Seacoast Banking Co. of Florida (NASDAQ:SBCF) Price Target Lowered to $29.00 at Hovde Group

Seacoast Banking Co. of Florida (NASDAQ:SBCF) had its target price decreased by Hovde Group from $31.00 to $29.00 in a report published on Monday, Marketbeat.com reports. Hovde Group currently has an outperform rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the company. Raymond James lifted their price objective on Seacoast Banking Co. of Florida from $23.00 to $27.50 and gave the company an outperform rating in a research note on Tuesday, January 30th. Truist Financial reduced their price objective on Seacoast Banking Co. of Florida from $28.00 to $27.00 and set a hold rating on the stock in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $25.90.

Seacoast Banking Co. of Florida Stock Up 0.8 %

Shares of NASDAQ:SBCF opened at $23.56 on Monday. The stock’s 50-day moving average price is $23.99 and its two-hundred day moving average price is $24.45. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.10. Seacoast Banking Co. of Florida has a 12-month low of $17.93 and a 12-month high of $29.98. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 16.83 and a beta of 1.16.

Seacoast Banking Co. of Florida Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.72 annualized dividend and a dividend yield of 3.06%. Seacoast Banking Co. of Florida’s payout ratio is currently 51.43%.

Institutional Investors Weigh In On Seacoast Banking Co. of Florida

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Seacoast Banking Co. of Florida by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 6,030,200 shares of the financial services provider’s stock valued at $171,619,000 after buying an additional 206,002 shares during the period. Wellington Management Group LLP raised its holdings in shares of Seacoast Banking Co. of Florida by 31.7% during the 3rd quarter. Wellington Management Group LLP now owns 4,597,739 shares of the financial services provider’s stock valued at $100,966,000 after buying an additional 1,106,724 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Seacoast Banking Co. of Florida by 11.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,980,072 shares of the financial services provider’s stock valued at $84,814,000 after buying an additional 310,499 shares during the period. Franklin Resources Inc. raised its holdings in shares of Seacoast Banking Co. of Florida by 20.6% during the 4th quarter. Franklin Resources Inc. now owns 2,047,145 shares of the financial services provider’s stock valued at $58,262,000 after buying an additional 349,147 shares during the period. Finally, abrdn plc raised its holdings in shares of Seacoast Banking Co. of Florida by 40.7% during the 3rd quarter. abrdn plc now owns 1,212,652 shares of the financial services provider’s stock valued at $26,630,000 after buying an additional 350,726 shares during the period. 81.77% of the stock is currently owned by hedge funds and other 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.