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

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

SBCF has been the topic of several other reports. Truist Financial reduced their price target on Seacoast Banking Co. of Florida from $28.00 to $27.00 and set a hold rating on the stock in a research report on Monday, April 1st. Raymond James lifted their target price on Seacoast Banking Co. of Florida from $23.00 to $27.50 and gave the stock an outperform rating in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $26.13.

Seacoast Banking Co. of Florida Stock Up 1.9 %

NASDAQ:SBCF opened at $23.51 on Monday. Seacoast Banking Co. of Florida has a 12-month low of $17.93 and a 12-month high of $29.98. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $2.00 billion, a P/E ratio of 16.79 and a beta of 1.16. The stock’s fifty day simple moving average is $23.94 and its 200-day simple moving average is $24.46.

Seacoast Banking Co. of Florida Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC acquired a new stake in shares of Seacoast Banking Co. of Florida in the 4th quarter valued at about $25,000. First Horizon Advisors Inc. raised its stake in shares of Seacoast Banking Co. of Florida by 39.8% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,827 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 520 shares during the period. Good Life Advisors LLC acquired a new stake in shares of Seacoast Banking Co. of Florida in the fourth quarter valued at about $205,000. Janney Montgomery Scott LLC increased its position in shares of Seacoast Banking Co. of Florida by 6.0% in the first quarter. Janney Montgomery Scott LLC now owns 8,127 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 460 shares during the last quarter. Finally, Xcel Wealth Management LLC acquired a new stake in shares of Seacoast Banking Co. of Florida in the fourth quarter valued at about $238,000. 81.77% of the stock is currently owned by 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.