Raymond James Reiterates “Outperform” Rating for Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Seacoast Banking Co. of Florida (NASDAQ:SBCF)‘s stock had its “outperform” rating restated by analysts at Raymond James in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $31.00 target price on the financial services provider’s stock, up from their previous target price of $29.00. Raymond James’ target price indicates a potential upside of 9.54% from the stock’s current price.

Several other analysts have also commented on the stock. Truist Financial dropped their price target on shares of Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Stephens lifted their price target on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, October 28th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $29.40.

Seacoast Banking Co. of Florida Price Performance

Shares of SBCF opened at $28.30 on Wednesday. The company has a market capitalization of $2.42 billion, a P/E ratio of 20.51 and a beta of 1.09. The business’s 50-day moving average is $28.05 and its two-hundred day moving average is $27.46. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. Seacoast Banking Co. of Florida has a fifty-two week low of $21.90 and a fifty-two week high of $31.68.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Monday, January 27th. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.15. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. Research analysts predict that Seacoast Banking Co. of Florida will post 1.39 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Charles M. Shaffer sold 21,255 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $30.36, for a total transaction of $645,301.80. Following the completion of the sale, the chief executive officer now directly owns 126,232 shares in the company, valued at approximately $3,832,403.52. The trade was a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Seacoast Banking Co. of Florida

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in shares of Seacoast Banking Co. of Florida by 0.7% in the third quarter. State Street Corp now owns 4,239,308 shares of the financial services provider’s stock worth $112,978,000 after buying an additional 28,066 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Seacoast Banking Co. of Florida by 7.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,170,515 shares of the financial services provider’s stock worth $111,144,000 after purchasing an additional 305,843 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Seacoast Banking Co. of Florida by 1.2% in the third quarter. Geode Capital Management LLC now owns 2,024,351 shares of the financial services provider’s stock valued at $53,959,000 after purchasing an additional 23,396 shares in the last quarter. Segall Bryant & Hamill LLC increased its holdings in shares of Seacoast Banking Co. of Florida by 0.7% in the third quarter. Segall Bryant & Hamill LLC now owns 1,846,418 shares of the financial services provider’s stock valued at $49,207,000 after purchasing an additional 13,567 shares during the last quarter. Finally, abrdn plc lifted its position in Seacoast Banking Co. of Florida by 10.9% during the third quarter. abrdn plc now owns 1,122,478 shares of the financial services provider’s stock worth $29,914,000 after buying an additional 110,582 shares in the last quarter. Institutional investors and hedge funds own 81.77% of the company’s stock.

About Seacoast Banking Co. 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.