Truist Financial Has Lowered Expectations for Seacoast Banking Co. of Florida (NASDAQ:SBCF) Stock Price

Seacoast Banking Co. of Florida (NASDAQ:SBCF) had its price objective trimmed by Truist Financial from $30.00 to $28.00 in a report issued on Monday, Benzinga reports. The firm currently has a hold rating on the financial services provider’s stock.

Several other analysts also recently commented on the stock. Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $29.00 to $31.00 in a report on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $28.70.

Seacoast Banking Co. of Florida Trading Down 2.3 %

Shares of Seacoast Banking Co. of Florida stock opened at $26.70 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16. Seacoast Banking Co. of Florida has a 12-month low of $19.90 and a 12-month high of $29.98. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of 19.35 and a beta of 1.07. The firm’s 50 day simple moving average is $26.82 and its two-hundred day simple moving average is $25.22.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. The business had revenue of $130.30 million for the quarter, compared to the consensus estimate of $129.20 million. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 EPS. Analysts predict that Seacoast Banking Co. of Florida will post 1.43 EPS for the current year.

Seacoast Banking Co. of Florida Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Friday, December 13th. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 52.17%.

Institutional Trading of Seacoast Banking Co. of Florida

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in Seacoast Banking Co. of Florida by 73.4% during the third quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 412 shares during the period. Innealta Capital LLC acquired a new position in Seacoast Banking Co. of Florida during the second quarter worth $55,000. Algert Global LLC acquired a new position in Seacoast Banking Co. of Florida during the second quarter worth $202,000. Janney Montgomery Scott LLC raised its position in Seacoast Banking Co. of Florida by 6.0% during the first quarter. Janney Montgomery Scott LLC now owns 8,127 shares of the financial services provider’s stock worth $206,000 after acquiring an additional 460 shares during the period. Finally, Xcel Wealth Management LLC acquired a new position in Seacoast Banking Co. of Florida during the third quarter worth $223,000. 81.77% of the stock is owned by hedge funds and other institutional investors.

Seacoast Banking Co. of Florida Company Profile

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.