Seacoast Banking Corp. of Florida (NASDAQ: SBCF) shares rose on Wednesday Nov 30 with lower trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile, the Dow Jones Industrial Average hit an intraday record after opening higher Wednesday, led by the energy sector as hopes rose that the world’s major oil producers are near a deal on limiting output.
The benchmark S&P 500 and Dow were on track to post their largest monthly gains since March.
The S&P 500 SPX, +0.22% gained 5 points, or 0.2%, to 2,209. The Dow Jones Industrial Average DJIA, +0.41% added 62 points, or 0.3%, to 19,184, trading in record territory. The Nasdaq Composite COMP, -0.08% was 7 points, or 0.1%, higher at 5,386.
Analysts at Citigroup Inc. initiated coverage on Seacoast Banking Corp. of Florida (NASDAQ: SBCF) stock, starting the company at Outperform. With a rating of Outperform on the stock, the company has a 52-week high of $20.66. A number of other analysts have spoken on the company in recent days, and the company has secured a consensus one-year price target of $19.21, less than the opening price of $20.00. Price changes targets are not unusual as analysts and brokerage firms will re periodic updates after beginning or initiating coverage.
Shares of Seacoast Banking Corp. of Florida (NASDAQ: SBCF) opened at $20.00 on Tuesday trading between $20.00 and $20.66, and last traded at $20.46, which is a jump of $0.47 or 2.33% from the previous closing price.
Seacoast Banking Corp. of Florida (NASDAQ: SBCF) now has a market cap of 768.06M.
Seacoast Banking Corp. of Florida (NASDAQ: SBCF) Average Daily Trading Volume
143,125 shares traded hands yesterday, below the norm, out of a total float 26,931,000. Momentum traders often use increases in trading volume to pinpoint large volume accumulation or dissemination by institutional investors, so trading volume is likely to increase in the next few days.
While higher trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a series of days or weeks delivers a positive cue to market traders that institutions may be moving in, so institutional sponsorship is critical.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain substantial teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are considering.
Seacoast Banking Corp. of Florida (NASDAQ: SBCF) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, Seacoast Banking Corp. of Florida (NASDAQ: SBCF) now has a 50-day MA of $17.68 and 200-day MA of $16.73. It has traded in a 52-week range between $13.40 – 20.660 and today’s last price is 0.99%% lower than the 52 week high of $20.66.
Indeed, earnings growth is among the most important things to look at in regards to stock investing and, accordingly, investors identify companies that have raised their earnings at least 25% or more for 3 consecutive years.
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