Keefe, Bruyette & Woods Raises Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Price Target to $33.00

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 objective hoisted by Keefe, Bruyette & Woods from $32.00 to $33.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider's stock.

SBCF has been the subject of a number of other reports. Stephens reduced 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. Hovde Group increased their price objective 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, Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $29.40.

Seacoast Banking Corporation of Florida Stock Performance

Shares of NASDAQ SBCF traded down $0.55 during trading hours on Tuesday, hitting $27.64. 1,059,367 shares of the stock were exchanged, compared to its average volume of 598,751. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.85 and a quick ratio of 0.85. The company's 50 day moving average is $27.25 and its 200 day moving average is $26.39. The firm has a market capitalization of $2.38 billion, a P/E ratio of 16.96 and a beta of 0.94. Seacoast Banking Corporation of Florida has a one year low of $21.36 and a one year high of $31.68.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.52 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.10. Seacoast Banking Corporation of Florida had a net margin of 16.63% and a return on equity of 6.65%. The firm had revenue of $151.40 million during the quarter, compared to the consensus estimate of $146.08 million. During the same period in the prior year, the firm earned $0.36 EPS. On average, research analysts expect that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

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

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

A number of hedge funds have recently made changes to their positions in SBCF. Westwood Holdings Group Inc. increased its position in shares of Seacoast Banking Corporation of Florida by 27.7% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,869,563 shares of the financial services provider's stock worth $73,834,000 after purchasing an additional 622,709 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 1st quarter worth about $12,454,000. JPMorgan Chase & Co. increased its position in shares of Seacoast Banking Corporation of Florida by 182.3% during the 4th quarter. JPMorgan Chase & Co. now owns 680,337 shares of the financial services provider's stock worth $18,730,000 after purchasing an additional 439,346 shares in the last quarter. FJ Capital Management LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 1st quarter worth about $10,084,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 4th quarter worth about $6,850,000. Institutional investors and hedge funds own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Company Profile

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.