Seacoast Banking Co. of Florida (NASDAQ:SBCF) Shares Up 6.9% After Dividend Announcement

Posted by Defense World Staff on Jun 7th, 2023

Seacoast Banking Co. of Florida (NASDAQ:SBCF – Get Rating) shares were up 6.9% during trading on Tuesday after the company announced a dividend. The stock traded as high as $23.47 and last traded at $23.44. Approximately 89,856 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 865,036 shares. The stock had previously closed at $21.92.

The newly announced dividend which will be paid on Friday, June 30th. Shareholders 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 represents a $0.72 dividend on an annualized basis and a yield of 3.07%. This is a boost from Seacoast Banking Co. of Florida’s previous quarterly dividend of $0.17. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 48.32%.

Analysts Set New Price Targets

A number of research firms recently commented on SBCF. Truist Financial dropped their target price on shares of Seacoast Banking Co. of Florida from $29.00 to $26.00 in a research report on Monday, May 1st. StockNews.com began coverage on Seacoast Banking Co. of Florida in a report on Thursday, March 16th. They issued a “sell” rating for the company. Hovde Group upgraded Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating and set a $33.00 price target 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 for the company in a research note on Thursday, April 6th. Finally, TheStreet downgraded Seacoast Banking Co. of Florida from a “b-” rating to a “c+” rating in a report on Thursday, April 27th. One analyst has rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.80.

Seacoast Banking Co. of Florida Stock Up 7.0 %

The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of 15.74 and a beta of 1.08. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.24. The firm’s 50 day simple moving average is $21.58 and its 200-day simple moving average is $27.60.

Insider Transactions at Seacoast Banking Co. of Florida

In other news, Director Christopher E. Fogal acquired 2,385 shares of Seacoast Banking Co. of Florida stock in a transaction that occurred on Tuesday, May 2nd. The stock was purchased at an average price of $20.66 per share, for a total transaction of $49,274.10. Following the completion of the transaction, the director now directly owns 6,875 shares in the company, valued at $142,037.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Seacoast Banking Co. of Florida

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC boosted its holdings in Seacoast Banking Co. of Florida by 9.3% during the first quarter. ProShare Advisors LLC now owns 10,776 shares of the financial services provider’s stock worth $255,000 after buying an additional 915 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Seacoast Banking Co. of Florida by 32.7% in the 1st quarter. Ameriprise Financial Inc. now owns 677,145 shares of the financial services provider’s stock worth $16,048,000 after acquiring an additional 167,027 shares during the period. JPMorgan Chase & Co. raised its holdings in Seacoast Banking Co. of Florida by 51.3% during the first quarter. JPMorgan Chase & Co. now owns 361,323 shares of the financial services provider’s stock worth $8,563,000 after purchasing an additional 122,533 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Seacoast Banking Co. of Florida by 9.8% during the first quarter. Thrivent Financial for Lutherans now owns 1,744,094 shares of the financial services provider’s stock worth $41,335,000 after purchasing an additional 156,230 shares in the last quarter. Finally, Susquehanna International Group LLP acquired a new stake in Seacoast Banking Co. of Florida in the first quarter valued at $2,226,000. 86.92% of the stock is owned by institutional investors and hedge funds.

About Seacoast Banking Co. of Florida

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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.