The stock of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) is now priced at $19.83 and the shares are 1.07 points up or 5.7% higher compared to its previous closing price of $18.76. The stock had 564789 contracts set over the past session. SBCF shares’ daily volume is compared to its average trading volume at 286423 shares. However, it has a float of 51420000 and although it’s -4.69% over the week, it’s one to watch. Analysts have given the SBCF stock a yearly average price target of $23.33 per share. It means the stock’s upside potential is 17.65% with the SBCF share price recently placing at $18.97 to $20.01. However, some brokerage firms have priced the stock below the average, including one that has called $22.
The shorts are running away from the Seacoast Banking Corporation of Florida stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the SBCF shares have declined. Short interest in the stock represents just 2.52% of its float, but the volume has dropped by -155915. The volume of shorted shares dropped to 1298236 from 1454151 shares over the last two weeks. The average intraday trading volume has been 251909 shares, which means that days to cover moved to roughly 5.153591.
In the last trading session, Seacoast Banking Corporation of Florida (NASDAQ:SBCF) dropped by -$0.98 over the week and lost -$1.85 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $31.42. The stock recorded its established 52-week high on 12/23/19.
Since 03/23/20, the stock has traded to a low of $13.3 at -36.89%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.3. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Seacoast Banking Corporation of Florida’s two-week RSI is 43.81. This suggests that the stock is neutral at the moment and that SBCF shares’ price movement remains stable. The stochastic readings are equally revealing at 12.71% meaning the SBCF share price is currently in overbought territory.
The technical chart shows that the SBCF stock will likely settle at between $20.24 and $20.64 per share. However, if the stock dips below $19.2, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $18.56.
Currently, the stock is trading in the red of MACD, with a reading of -0.59. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at B. Riley FBR raised their recommendation for SBCF from Neutral to Buy in January 09 review while maintaing their target price of $30. B. Riley FBR analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $29 to $30 in a flash note released to investors on October 28. Hovde Group seeing the stock struggling downgraded it from Market Perform to Underperform on March 04 placing it at $28 to $27.50.
The average rating for the SBCF equity is 2.71 and is currently gathering a bullish momentum. Of 7 analysts tracking Seacoast Banking Corporation of Florida polled by Reuters, 5 rated SBCF as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SBCF stock price is 13.03X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 13.5 above the group’s average of 10.5. Seacoast Banking Corporation of Florida has its P/E ratio at 1.1, which means that the stock is currently trading at a premium relative to the 0.8 industry average.