Hovde Group Forecasts Strong Price Appreciation for Seacoast Banking Co. of Florida (NASDAQ:SBCF) Stock

Seacoast Banking Co. of Florida (NASDAQ:SBCF - Free Report) had its price objective increased by Hovde Group from $27.00 to $29.00 in a research report sent to investors on Wednesday morning, Marketbeat reports. The firm currently has a market perform rating on the financial services provider's stock.

A number of other brokerages have also weighed in on SBCF. Keefe, Bruyette & Woods lifted their price target on shares of Seacoast Banking Co. of Florida from $31.00 to $32.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Wall Street Zen lowered shares of Seacoast Banking Co. of Florida from a "hold" rating to a "sell" rating in a research note on Friday, May 16th. Finally, Stephens cut their target price on shares of Seacoast Banking Co. of Florida from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research note on Monday, April 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $29.20.

Seacoast Banking Co. of Florida Stock Performance

NASDAQ:SBCF traded up $0.43 during mid-day trading on Wednesday, reaching $25.90. The stock had a trading volume of 578,167 shares, compared to its average volume of 430,487. Seacoast Banking Co. of Florida has a twelve month low of $21.36 and a twelve month high of $31.68. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 18.11 and a beta of 0.92. The business has a 50 day simple moving average of $24.23 and a 200 day simple moving average of $26.56.

Seacoast Banking Co. of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.38 earnings per share for the quarter, missing analysts' consensus estimates of $0.40 by ($0.02). Seacoast Banking Co. of Florida had a return on equity of 5.91% and a net margin of 14.95%. The business had revenue of $140.70 million for the quarter, compared to analysts' expectations of $138.41 million. Seacoast Banking Co. of Florida's revenue for the quarter was up 12.0% on a year-over-year basis. On average, analysts expect that Seacoast Banking Co. of Florida will post 1.71 earnings per share for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.78%. The ex-dividend date is Friday, June 13th. Seacoast Banking Co. of Florida's dividend payout ratio (DPR) is 48.32%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nuveen Asset Management LLC boosted its holdings in shares of Seacoast Banking Co. of Florida by 39.1% in the fourth quarter. Nuveen Asset Management LLC now owns 648,144 shares of the financial services provider's stock valued at $17,843,000 after acquiring an additional 182,350 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Seacoast Banking Co. of Florida by 17.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 175,497 shares of the financial services provider's stock valued at $4,831,000 after acquiring an additional 26,631 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Seacoast Banking Co. of Florida by 94.5% in the fourth quarter. Invesco Ltd. now owns 405,500 shares of the financial services provider's stock valued at $11,163,000 after acquiring an additional 197,067 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Seacoast Banking Co. of Florida by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 410,632 shares of the financial services provider's stock valued at $11,305,000 after acquiring an additional 12,142 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of Seacoast Banking Co. of Florida by 11.0% in the fourth quarter. Cetera Investment Advisers now owns 12,087 shares of the financial services provider's stock valued at $333,000 after acquiring an additional 1,197 shares in the last quarter. Institutional investors 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.