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

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $35.68 and last traded at $35.46, with a volume of 133986 shares trading hands. The stock had previously closed at $35.37.

Analyst Ratings Changes

SBCF has been the topic of a number of research reports. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. Finally, Piper Sandler boosted their price target on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Seacoast Banking Corporation of Florida currently has a consensus rating of “Moderate Buy” and an average target price of $35.50.

Seacoast Banking Corporation of Florida Stock Up 0.6%

The company’s fifty day simple moving average is $32.80 and its 200-day simple moving average is $32.04. The firm has a market capitalization of $3.45 billion, a PE ratio of 22.67 and a beta of 0.85. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.78 and a quick ratio of 0.78.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%.The firm had revenue of $209.99 million during the quarter, compared to analysts’ expectations of $209.84 million. On average, analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

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

Insiders Place Their Bets

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total transaction of $136,000.00. Following the transaction, the director owned 216,854 shares in the company, valued at approximately $7,373,036. This represents a 1.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

A number of large investors have recently made changes to their positions in SBCF. William Blair Investment Management LLC increased its holdings in Seacoast Banking Corporation of Florida by 4.9% in the fourth quarter. William Blair Investment Management LLC now owns 1,282,535 shares of the financial services provider’s stock valued at $40,297,000 after buying an additional 59,780 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Seacoast Banking Corporation of Florida by 11.1% during the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider’s stock worth $222,732,000 after acquiring an additional 705,554 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Seacoast Banking Corporation of Florida by 2,562.9% during the 1st quarter. Fifth Third Bancorp now owns 74,348 shares of the financial services provider’s stock valued at $2,252,000 after acquiring an additional 71,556 shares during the period. Louisiana State Employees Retirement System acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 1st quarter valued at about $1,302,000. Finally, Legato Capital Management LLC increased its stake in shares of Seacoast Banking Corporation of Florida by 159.6% in the 4th quarter. Legato Capital Management LLC now owns 65,599 shares of the financial services provider’s stock valued at $2,061,000 after purchasing an additional 40,334 shares in the last quarter. 81.77% of the stock is 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.