Seacoast Banking Co. of Florida (NASDAQ:SBCF) Reaches New 12-Month High – Time to Buy?

Seacoast Banking Co. of Florida (NASDAQ:SBCF) shares reached a new 52-week high on Monday . The company traded as high as $31.60 and last traded at $31.60, with a volume of 41969 shares. The stock had previously closed at $30.57.

Wall Street Analyst Weigh In

SBCF has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $31.00 target price on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Truist Financial decreased their target price on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Hovde Group lowered 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, Stephens upped their target price on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Monday, October 28th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $28.70.

Seacoast Banking Co. of Florida Stock Up 2.4 %

The firm has a market cap of $2.67 billion, a P/E ratio of 22.71 and a beta of 1.07. The stock’s 50 day simple moving average is $27.55 and its two-hundred day simple moving average is $25.91. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.36 EPS for the quarter, hitting analysts’ consensus estimates of $0.36. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. The company had revenue of $130.30 million for the quarter, compared to the consensus estimate of $129.20 million. During the same period in the previous year, the business earned $0.37 earnings per share. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, research analysts forecast that Seacoast Banking Co. of Florida will post 1.41 earnings per share for the current year.

Seacoast Banking Co. of Florida Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Friday, December 13th. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 52.17%.

Insiders Place Their Bets

In other news, CEO Charles M. Shaffer sold 21,255 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $30.36, for a total value of $645,301.80. Following the completion of the sale, the chief executive officer now directly owns 126,232 shares of the company’s stock, valued at $3,832,403.52. This trade represents a 14.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its holdings in shares of Seacoast Banking Co. of Florida by 73.4% in the 3rd quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 412 shares in the last quarter. Innealta Capital LLC acquired a new stake in Seacoast Banking Co. of Florida in the second quarter valued at approximately $55,000. KBC Group NV lifted its stake in Seacoast Banking Co. of Florida by 30.0% in the third quarter. KBC Group NV now owns 3,326 shares of the financial services provider’s stock valued at $89,000 after acquiring an additional 768 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Seacoast Banking Co. of Florida in the third quarter worth $121,000. Finally, FMR LLC lifted its stake in shares of Seacoast Banking Co. of Florida by 57.3% in the third quarter. FMR LLC now owns 5,382 shares of the financial services provider’s stock worth $143,000 after buying an additional 1,960 shares during the last quarter. 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.