Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts give SBCF a “Moderate Buy” consensus: Three of five covering firms rate the stock a buy, while two recommend holding it. The average 12-month price target is $35.50.
• Seacoast exceeded quarterly expectations, reporting $0.61 in EPS versus the $0.60 consensus and $210 million in revenue versus $209.84 million expected.
• The company declared a quarterly dividend of $0.19 per share, equal to a $0.76 annualized payout and a 2.3% yield. Insiders sold roughly $1.05 million of stock over the past three months, while institutional investors own 81.77% of shares.

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) have earned an average recommendation of "Moderate Buy" from the five ratings firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $35.50.

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

Seacoast Banking Corporation of Florida Stock Performance

Seacoast Banking Corporation of Florida stock opened at $33.70 on Monday. The firm has a 50 day moving average of $34.30 and a 200 day moving average of $32.23. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 21.46 and a beta of 0.84. Seacoast Banking Corporation of Florida has a 12-month low of $28.58 and a 12-month high of $36.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. The company had revenue of $210.00 million for 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%. As a group, research analysts predict that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is 48.41%.

Insider Buying and Selling

In related news, Director Dennis Hudson, III sold 12,000 shares of the business's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total value of $409,800.00. Following the transaction, the director directly owned 206,869 shares of the company's stock, valued at approximately $7,064,576.35. The trade was a 5.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Juliette Kleffel sold 14,831 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $34.31, for a total value of $508,851.61. Following the completion of the transaction, the executive vice president owned 78,321 shares of the company's stock, valued at $2,687,193.51. The trade was a 15.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 30,831 shares of company stock worth $1,054,652. 1.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Several institutional investors have recently bought and sold shares of SBCF. Nykredit A S purchased a new position in Seacoast Banking Corporation of Florida during the 2nd quarter valued at $30,000. ProShare Advisors LLC lifted its position in shares of Seacoast Banking Corporation of Florida by 6.5% during the fourth quarter. ProShare Advisors LLC now owns 17,096 shares of the financial services provider's stock worth $537,000 after purchasing an additional 1,038 shares during the last quarter. Versant Capital Management Inc boosted its stake in shares of Seacoast Banking Corporation of Florida by 203.9% during the second quarter. Versant Capital Management Inc now owns 1,772 shares of the financial services provider's stock valued at $59,000 after purchasing an additional 1,189 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Seacoast Banking Corporation of Florida by 2.9% during the first quarter. The Manufacturers Life Insurance Company now owns 44,740 shares of the financial services provider's stock valued at $1,355,000 after purchasing an additional 1,263 shares during the period. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Seacoast Banking Corporation of Florida by 244.3% in the fourth quarter. Rockefeller Capital Management L.P. now owns 2,069 shares of the financial services provider's stock worth $65,000 after purchasing an additional 1,468 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida is the bank holding company for Seacoast National Bank, a community-focused financial institution headquartered in Stuart, Florida. Founded in 1926, the company serves consumers, businesses, and institutions through a network of banking offices and digital channels across Florida.

Seacoast National Bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer lending, and business financing.

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