Seacoast Banking Corporation of Florida (SBCF) Sees Large Decrease in Short Interest

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) saw a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 458,936 shares, a drop of 36.9% from the January 12th total of 727,213 shares. Based on an average trading volume of 206,229 shares, the short-interest ratio is currently 2.2 days. Approximately 1.1% of the shares of the company are sold short.

Seacoast Banking Corporation of Florida (NASDAQ SBCF) opened at $24.61 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.77. The stock has a market cap of $1,154.65, a PE ratio of 25.11 and a beta of 0.69. Seacoast Banking Corporation of Florida has a twelve month low of $20.58 and a twelve month high of $27.50.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.01. The business had revenue of $74.87 million during the quarter, compared to the consensus estimate of $67.93 million. Seacoast Banking Corporation of Florida had a net margin of 17.14% and a return on equity of 9.92%. The business’s revenue was up 58.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 EPS. analysts forecast that Seacoast Banking Corporation of Florida will post 1.77 earnings per share for the current fiscal year.

Several research firms have recently commented on SBCF. Hovde Group upgraded shares of Seacoast Banking Corporation of Florida from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $30.00 to $29.00 in a research note on Wednesday, February 7th. BidaskClub upgraded shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Saturday. Guggenheim restated a “hold” rating and issued a $28.00 target price on shares of Seacoast Banking Corporation of Florida in a research note on Wednesday, January 31st. B. Riley restated a “buy” rating and issued a $30.00 target price on shares of Seacoast Banking Corporation of Florida in a research note on Friday, January 26th. Finally, Zacks Investment Research upgraded shares of Seacoast Banking Corporation of Florida from a “hold” rating to a “buy” rating and set a $29.00 target price for the company in a research note on Saturday, December 30th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $29.00.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 0.4% in the 4th quarter. BlackRock Inc. now owns 3,372,798 shares of the financial services provider’s stock valued at $85,028,000 after purchasing an additional 14,076 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Seacoast Banking Corporation of Florida by 25.0% in the 4th quarter. Jennison Associates LLC now owns 2,002,000 shares of the financial services provider’s stock valued at $50,470,000 after purchasing an additional 400,045 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 6.7% in the 2nd quarter. Vanguard Group Inc. now owns 1,629,756 shares of the financial services provider’s stock valued at $39,277,000 after purchasing an additional 101,925 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Seacoast Banking Corporation of Florida by 2.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,355,098 shares of the financial services provider’s stock valued at $32,374,000 after purchasing an additional 33,161 shares in the last quarter. Finally, State Street Corp increased its holdings in Seacoast Banking Corporation of Florida by 26.0% during the 2nd quarter. State Street Corp now owns 1,212,356 shares of the financial services provider’s stock valued at $29,218,000 after acquiring an additional 250,322 shares in the last quarter. Institutional investors and hedge funds own 80.51% of the company’s stock.

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Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida is a bank holding company. The Company’s principal subsidiary is Seacoast National Bank, a national banking association (the Bank). The Company and its subsidiaries offer an array of deposit accounts and retail banking services, engage in consumer and commercial lending and provide a range of trust and asset management services, as well as securities and annuity products to its customers.

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