Seacoast Banking Co. of Florida (NASDAQ:SBCF) Hits New 1-Year Low on Analyst Downgrade

Posted by on May 3rd, 2023

Seacoast Banking Co. of Florida (NASDAQ:SBCF – Get Rating)’s share price hit a new 52-week low on Tuesday after Truist Financial lowered their price target on the stock from $29.00 to $26.00. The company traded as low as $20.08 and last traded at $20.14, with a volume of 62600 shares changing hands. The stock had previously closed at $20.76.

SBCF has been the topic of a number of other research reports. TheStreet cut Seacoast Banking Co. of Florida from a “b-” rating to a “c+” rating in a report on Thursday, April 27th. StockNews.com started coverage on Seacoast Banking Co. of Florida in a report on Thursday, March 16th. They issued a “sell” rating on the stock. Hovde Group upgraded Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating and set a $33.00 price objective on the stock in a research note on Friday, March 17th. Raymond James reduced their price objective on Seacoast Banking Co. of Florida from $35.00 to $26.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. Finally, Piper Sandler reduced their price objective on Seacoast Banking Co. of Florida from $29.00 to $25.00 in a research note on Monday. One equities research analyst has rated the stock with a sell rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $28.80.

Insiders Place Their Bets

In other news, CEO Charles M. Shaffer sold 4,697 shares of Seacoast Banking Co. of Florida stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $30.71, for a total transaction of $144,244.87. Following the sale, the chief executive officer now directly owns 60,891 shares of the company’s stock, valued at $1,869,962.61. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Charles M. Shaffer sold 4,697 shares of Seacoast Banking Co. of Florida stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $30.71, for a total transaction of $144,244.87. Following the sale, the chief executive officer now directly owns 60,891 shares of the company’s stock, valued at $1,869,962.61. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Juliette Kleffel sold 8,500 shares of the business’s stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $31.88, for a total value of $270,980.00. Following the completion of the sale, the executive vice president now directly owns 38,354 shares of the company’s stock, valued at $1,222,725.52. The disclosure for this sale can be found here. Insiders have sold a total of 21,275 shares of company stock worth $681,880 over the last quarter. 2.00% of the stock is owned by corporate insiders.

Institutional Trading of Seacoast Banking Co. of Florida

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cowa LLC bought a new stake in Seacoast Banking Co. of Florida in the third quarter valued at about $42,000. FMR LLC increased its holdings in Seacoast Banking Co. of Florida by 24.8% in the second quarter. FMR LLC now owns 1,659 shares of the financial services provider’s stock valued at $55,000 after buying an additional 330 shares during the last quarter. Fairfield Bush & CO. bought a new stake in Seacoast Banking Co. of Florida in the first quarter valued at about $60,000. Godsey & Gibb Inc. bought a new stake in Seacoast Banking Co. of Florida in the first quarter valued at about $47,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in Seacoast Banking Co. of Florida by 72.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,107 shares of the financial services provider’s stock valued at $63,000 after buying an additional 887 shares during the last quarter. 86.92% of the stock is owned by institutional investors.

Seacoast Banking Co. of Florida Stock Performance

The stock has a market capitalization of $1.67 billion, a P/E ratio of 13.23 and a beta of 1.08. The company has a fifty day moving average of $24.84 and a two-hundred day moving average of $29.50. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.81 and a quick ratio of 0.81.

Seacoast Banking Co. of Florida Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This is a positive change from Seacoast Banking Co. of Florida’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 3.65%. Seacoast Banking Co. of Florida’s dividend payout ratio is 45.64%.

Seacoast Banking Co. of Florida Company Profile

(Get Rating)

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.

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