Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) reached a new 52-week high and low on Friday following a better than expected earnings announcement. The stock traded as low as $29.23 and last traded at $27.90, with a volume of 180778 shares changing hands. The stock had previously closed at $27.70.

The financial services provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. The business had revenue of $62.10 million during the quarter, compared to analyst estimates of $61.60 million. Seacoast Banking Co. of Florida had a net margin of 17.14% and a return on equity of 9.36%. The company’s quarterly revenue was up 29.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 EPS.

A number of equities research analysts have weighed in on SBCF shares. Zacks Investment Research upgraded shares of Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a research note on Wednesday, March 28th. ValuEngine raised shares of Seacoast Banking Co. of Florida from a “hold” rating to a “buy” rating in a research report on Saturday, April 21st. BidaskClub raised shares of Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a research report on Saturday, February 10th. Guggenheim reissued a “hold” rating and set a $28.00 price objective on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, January 31st. Finally, Sandler O’Neill set a $27.00 price objective on shares of Seacoast Banking Co. of Florida and gave the company a “hold” rating in a research report on Thursday, January 4th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $29.00.

In other news, Director Roger Goldman sold 6,407 shares of the business’s stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of $27.41, for a total transaction of $175,615.87. Following the completion of the sale, the director now owns 23,572 shares of the company’s stock, valued at approximately $646,108.52. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.00% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Segall Bryant & Hamill LLC grew its position in shares of Seacoast Banking Co. of Florida by 9.0% during the 4th quarter. Segall Bryant & Hamill LLC now owns 754,619 shares of the financial services provider’s stock valued at $19,024,000 after acquiring an additional 62,254 shares during the period. MetLife Investment Advisors LLC bought a new position in Seacoast Banking Co. of Florida in the 4th quarter worth $481,000. Millennium Management LLC boosted its holdings in Seacoast Banking Co. of Florida by 11.8% in the 4th quarter. Millennium Management LLC now owns 1,371,910 shares of the financial services provider’s stock worth $34,586,000 after buying an additional 144,637 shares during the period. 1492 Capital Management LLC boosted its holdings in Seacoast Banking Co. of Florida by 7.9% in the 4th quarter. 1492 Capital Management LLC now owns 126,945 shares of the financial services provider’s stock worth $3,200,000 after buying an additional 9,259 shares during the period. Finally, Teachers Advisors LLC boosted its holdings in Seacoast Banking Co. of Florida by 5.4% in the 4th quarter. Teachers Advisors LLC now owns 75,892 shares of the financial services provider’s stock worth $1,913,000 after buying an additional 3,910 shares during the period. 76.01% of the stock is owned by hedge funds and other institutional investors.

The firm has a market capitalization of $1,308.46, a price-to-earnings ratio of 21.76 and a beta of 0.65. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 0.41.

Seacoast Banking Co. of Florida Company Profile

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides financial services to business and retail customers in Florida. It offers commercial and retail banking, wealth management, and mortgage services; automated teller machines; online and mobile banking services; and brokerage and annuity services.

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