Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Sets 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 reached a new 52-week high on Friday . The stock traded as high as $32.09 and last traded at $31.09, with a volume of 169969 shares trading hands. The stock had previously closed at $31.53.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Hovde Group lifted their target price on shares of Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 4th. Zacks Research upgraded shares of Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 21st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida currently has an average rating of "Moderate Buy" and a consensus price target of $29.40.

Seacoast Banking Corporation of Florida Stock Down 1.9%

The firm has a 50-day moving average of $29.63 and a 200 day moving average of $26.82. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 18.98 and a beta of 0.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.36.

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

Seacoast Banking Corporation of Florida Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SBCF. Opal Wealth Advisors LLC acquired a new position in Seacoast Banking Corporation of Florida during the 1st quarter worth $27,000. IFP Advisors Inc lifted its holdings in shares of 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 valued at $33,000 after purchasing an additional 994 shares during the last quarter. GAMMA Investing LLC raised 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 valued at $43,000 after buying an additional 460 shares during the period. Assetmark Inc. raised 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 valued at $54,000 after buying an additional 375 shares during the period. Finally, First Horizon Advisors Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 28.1% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,059 shares of the financial services provider's stock valued at $57,000 after acquiring an additional 452 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors.

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.