Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Price Target Raised to $38.00

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) had its target price hoisted by analysts at Keefe, Bruyette & Woods from $37.00 to $38.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods‘s price objective would suggest a potential upside of 13.26% from the company’s previous close.

A number of other analysts have also commented on the company. Raymond James Financial restated an “outperform” rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, October 29th. Piper Sandler increased their price objective on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, September 25th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.50.

Seacoast Banking Corporation of Florida Stock Down 2.1%

Shares of NASDAQ:SBCF traded down $0.72 during midday trading on Thursday, reaching $33.55. 341,282 shares of the company were exchanged, compared to its average volume of 854,716. Seacoast Banking Corporation of Florida has a fifty-two week low of $28.69 and a fifty-two week high of $36.27. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.42. The stock has a fifty day simple moving average of $33.17 and a two-hundred day simple moving average of $32.52. The firm has a market cap of $3.25 billion, a PE ratio of 19.78 and a beta of 0.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.65 by $0.01. The business had revenue of $217.50 million for the quarter, compared to analysts’ expectations of $216.32 million. Seacoast Banking Corporation of Florida had a net margin of 16.27% and a return on equity of 9.49%. As a group, sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 2.53 earnings per share for the current year.

Insider Activity

In other Seacoast Banking Corporation of Florida news, EVP Juliette Kleffel sold 14,831 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $34.31, for a total transaction of $508,851.61. Following the sale, the executive vice president directly owned 78,321 shares of the company’s stock, valued at $2,687,193.51. The trade was a 15.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Dennis Hudson, III sold 12,000 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total transaction of $409,800.00. Following the transaction, the director owned 206,869 shares of the company’s stock, valued at approximately $7,064,576.35. This represents a 5.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.50% of the company’s stock.

Institutional Trading of Seacoast Banking Corporation of Florida

Institutional investors and hedge funds have recently bought and sold shares of the stock. Nykredit A S acquired a new position in Seacoast Banking Corporation of Florida during the second quarter valued at approximately $30,000. Cornerstone National Bank & Trust Co bought a new position in Seacoast Banking Corporation of Florida in the third quarter valued at approximately $32,000. Versant Capital Management Inc increased its position in shares of Seacoast Banking Corporation of Florida by 203.9% during the 2nd quarter. Versant Capital Management Inc now owns 1,772 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 1,189 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in shares of Seacoast Banking Corporation of Florida by 244.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,069 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,468 shares during the last quarter. Finally, Heritage Family Offices LLP acquired a new position in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth approximately $67,000. Institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida is a bank holding company headquartered in Stuart, Florida. It operates primarily through Seacoast National Bank, which provides banking and financial services to individuals, businesses and institutions across Florida.

The company offers checking and savings accounts, certificates of deposit, commercial and residential real estate loans, consumer lending, business financing, treasury management and other deposit services. Through affiliated operations, Seacoast also provides wealth management, investment advisory and mortgage-related services.

Seacoast National Bank traces its roots to 1926 and has expanded its presence throughout Florida, including the Treasure Coast, Central Florida and South Florida.