Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock

Seacoast Banking Corporation of Florida (NASDAQ:SBCF – Get Free Report) had its price objective raised by investment analysts at Keefe, Bruyette & Woods from $37.00 to $38.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods‘s price objective would indicate a potential upside of 13.30% from the stock’s current price.

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

Read Our Latest Research Report on Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida Trading Down 0.2%

Shares of NASDAQ:SBCF traded down $0.06 during trading on Thursday, reaching $33.54. The stock had a trading volume of 535,604 shares, compared to its average volume of 908,820. The firm’s fifty day moving average is $33.14 and its 200 day moving average is $32.52. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.81 and a current ratio of 0.81. Seacoast Banking Corporation of Florida has a 52 week low of $28.69 and a 52 week high of $36.27. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 19.73 and a beta of 0.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF – Get Free Report) last announced its earnings results on Tuesday, October 27th. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.01. The business had revenue of $217.50 million during the quarter, compared to the consensus estimate 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, equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.53 EPS for the current fiscal year.

Insider Activity at Seacoast Banking Corporation of Florida

In other news, EVP Juliette Kleffel sold 14,831 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $34.31, for a total transaction of $508,851.61. Following the completion of the sale, the executive vice president owned 78,321 shares in the company, valued at $2,687,193.51. The trade was a 15.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Dennis S. Hudson III sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total value of $409,800.00. Following the transaction, the director directly owned 206,869 shares in the company, valued at $7,064,576.35. The trade was 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. 1.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

A number of large investors have recently modified their holdings of the company. Russell Investments Group Ltd. raised its holdings in Seacoast Banking Corporation of Florida by 4.0% during the third quarter. Russell Investments Group Ltd. now owns 371,084 shares of the financial services provider’s stock worth $11,812,000 after buying an additional 14,397 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Seacoast Banking Corporation of Florida in the 3rd quarter worth about $26,000. Fifth Third Bancorp lifted its position in Seacoast Banking Corporation of Florida by 21.2% in the 3rd quarter. Fifth Third Bancorp now owns 130,600 shares of the financial services provider’s stock valued at $4,157,000 after acquiring an additional 22,847 shares in the last quarter. Maryland State Retirement & Pension System lifted its position in Seacoast Banking Corporation of Florida by 51.7% in the 3rd quarter. Maryland State Retirement & Pension System now owns 21,224 shares of the financial services provider’s stock valued at $676,000 after acquiring an additional 7,229 shares in the last quarter. Finally, Heritage Family Offices LLP bought a new position in Seacoast Banking Corporation of Florida in the 3rd quarter valued at about $67,000. 81.77% of the stock is currently owned by institutional investors.

About Seacoast Banking Corporation of Florida

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

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