BlackRock Fund Advisors recently announced the acquisition of new stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF). The institutional investor has increased its shareholding in the Financial company by 0.47% to 9.12 million shares with purchase of 42877.0 shares. This fresh investment now brings its stake to 10.79% valued currently at $278.37 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.41 million to 4.97 million shares. And Capital Research & Management Co has lifted its position by 4.02% or 0.17 million shares – to 4.32 million shares.
With over 2.04 million Seacoast Banking Corporation of Florida (SBCF) shares trading Tuesday and a closing price of $24.54 on the day, the dollar volume was approximately $50.01 million. The shares have shown a negative half year performance of -24.26% and its price on 03/14/23 gained nearly 15.16%. Currently, there are 70.85M common shares owned by the public and among those 60.66M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for SBCF have a consensus price objective of $35.54. The analysts have set the share’s price value over the next 12 months at a high of $37.00 and a low of $34.00. The average price target is 30.95% above its recent price level and an upside to the estimated low will see the stock gain 27.82% over that period. But an upside of 33.68% will see the stock hit the forecast high price target while median target price for the stock is $35.50.
Insiders at the company have transacted a total of 43 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 25 of these insider trades were purchases, accounting for 52,168 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 19,974 shares.
The top 3 mutual fund holders in Seacoast Banking Corporation of Florida are American Funds Small Cap World Fu, iShares Core S&P Small Cap ETF, and Vanguard Total Stock Market Index. American Funds Small Cap World Fu owns 4.32 million shares of the company’s stock, all valued at over $131.92 million. The company bought an additional 0.17 million shares recently to bring their total holdings to about 5.12% of the shares outstanding. Vanguard Total Stock Market Index bought 84045.0 shares to bring its total holdings to over 2.45 million shares at a value of $74.76 million. Vanguard Total Stock Market Index now owns shares totaling to 2.90% of the shares outstanding.
Shares of Seacoast Banking Corporation of Florida (NASDAQ: SBCF) opened at $24.00, up $2.69 from a prior closing price of $21.31. However, the script later moved the day high at 26.59, up 15.16%. The company’s stock has a 5-day price change of -13.68% and -25.21% over the past three months. SBCF shares are trading -21.32% year to date (YTD), with the 12-month market performance down to -29.77% lower. It has a 12-month low price of $20.66 and touched a high of $36.92 over the same period. SBCF has an average intraday trading volume of 762.87K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -17.70%, -21.45%, and -24.15% respectively.
Institutional ownership of Seacoast Banking Corporation of Florida (NASDAQ: SBCF) shares accounts for 91.10% of the company’s 70.85M shares outstanding. Mutual fund holders own 34.34%, while other institutional holders and individual stakeholders account for 44.37% and 10.98% respectively.
It has a market capitalization of $2.10B and a beta (3y monthly) value of 1.13. The stock’s trailing 12-month PE ratio is 14.70, while the earnings-per-share (ttm) stands at $1.67. The company has a PEG of 1.63 and the debt-to-equity ratio at 0.05. Price movements for the stock have been influenced by the stock’s volatility, which stands at 10.19% over the week and 5.01% over the month.
Analysts forecast that Seacoast Banking Corporation of Florida (SBCF) will achieve an EPS of $0.42 for the current quarter, $0.65 for the next quarter and $2.69 for 2024. The lowest estimate earnings-per-share for the quarter is $0.03 while analysts give the company a high EPS estimate of $0.68. Comparatively, EPS for the current quarter was $0.33 a year ago. Earnings per share for the fiscal year are expected to decrease by -23.90%, and 10.78% over the next financial year. EPS should grow at an annualized rate of 9.00% over the next five years, compared to 6.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Seacoast Banking Corporation of Florida (SBCF) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 4 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the SBCF, a number of firms have released research notes about the stock. B. Riley Securities stated their Neutral rating for the stock in a research note on October 06, 2021, with the firm’s price target at $36. B. Riley FBR coverage for the Seacoast Banking Corporation of Florida (SBCF) stock in a research note released on July 02, 2020 offered a Buy rating with a price target of $25. B. Riley FBR was of a view on January 09, 2020 that the stock is Buy, while B. Riley FBR gave the stock Neutral rating on October 28, 2019, issuing a price target of $29- $30. Hovde Group on their part issued Underperform rating on March 04, 2019.
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