Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Hits New 52-Week High – Time to Buy?

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $35.64 and last traded at $35.50, with a volume of 379937 shares. The stock had previously closed at $34.91.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Weiss Ratings raised Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. Piper Sandler upped their target price on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a report on Thursday, July 30th. Finally, Wall Street Zen raised Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $35.50.

Seacoast Banking Corporation of Florida Price Performance

The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $3.36 billion, a P/E ratio of 21.99 and a beta of 0.85. The firm’s fifty day moving average is $32.42 and its two-hundred day moving average is $32.01.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%.The firm had revenue of $209.99 million during the quarter, compared to analyst estimates of $209.84 million. As a group, analysts anticipate that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.19 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.76 annualized dividend and a yield of 2.2%. Seacoast Banking Corporation of Florida’s payout ratio is presently 48.41%.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total value of $251,280.00. Following the completion of the transaction, the director directly owned 220,854 shares of the company’s stock, valued at $6,937,024.14. This trade represents a 3.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is currently owned by insiders.

Institutional Trading of Seacoast Banking Corporation of Florida

Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new stake in Seacoast Banking Corporation of Florida in the 2nd quarter valued at $23,407,000. Allied Private Wealth LLC acquired a new stake in Seacoast Banking Corporation of Florida in the 2nd quarter valued at about $118,000. Versant Capital Management Inc grew its position in shares of Seacoast Banking Corporation of Florida by 203.9% in the second quarter. Versant Capital Management Inc now owns 1,772 shares of the financial services provider’s stock valued at $59,000 after purchasing an additional 1,189 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Seacoast Banking Corporation of Florida by 97.4% in the first quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider’s stock valued at $14,056,000 after purchasing an additional 228,935 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Seacoast Banking Corporation of Florida by 21.1% during the first quarter. Janus Henderson Group PLC now owns 47,603 shares of the financial services provider’s stock worth $1,442,000 after buying an additional 8,300 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.

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.