Seacoast Banking Co. of Florida (NASDAQ:SBCF) Rating Lowered to Market Perform at Hovde Group

Hovde Group downgraded shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) from an outperform rating to a market perform rating in a report released on Monday morning, Marketbeat reports. The brokerage currently has $31.00 price objective on the financial services provider’s stock, up from their previous price objective of $29.00.

Several other analysts have also recently issued reports on SBCF. Truist Financial decreased their target price on shares of Seacoast Banking Co. of Florida from $25.00 to $24.00 and set a hold rating on the stock in a research report on Monday, July 8th. Keefe, Bruyette & Woods raised shares of Seacoast Banking Co. of Florida from a market perform rating to an outperform rating and increased their price objective for the stock from $26.00 to $27.00 in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $28.50.

Seacoast Banking Co. of Florida Stock Down 4.5 %

SBCF opened at $26.60 on Monday. The firm has a 50-day simple moving average of $24.36 and a two-hundred day simple moving average of $24.38. Seacoast Banking Co. of Florida has a 52 week low of $19.04 and a 52 week high of $29.98. The company has a market capitalization of $2.26 billion, a PE ratio of 19.13 and a beta of 1.10. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.13.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. The firm had revenue of $201.99 million for the quarter, compared to analysts’ expectations of $126.00 million. Seacoast Banking Co. of Florida had a net margin of 14.84% and a return on equity of 5.58%. During the same period in the prior year, the company earned $0.37 EPS. Analysts forecast that Seacoast Banking Co. of Florida will post 1.43 earnings per share for the current fiscal year.

Seacoast Banking Co. of Florida Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 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 2.71%. The ex-dividend date of this dividend is Friday, September 13th. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 51.43%.

Insider Transactions at Seacoast Banking Co. of Florida

In other news, EVP James C. Stallings III sold 3,855 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $24.44, for a total transaction of $94,216.20. Following the transaction, the executive vice president now directly owns 3,961 shares of the company’s stock, valued at $96,806.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP James C. Stallings III sold 3,855 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $24.44, for a total transaction of $94,216.20. Following the transaction, the executive vice president now directly owns 3,961 shares of the company’s stock, valued at $96,806.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Dennis S. Hudson III sold 16,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $27.00, for a total transaction of $432,000.00. Following the transaction, the director now directly owns 234,312 shares in the company, valued at $6,326,424. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Seacoast Banking Co. of Florida

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Seacoast Banking Co. of Florida by 4.2% during the first quarter. Vanguard Group Inc. now owns 6,285,087 shares of the financial services provider’s stock valued at $159,578,000 after purchasing an additional 254,887 shares in the last quarter. Westwood Holdings Group Inc. boosted its stake in shares of Seacoast Banking Co. of Florida by 15.3% during the first quarter. Westwood Holdings Group Inc. now owns 3,121,900 shares of the financial services provider’s stock valued at $79,265,000 after purchasing an additional 414,037 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Seacoast Banking Co. of Florida by 11.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,980,072 shares of the financial services provider’s stock valued at $84,814,000 after purchasing an additional 310,499 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Seacoast Banking Co. of Florida by 20.6% during the fourth quarter. Franklin Resources Inc. now owns 2,047,145 shares of the financial services provider’s stock valued at $58,262,000 after purchasing an additional 349,147 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its stake in shares of Seacoast Banking Co. of Florida by 24.0% during the first quarter. William Blair Investment Management LLC now owns 1,170,146 shares of the financial services provider’s stock valued at $29,710,000 after purchasing an additional 226,132 shares in the last quarter. 81.77% of the stock is currently owned by institutional investors.

About Seacoast Banking Co. of Florida

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.