Keefe, Bruyette & Woods Increases Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Price Target to $38.00

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) had its price target upped by investment analysts at Keefe, Bruyette & Woods from $36.00 to $38.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 11.24% from the stock’s previous close.

SBCF has been the topic of several other reports. Piper Sandler reaffirmed a “neutral” rating and set a $33.50 target price on shares of Seacoast Banking Corporation of Florida in a report on Monday, November 3rd. 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. Raymond James Financial set a $33.00 price target on shares of Seacoast Banking Corporation of Florida and gave the company an “outperform” rating in a research report on Tuesday, October 7th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Seacoast Banking Corporation of Florida has a consensus rating of “Hold” and an average target price of $31.90.

Seacoast Banking Corporation of Florida Trading Up 2.3%

Shares of Seacoast Banking Corporation of Florida stock opened at $34.16 on Monday. The stock has a market cap of $3.34 billion, a PE ratio of 21.35 and a beta of 0.93. The firm has a fifty day moving average price of $32.66 and a 200 day moving average price of $31.02. Seacoast Banking Corporation of Florida has a 1 year low of $21.36 and a 1 year high of $35.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.77 and a quick ratio of 0.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.07). The company had revenue of $204.79 million for the quarter, compared to analyst estimates of $201.25 million. Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.Seacoast Banking Corporation of Florida’s revenue for the quarter was up 53.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.48 earnings per share. Equities research analysts predict that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In related news, Director Dennis S. Hudson III sold 8,000 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were sold at an average price of $31.13, for a total value of $249,040.00. Following the completion of the sale, the director owned 251,275 shares of the company’s stock, valued at approximately $7,822,190.75. This represents a 3.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its position in Seacoast Banking Corporation of Florida by 69.7% in the third 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. Salomon & Ludwin LLC grew its position in Seacoast Banking Corporation of Florida by 59.3% in the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 356 shares in the last quarter. Measured Wealth Private Client Group LLC purchased a new stake in Seacoast Banking Corporation of Florida during the third quarter worth about $33,000. Advisory Services Network LLC purchased a new stake in Seacoast Banking Corporation of Florida during the third quarter worth about $45,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of Seacoast Banking Corporation of Florida by 41.1% during the third quarter. Smartleaf Asset Management LLC now owns 1,642 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 478 shares in the last quarter. 81.77% of the stock is currently owned by institutional investors and hedge funds.

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.