Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately positive: SBCF has a consensus “Moderate Buy” rating from five analysts, with three buys and two holds. The average 12-month price target is $35.50, compared with a recent price of $34.40.
• Quarterly results slightly exceeded expectations: Seacoast reported earnings of $0.61 per share versus the $0.60 consensus estimate, while revenue reached $209.99 million, narrowly above forecasts.
• The company announced a quarterly dividend: Shareholders will receive $0.19 per share, equivalent to an annualized $0.76 dividend and a 2.2% yield. Institutional investors own approximately 81.77% of SBCF.

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the five research firms that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $35.50.

SBCF has been the topic of several recent analyst reports. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. Finally, Piper Sandler upped their target price on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a research note on Thursday, July 30th.

Seacoast Banking Corporation of Florida Stock Up 1.2%

NASDAQ:SBCF opened at $34.40 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.78 and a quick ratio of 0.78. The firm's 50-day moving average price is $33.77 and its 200-day moving average price is $32.13. The company has a market capitalization of $3.33 billion, a PE ratio of 21.91 and a beta of 0.85. Seacoast Banking Corporation of Florida has a 1-year low of $28.58 and a 1-year high of $36.27.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. The company had revenue of $209.99 million during the quarter, compared to analysts' expectations of $209.84 million. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. On average, equities analysts predict that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. Seacoast Banking Corporation of Florida's payout ratio is 48.41%.

Insider Transactions at Seacoast Banking Corporation of Florida

In other news, Director Dennis S. Hudson III sold 8,000 shares of the firm's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total transaction of $251,280.00. Following the sale, the director owned 220,854 shares of the company's stock, valued at $6,937,024.14. This trade represents a 3.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Hedge funds and other institutional investors have recently modified their holdings of the company. Aster Capital Management DIFC Ltd bought a new position in Seacoast Banking Corporation of Florida in the fourth quarter valued at about $26,000. Nykredit A S purchased a new stake in shares of Seacoast Banking Corporation of Florida during the 2nd quarter valued at about $30,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at about $33,000. Advisory Services Network LLC bought a new position in shares of Seacoast Banking Corporation of Florida in the 3rd quarter worth approximately $45,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth approximately $50,000. 81.77% of the stock is owned by institutional investors.

Seacoast Banking Corporation of Florida Company Profile

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.

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