Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Key Points

• Keefe, Bruyette & Woods raised its price target on Seacoast Banking Corporation of Florida from $37 to $38 and maintained an “outperform” rating, implying 13.26% upside from the prior close.
• Analyst sentiment is moderately positive: MarketBeat reports a “Moderate Buy” consensus rating and an average price target of $36.50, with three Buy ratings and two Hold ratings.
• Seacoast reported quarterly earnings of $0.66 per share, slightly beating the $0.65 consensus estimate; revenue of $217.5 million also topped expectations.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) had its target price hoisted by research analysts at Keefe, Bruyette & Woods from $37.00 to $38.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods's target price indicates a potential upside of 13.26% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on the stock. Piper Sandler increased their target price on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Seacoast Banking Corporation of Florida in a research note on Friday, September 25th. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, October 29th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Seacoast Banking Corporation of Florida presently has an average rating of "Moderate Buy" and a consensus target price of $36.50.

Seacoast Banking Corporation of Florida Price Performance

Shares of Seacoast Banking Corporation of Florida stock traded down $0.72 during midday trading on Thursday, hitting $33.55. 341,282 shares of the company were exchanged, compared to its average volume of 854,716. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $3.25 billion, a P/E ratio of 19.78 and a beta of 0.88. Seacoast Banking Corporation of Florida has a 52 week low of $28.69 and a 52 week high of $36.27. The firm has a 50 day simple moving average of $33.17 and a 200-day simple moving average of $32.52.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.01. The firm had revenue of $217.50 million for the quarter, compared to analysts' expectations of $216.32 million. Seacoast Banking Corporation of Florida had a return on equity of 9.49% and a net margin of 16.27%. Research analysts forecast that Seacoast Banking Corporation of Florida will post 2.53 earnings per share for the current year.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other news, Director Dennis Hudson, III sold 12,000 shares of the company's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total transaction of $409,800.00. Following the transaction, the director owned 206,869 shares of the company's stock, valued at $7,064,576.35. This represents a 5.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Juliette Kleffel sold 14,831 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $34.31, for a total value of $508,851.61. Following the completion of the transaction, the executive vice president owned 78,321 shares in the company, valued at approximately $2,687,193.51. This represents a 15.92% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Institutional investors have recently modified their holdings of the business. Nykredit A S bought a new position in Seacoast Banking Corporation of Florida during the second quarter worth about $30,000. Cornerstone National Bank & Trust Co bought a new stake in shares of Seacoast Banking Corporation of Florida in the third quarter worth about $32,000. Versant Capital Management Inc raised its position in shares of Seacoast Banking Corporation of Florida by 203.9% during the second quarter. Versant Capital Management Inc now owns 1,772 shares of the financial services provider's stock worth $59,000 after purchasing an additional 1,189 shares during the period. Rockefeller Capital Management L.P. raised its position in shares of Seacoast Banking Corporation of Florida by 244.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,069 shares of the financial services provider's stock worth $65,000 after purchasing an additional 1,468 shares during the period. Finally, Heritage Family Offices LLP acquired a new stake in shares of Seacoast Banking Corporation of Florida during the third quarter worth about $67,000. 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 is a bank holding company headquartered in Stuart, Florida. It operates primarily through Seacoast National Bank, which provides banking and financial services to individuals, businesses and institutions across Florida.

The company offers checking and savings accounts, certificates of deposit, commercial and residential real estate loans, consumer lending, business financing, treasury management and other deposit services. Through affiliated operations, Seacoast also provides wealth management, investment advisory and mortgage-related services.

Seacoast National Bank traces its roots to 1926 and has expanded its presence throughout Florida, including the Treasure Coast, Central Florida and South Florida.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.