Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Given New $33.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods has raised the price target for Seacoast Banking Corporation of Florida from $32.00 to $33.00, reflecting a potential upside of 13.19% from the stock's previous close.
• Currently, the stock holds an average rating of "Hold" among equities research analysts, with a consensus target price of $29.40.
• Seacoast Banking reported $0.52 earnings per share in its latest quarter, exceeding expectations and showing a year-over-year increase from $0.36 EPS.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) had its price target upped by Keefe, Bruyette & Woods from $32.00 to $33.00 in a report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the financial services provider's stock.

A number of other research firms have also commented on SBCF. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Hovde Group upped their target price on shares of Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the company a "market perform" rating in a research note on Wednesday, June 4th. Finally, Stephens cut their price target on shares of Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an "equal weight" rating for the company in a report on Monday, April 28th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $29.40.

Seacoast Banking Corporation of Florida Stock Down 2.0%

Shares of SBCF traded down $0.55 during trading hours on Tuesday, hitting $27.64. 1,059,367 shares of the company were exchanged, compared to its average volume of 505,506. The company has a market cap of $2.38 billion, a PE ratio of 16.96 and a beta of 0.94. The firm's 50 day moving average is $27.18 and its 200-day moving average is $26.39. Seacoast Banking Corporation of Florida has a 52 week low of $21.36 and a 52 week high of $31.68. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.85 and a current ratio of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.10. The business had revenue of $151.40 million for the quarter, compared to analyst estimates of $146.08 million. Seacoast Banking Corporation of Florida had a return on equity of 6.65% and a net margin of 16.63%. During the same period in the previous year, the company posted $0.36 earnings per share. On average, equities research analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is currently 44.17%.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Several institutional investors and hedge funds have recently modified their holdings of SBCF. Opal Wealth Advisors LLC acquired a new position in shares of Seacoast Banking Corporation of Florida in the 1st quarter valued at approximately $27,000. IFP Advisors Inc grew its position in shares of Seacoast Banking Corporation of Florida by 343.9% in the 1st quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 994 shares during the period. GAMMA Investing LLC grew its position in shares of Seacoast Banking Corporation of Florida by 38.0% in the 1st quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 460 shares during the period. CWM LLC grew its position in shares of Seacoast Banking Corporation of Florida by 61.6% in the 1st quarter. CWM LLC now owns 2,635 shares of the financial services provider's stock valued at $68,000 after purchasing an additional 1,004 shares during the period. Finally, Sterling Capital Management LLC grew its position in shares of Seacoast Banking Corporation of Florida by 811.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,662 shares of the financial services provider's stock valued at $73,000 after purchasing an additional 2,370 shares during the period. 81.77% of the stock is currently owned by institutional investors and hedge funds.

About Seacoast Banking Corporation 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.