowered to Market Perform at Hovde Group

Hovde Group downgraded shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) from an outperform rating to a market perform rating in a report issued on Monday, Marketbeat.com reports. Hovde Group currently has $31.00 price target on the financial services provider’s stock, up from their prior price target of $29.00.

SBCF has been the subject of several other reports. Truist Financial reduced their price objective on Seacoast Banking Co. of Florida from $25.00 to $24.00 and set a hold rating for the company in a report on Monday, July 8th. Keefe, Bruyette & Woods raised Seacoast Banking Co. of Florida from a market perform rating to an outperform rating and increased their price objective for the company from $26.00 to $27.00 in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $28.50.

Seacoast Banking Co. of Florida Stock Performance

Shares of SBCF opened at $26.60 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of 19.13 and a beta of 1.10. The stock has a 50 day moving average of $24.36 and a 200 day moving average of $24.38. Seacoast Banking Co. of Florida has a 12 month low of $19.04 and a 12 month high of $29.98.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.02. Seacoast Banking Co. of Florida had a return on equity of 5.58% and a net margin of 14.84%. The company had revenue of $201.99 million during the quarter, compared to the consensus estimate of $126.00 million. During the same period last year, the business posted $0.37 earnings per share. As a group, sell-side analysts forecast that Seacoast Banking Co. of Florida will post 1.43 earnings per share for the current year.

Seacoast Banking Co. of Florida Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend is Friday, September 13th. Seacoast Banking Co. of Florida’s payout ratio is currently 51.43%.

Insider Transactions at Seacoast Banking Co. of Florida

In other news, Director Dennis S. Hudson III sold 16,000 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $27.00, for a total value of $432,000.00. Following the completion of the transaction, the director now directly owns 234,312 shares of the company’s stock, valued at $6,326,424. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP James C. Stallings III sold 3,855 shares of Seacoast Banking Co. of Florida stock in a transaction on Monday, May 6th. The stock was sold at an average price of $24.44, for a total transaction of $94,216.20. Following the completion of the sale, the executive vice president now owns 3,961 shares of the company’s stock, valued at $96,806.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis S. Hudson III sold 16,000 shares of Seacoast Banking Co. of Florida stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $27.00, for a total value of $432,000.00. Following the sale, the director now directly owns 234,312 shares of the company’s stock, valued at approximately $6,326,424. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Seacoast Banking Co. of Florida

Several large investors have recently added to or reduced their stakes in SBCF. Westwood Holdings Group Inc. boosted its stake in Seacoast Banking Co. of Florida by 15.3% during the first quarter. Westwood Holdings Group Inc. now owns 3,121,900 shares of the financial services provider’s stock valued at $79,265,000 after buying an additional 414,037 shares during the period. Hsbc Holdings PLC purchased a new stake in Seacoast Banking Co. of Florida during the fourth quarter valued at about $10,179,000. Franklin Resources Inc. raised its position in Seacoast Banking Co. of Florida by 20.6% during the fourth quarter. Franklin Resources Inc. now owns 2,047,145 shares of the financial services provider’s stock valued at $58,262,000 after purchasing an additional 349,147 shares in the last quarter. F M Investments LLC purchased a new stake in Seacoast Banking Co. of Florida during the second quarter valued at about $7,601,000. Finally, Dimensional Fund Advisors LP raised its position in Seacoast Banking Co. of Florida by 11.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,980,072 shares of the financial services provider’s stock valued at $84,814,000 after purchasing an additional 310,499 shares in the last quarter. Institutional investors own 81.77% of the company’s stock.

Seacoast Banking Co. of Florida Company Profile

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.