Seacoast Banking Co. of Florida (NASDAQ:SBCF) Receives $29.88 Average Price Target from Brokerages

Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) have been assigned an average recommendation of “Moderate Buy” from the four analysts that are currently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $29.88.

A number of research analysts have weighed in on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $31.00 target price on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Hovde Group downgraded Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $29.00 to $31.00 in a report on Monday, July 29th. Finally, Truist Financial upped their target price on Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the stock a “hold” rating in a report on Monday, July 29th.

Seacoast Banking Co. of Florida Stock Performance

Shares of Seacoast Banking Co. of Florida stock opened at $26.90 on Monday. Seacoast Banking Co. of Florida has a 1 year low of $19.04 and a 1 year high of $29.98. The firm has a market cap of $2.28 billion, a PE ratio of 19.21 and a beta of 1.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.86 and a quick ratio of 0.86. The company has a 50 day simple moving average of $26.72 and a two-hundred day simple moving average of $25.09.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.34 by $0.02. Seacoast Banking Co. of Florida had a net margin of 14.84% and a return on equity of 5.58%. The company had revenue of $201.99 million for the quarter, compared to the consensus estimate of $126.00 million. During the same period in the previous year, the firm earned $0.37 earnings per share. Analysts expect that Seacoast Banking Co. of Florida will post 1.43 earnings per share for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.18 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.68%. Seacoast Banking Co. of Florida’s payout ratio is presently 51.43%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SBCF. Westwood Holdings Group Inc. grew its position in shares of Seacoast Banking Co. of Florida by 15.3% during the first quarter. Westwood Holdings Group Inc. now owns 3,121,900 shares of the financial services provider’s stock valued at $79,265,000 after purchasing an additional 414,037 shares in the last quarter. F M Investments LLC purchased a new position in shares of Seacoast Banking Co. of Florida during the second quarter valued at about $7,601,000. Vanguard Group Inc. grew its position in Seacoast Banking Co. of Florida by 4.2% in the first quarter. Vanguard Group Inc. now owns 6,285,087 shares of the financial services provider’s stock worth $159,578,000 after acquiring an additional 254,887 shares in the last quarter. William Blair Investment Management LLC grew its position in Seacoast Banking Co. of Florida by 24.0% in the first quarter. William Blair Investment Management LLC now owns 1,170,146 shares of the financial services provider’s stock worth $29,710,000 after acquiring an additional 226,132 shares in the last quarter. Finally, First Eagle Investment Management LLC grew its position in Seacoast Banking Co. of Florida by 19.9% in the second quarter. First Eagle Investment Management LLC now owns 628,351 shares of the financial services provider’s stock worth $14,854,000 after acquiring an additional 104,400 shares in the last quarter. Hedge funds and other institutional investors own 81.77% of the company’s stock.

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.