Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Reaches New 52-Week High - Here's What Happened

Key Points

• Seacoast Banking Corporation of Florida shares reached a new 52-week high, trading as high as $36.27 during Tuesday’s session. The stock has a “Moderate Buy” consensus rating, with an average price target of $35.50.
• The company slightly beat quarterly earnings expectations, reporting $0.61 in EPS versus the $0.60 consensus estimate, while revenue of approximately $210 million also edged past forecasts.
• Seacoast declared a quarterly dividend of $0.19 per share, equating to $0.76 annually and a 2.1% yield. Institutional investors own approximately 81.77% of the company’s outstanding shares.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $36.27 and last traded at $35.80, with a volume of 827468 shares changing hands. The stock had previously closed at $36.13.

Analyst Ratings Changes

Several equities analysts recently commented on SBCF shares. Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, June 30th. Piper Sandler boosted their target price on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $35.50.

Seacoast Banking Corporation of Florida Stock Performance

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The company's 50-day simple moving average is $33.27 and its 200-day simple moving average is $32.10. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of 22.80 and a beta of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. The business had revenue of $209.99 million for the quarter, compared to analysts' expectations of $209.84 million. On average, analysts expect that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is 48.41%.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In related news, Director Dennis S. Hudson III sold 4,000 shares of the firm's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $34.00, for a total transaction of $136,000.00. Following the transaction, the director directly owned 216,854 shares of the company's stock, valued at approximately $7,373,036. This trade represents a 1.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.50% of the company's stock.

Institutional Trading of Seacoast Banking Corporation of Florida

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Aster Capital Management DIFC Ltd bought a new stake in Seacoast Banking Corporation of Florida during the 4th quarter valued at about $26,000. Salomon & Ludwin LLC raised its position in shares of Seacoast Banking Corporation of Florida by 59.3% during the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 356 shares during the period. Measured Wealth Private Client Group LLC purchased a new position in Seacoast Banking Corporation of Florida in the 3rd quarter worth approximately $33,000. Advisory Services Network LLC bought a new position in Seacoast Banking Corporation of Florida during the third quarter valued at approximately $45,000. Finally, Kestra Advisory Services LLC bought a new stake in Seacoast Banking Corporation of Florida in the fourth quarter worth $50,000. 81.77% of the stock is currently owned by hedge funds and other institutional investors.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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