Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Sets New 1-Year High – Should You Buy?

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) reached a new 52-week high on Thursday . The stock traded as high as $33.66 and last traded at $33.78, with a volume of 152697 shares traded. The stock had previously closed at $32.81.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SBCF. Zacks Research cut shares of Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Wednesday, October 8th. Raymond James Financial set a $33.00 target price on shares of Seacoast Banking Corporation of Florida and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Keefe, Bruyette & Woods raised their price target on Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $33.50 price target on shares of Seacoast Banking Corporation of Florida in a research note on Monday, November 3rd. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $31.50.

Seacoast Banking Corporation of Florida Price Performance

The firm’s 50 day simple moving average is $31.83 and its two-hundred day simple moving average is $30.61. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market capitalization of $3.31 billion, a P/E ratio of 20.02 and a beta of 0.92.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Monday, October 27th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.47 by $0.05. The firm had revenue of $158.57 million for the quarter, compared to the consensus estimate of $154.84 million. Seacoast Banking Corporation of Florida had a return on equity of 7.16% and a net margin of 16.93%.The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 earnings per share. As a group, analysts predict that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Seacoast Banking Corporation of Florida Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a $0.19 dividend. The ex-dividend date was Monday, December 15th. This is an increase from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 2.2%. Seacoast Banking Corporation of Florida’s dividend payout ratio is presently 44.97%.

Insider Activity

In related news, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction on Monday, November 10th. The shares were sold at an average price of $31.13, for a total value of $249,040.00. Following the transaction, the director directly owned 251,275 shares of the company’s stock, valued at $7,822,190.75. The trade was a 3.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Large investors have recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. raised its stake in shares of Seacoast Banking Corporation of Florida by 3.9% during the third quarter. Envestnet Portfolio Solutions Inc. now owns 9,274 shares of the financial services provider’s stock valued at $282,000 after acquiring an additional 344 shares during the last quarter. Jones Financial Companies Lllp increased its holdings 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 during the period. GAMMA Investing LLC raised its position in Seacoast Banking Corporation of Florida by 21.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,036 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 366 shares during the last quarter. Truist Financial Corp lifted its holdings in Seacoast Banking Corporation of Florida by 2.2% in the 2nd quarter. Truist Financial Corp now owns 17,208 shares of the financial services provider’s stock worth $475,000 after buying an additional 373 shares during the period. Finally, Assetmark Inc. grew its position in shares of Seacoast Banking Corporation of Florida by 24.0% in the 2nd quarter. Assetmark Inc. now owns 1,940 shares of the financial services provider’s stock worth $54,000 after buying an additional 375 shares during the last quarter. Institutional investors own 81.77% of the company’s stock.

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.