Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) had its price target hoisted by research analysts at Keefe, Bruyette & Woods from $36.00 to $38.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 12.00% from the stock’s previous close.

A number of other brokerages have also recently commented on SBCF. Weiss Ratings reiterated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Thursday, January 22nd. Piper Sandler reiterated a “neutral” rating and issued a $33.50 price target on shares of Seacoast Banking Corporation of Florida in a report on Monday, November 3rd. Zacks Research cut Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Raymond James Financial set a $33.00 target price on Seacoast Banking Corporation of Florida and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $31.90.

Seacoast Banking Corporation of Florida Stock Performance

Shares of NASDAQ SBCF traded up $0.49 during trading on Monday, reaching $33.93. 199,116 shares of the stock traded hands, compared to its average volume of 640,689. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.77 and a quick ratio of 0.77. Seacoast Banking Corporation of Florida has a 52-week low of $21.36 and a 52-week high of $35.46. The stock has a market capitalization of $3.32 billion, a P/E ratio of 21.23 and a beta of 0.93. The company has a 50-day moving average of $32.56 and a 200-day moving average of $30.96.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.07). The firm had revenue of $204.79 million during the quarter, compared to the consensus estimate of $201.25 million. Seacoast Banking Corporation of Florida had a net margin of 15.47% and a return on equity of 7.07%. The firm’s revenue for the quarter was up 53.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 earnings per share. Analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Insiders Place Their Bets

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 8,000 shares of the stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $31.13, for a total transaction of $249,040.00. Following the completion of the transaction, the director owned 251,275 shares of the company’s stock, valued at $7,822,190.75. This represents a 3.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.60% of the company’s stock.

Institutional Trading of Seacoast Banking Corporation of Florida

Several hedge funds have recently modified their holdings of the company. AlphaQuest LLC grew its stake in Seacoast Banking Corporation of Florida by 213.5% in the third quarter. AlphaQuest LLC now owns 44,789 shares of the financial services provider’s stock worth $1,363,000 after purchasing an additional 30,502 shares in the last quarter. Global Trust Asset Management LLC raised its holdings in shares of Seacoast Banking Corporation of Florida by 22,887.6% in the third quarter. Global Trust Asset Management LLC now owns 83,445 shares of the financial services provider’s stock valued at $2,539,000 after acquiring an additional 83,082 shares in the last quarter. Elizabeth Park Capital Advisors Ltd. purchased a new stake in Seacoast Banking Corporation of Florida in the second quarter worth about $1,684,000. Deprince Race & Zollo Inc. lifted its stake in Seacoast Banking Corporation of Florida by 7.2% in the third quarter. Deprince Race & Zollo Inc. now owns 2,148,243 shares of the financial services provider’s stock worth $65,371,000 after acquiring an additional 143,871 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Seacoast Banking Corporation of Florida by 33.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 534,877 shares of the financial services provider’s stock worth $14,773,000 after acquiring an additional 132,796 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.