Short Interest in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Grows By 18.0%
by Michael Walen · The Markets DailySeacoast Banking Corporation of Florida (NASDAQ:SBCF – Get Free Report) saw a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 4,135,669 shares, a growth of 18.0% from the February 26th total of 3,505,955 shares. Approximately 4.3% of the company’s stock are sold short. Based on an average daily volume of 819,266 shares, the short-interest ratio is currently 5.0 days.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on SBCF shares. Zacks Research lowered Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Keefe, Bruyette & Woods boosted their target price on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, February 2nd. Finally, Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, March 23rd. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $31.90.
Check Out Our Latest Stock Report on Seacoast Banking Corporation of Florida
Seacoast Banking Corporation of Florida Stock Performance
SBCF traded up $0.84 during trading on Tuesday, hitting $30.29. The stock had a trading volume of 358,934 shares, compared to its average volume of 757,491. The firm has a market capitalization of $2.97 billion, a P/E ratio of 18.94 and a beta of 0.92. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 0.77. Seacoast Banking Corporation of Florida has a twelve month low of $21.36 and a twelve month high of $35.55. The company’s 50-day moving average price is $32.20 and its 200 day moving average price is $31.63.
Seacoast Banking Corporation of Florida (NASDAQ:SBCF – Get Free Report) last released its earnings results on Thursday, January 29th. The financial services provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.07). The firm had revenue of $204.80 million during the quarter, compared to analyst estimates of $201.25 million. Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.The firm’s revenue was up 53.0% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. On average, equities research analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.
Seacoast Banking Corporation of Florida Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Friday, March 13th. Seacoast Banking Corporation of Florida’s payout ratio is currently 47.50%.
Insider Activity at Seacoast Banking Corporation of Florida
In other news, EVP Joseph M. Forlenza sold 12,635 shares of the business’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $32.90, for a total transaction of $415,691.50. Following the completion of the sale, the executive vice president owned 42,392 shares in the company, valued at approximately $1,394,696.80. The trade was a 22.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dennis S. Hudson III sold 8,000 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $31.34, for a total transaction of $250,720.00. Following the completion of the transaction, the director owned 236,854 shares of the company’s stock, valued at approximately $7,423,004.36. The trade was a 3.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,752 shares of company stock valued at $976,846 in the last quarter. Company insiders own 1.60% of the company’s stock.
Hedge Funds Weigh In On Seacoast Banking Corporation of Florida
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. World Investment Advisors lifted its holdings in shares of Seacoast Banking Corporation of Florida by 3.6% in the 4th quarter. World Investment Advisors now owns 9,036 shares of the financial services provider’s stock valued at $274,000 after buying an additional 316 shares during the period. CWM LLC grew its holdings in Seacoast Banking Corporation of Florida by 3.0% during the fourth quarter. CWM LLC now owns 11,083 shares of the financial services provider’s stock worth $348,000 after acquiring an additional 320 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in Seacoast Banking Corporation of Florida by 3.9% in the third quarter. Envestnet Portfolio Solutions Inc. now owns 9,274 shares of the financial services provider’s stock worth $282,000 after acquiring an additional 344 shares in the last quarter. Jones Financial Companies Lllp raised its position in Seacoast Banking Corporation of Florida by 69.7% in the third quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 352 shares in the last quarter. Finally, Salomon & Ludwin LLC lifted its holdings in Seacoast Banking Corporation of Florida by 59.3% in the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 356 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.
About Seacoast Banking Corporation of Florida
Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.
In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.