Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Hits New 12-Month High - What's Next?

Key Points

• Seacoast Banking Corporation of Florida's stock reached a new 52-week high of $32.09, closing last at $31.09 with a volume of 169,969 shares traded.
• The company reported $0.52 earnings per share for the quarter, exceeding analysts' expectations of $0.42, with revenues of $151.4 million.
• Seacoast Banking Corporation announced a quarterly dividend of $0.18 per share, contributing to an annualized dividend yield of 2.3%.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report)'s stock price hit a new 52-week high during trading on Friday . The company traded as high as $32.09 and last traded at $31.09, with a volume of 169969 shares changing hands. The stock had previously closed at $31.53.

Analysts Set New Price Targets

SBCF has been the subject of a number of recent research reports. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Zacks Research upgraded Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 21st. Hovde Group increased their price objective on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the company a "market perform" rating in a research report on Wednesday, June 4th. Finally, Keefe, Bruyette & Woods increased their target price on Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the company an "outperform" rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.40.

Seacoast Banking Corporation of Florida Price Performance

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 has a market cap of $2.70 billion, a PE ratio of 18.89 and a beta of 0.98. The stock has a fifty day moving average price of $29.65 and a 200-day moving average price of $26.86.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.52 earnings per share for the quarter, topping 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 business had revenue of $151.40 million for the quarter, compared to the consensus estimate of $146.08 million. During the same period in the prior year, the business posted $0.36 earnings per share. On average, equities analysts expect that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.3%. Seacoast Banking Corporation of Florida's dividend payout ratio is 44.17%.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

A number of 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 first quarter worth $27,000. IFP Advisors Inc increased its position in Seacoast Banking Corporation of Florida by 343.9% during the first quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock worth $33,000 after buying an additional 994 shares during the last quarter. GAMMA Investing LLC increased its position in Seacoast Banking Corporation of Florida by 38.0% during the first quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock worth $43,000 after buying an additional 460 shares during the last quarter. Caldwell Trust Co acquired a new position in Seacoast Banking Corporation of Florida during the second quarter worth $51,000. Finally, Assetmark Inc. increased its position in Seacoast Banking Corporation of Florida by 24.0% during the second quarter. Assetmark Inc. now owns 1,940 shares of the financial services provider's stock worth $54,000 after buying an additional 375 shares during the last quarter. 81.77% of the stock is 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.