Seacoast Banking Co. of Florida (NASDAQ:SBCF) Earns Outperform Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reissued their outperform rating on shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $31.00 price target on the financial services provider’s stock.

Several other brokerages also recently commented on SBCF. Truist Financial raised their price objective on shares of Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the company a hold rating in a research report on Monday, July 29th. Hovde Group cut Seacoast Banking Co. of Florida from an outperform rating to a market perform rating and raised their price target for the company from $29.00 to $31.00 in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently 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 $27.60 on Wednesday. The business has a 50-day simple moving average of $25.35 and a two-hundred day simple moving average of $24.39. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13. Seacoast Banking Co. of Florida has a 52 week low of $19.04 and a 52 week high of $29.98. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 19.71 and a beta of 1.10.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.02. Seacoast Banking Co. of Florida had a net margin of 14.84% and a return on equity of 5.58%. The company had revenue of $201.99 million during the quarter, compared to analyst estimates of $126.00 million. During the same period in the prior year, the firm posted $0.37 EPS. On average, analysts expect that Seacoast Banking Co. of Florida will post 1.44 EPS for the current year.

Seacoast Banking Co. of Florida Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.18 per share. The ex-dividend date is Friday, September 13th. This represents a $0.72 annualized dividend and a yield of 2.61%. Seacoast Banking Co. of Florida’s payout ratio is 51.43%.

Insiders Place Their Bets

In other Seacoast Banking Co. of Florida news, Director Dennis S. Hudson III sold 16,000 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $27.00, for a total transaction of $432,000.00. Following the completion of the transaction, the director now owns 234,312 shares of the company’s stock, valued at approximately $6,326,424. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of Seacoast Banking Co. of Florida

Hedge funds have recently modified their holdings of the company. Sei Investments Co. increased its position in Seacoast Banking Co. of Florida by 63.8% in the first quarter. Sei Investments Co. now owns 205,996 shares of the financial services provider’s stock worth $5,230,000 after purchasing an additional 80,220 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of Seacoast Banking Co. of Florida in the 1st quarter worth about $1,325,000. William Blair Investment Management LLC increased its holdings in shares of Seacoast Banking Co. of Florida by 24.0% in the 1st quarter. William Blair Investment Management LLC now owns 1,170,146 shares of the financial services provider’s stock worth $29,710,000 after buying an additional 226,132 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Seacoast Banking Co. of Florida by 70.9% during the 4th quarter. Russell Investments Group Ltd. now owns 375,529 shares of the financial services provider’s stock valued at $10,688,000 after buying an additional 155,776 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of Seacoast Banking Co. of Florida by 10.2% in the 4th quarter. Schroder Investment Management Group now owns 551,327 shares of the financial services provider’s stock valued at $15,691,000 after acquiring an additional 50,902 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.

About Seacoast Banking Co. of Florida

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.