Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Sees Significant Growth in Short Interest

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) was the target of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 4,135,669 shares, an increase of 18.0% from the February 26th total of 3,505,955 shares. Based on an average daily volume of 819,266 shares, the short-interest ratio is presently 5.0 days. Currently, 4.3% of the company’s shares are sold short.

Seacoast Banking Corporation of Florida Stock Performance

SBCF stock opened at $30.58 on Thursday. Seacoast Banking Corporation of Florida has a twelve month low of $21.36 and a twelve month high of $35.55. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of 19.11 and a beta of 0.91. The business’s fifty day simple moving average is $32.06 and its two-hundred day simple moving average is $31.62. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.35.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Thursday, January 29th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.07). The company had revenue of $204.80 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 earnings per share. Analysts predict that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, March 13th. Seacoast Banking Corporation of Florida’s payout ratio is currently 47.50%.

Insiders Place Their Bets

In other news, Director Maryann Goebel sold 3,419 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $34.23, for a total value of $117,032.37. Following the completion of the transaction, the director owned 6,000 shares in the company, valued at approximately $205,380. The trade was a 36.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dennis S. Hudson III sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $31.34, for a total value of $250,720.00. Following the transaction, the director directly owned 236,854 shares in the company, valued at approximately $7,423,004.36. This represents a 3.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 29,752 shares of company stock worth $976,846. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp raised its position in Seacoast Banking Corporation of Florida by 69.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 352 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Seacoast Banking Corporation of Florida in the fourth quarter valued at about $26,000. Salomon & Ludwin LLC lifted its stake in Seacoast Banking Corporation of Florida by 59.3% in the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 356 shares during the period. Measured Wealth Private Client Group LLC bought a new position in Seacoast Banking Corporation of Florida during the 3rd quarter worth about $33,000. Finally, Advisory Services Network LLC bought a new position in Seacoast Banking Corporation of Florida during the 3rd quarter worth about $45,000. Institutional investors own 81.77% of the company’s stock.

Analysts Set New Price Targets

SBCF has been the topic of several recent analyst reports. 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 Monday, March 23rd. Zacks Research downgraded shares of Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Seacoast Banking Corporation of Florida presently has an average rating of “Hold” and a consensus target price of $31.90.

About Seacoast Banking Corporation of Florida

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.