Seacoast Banking Co. of Florida (NASDAQ:SBCF) Price Target Cut to $29.00 by Analysts at Hovde Group

Seacoast Banking Co. of Florida (NASDAQ:SBCF) had its price target reduced by Hovde Group from $31.00 to $29.00 in a research report sent to investors on Monday morning, Marketbeat.com reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other research firms also recently commented on SBCF. Raymond James lifted their target price on Seacoast Banking Co. of Florida from $23.00 to $27.50 and gave the company an outperform rating in a research report on Tuesday, January 30th. Truist Financial cut their price objective on Seacoast Banking Co. of Florida from $28.00 to $27.00 and set a hold rating on the stock in a report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $25.90.

Seacoast Banking Co. of Florida Price Performance

NASDAQ:SBCF opened at $23.56 on Monday. Seacoast Banking Co. of Florida has a 52 week low of $17.93 and a 52 week high of $29.98. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $2.00 billion, a P/E ratio of 16.83 and a beta of 1.16. The stock’s fifty day moving average is $23.99 and its two-hundred day moving average is $24.45.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a $0.18 dividend. The ex-dividend date is Thursday, June 13th. This represents a $0.72 annualized dividend and a dividend yield of 3.06%. Seacoast Banking Co. of Florida’s dividend payout ratio is presently 51.43%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SBCF. GAMMA Investing LLC purchased a new position in shares of Seacoast Banking Co. of Florida in the 4th quarter valued at about $25,000. First Horizon Advisors Inc. boosted its stake in shares of Seacoast Banking Co. of Florida by 39.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,827 shares of the financial services provider’s stock valued at $40,000 after buying an additional 520 shares during the period. Good Life Advisors LLC purchased a new position in shares of Seacoast Banking Co. of Florida in the 4th quarter valued at about $205,000. Xcel Wealth Management LLC purchased a new position in shares of Seacoast Banking Co. of Florida in the 4th quarter valued at about $238,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in shares of Seacoast Banking Co. of Florida in the 3rd quarter valued at about $242,000. 81.77% of the stock is owned by institutional investors and hedge funds.

Seacoast Banking Co. of Florida Company Profile

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.