Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock Has Average Target Price of $36.50 According to Analysts

Key Points

• Analysts rate SBCF a “Moderate Buy”: Three of five analysts recommend buying the stock, while two recommend holding it. Their average 12-month price target is $36.50, above the reported $32.43 share price.
• Seacoast reported quarterly EPS of $0.61, slightly beating the $0.60 consensus estimate, while revenue of $210 million also exceeded expectations. Analysts project full-year EPS of approximately $2.55.
• Institutional investors own 81.77% of the stock, with several major firms increasing their positions, while two company insiders recently sold shares. The company also pays a quarterly dividend of $0.19, equivalent to a 2.3% annualized yield.

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) have been assigned an average rating of "Moderate Buy" from the five brokerages that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $36.50.

A number of brokerages have issued reports on SBCF. Weiss Ratings reiterated a "buy (b-)" rating on shares of Seacoast Banking Corporation of Florida in a research report on Friday, September 25th. Raymond James Financial cut their price objective on Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an "outperform" rating for the company in a research report on Tuesday. Finally, Piper Sandler upped their target price on 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.

Insiders Place Their Bets

In related news, Director Dennis Hudson, III sold 12,000 shares of the business's stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $34.15, for a total value of $409,800.00. Following the completion of the sale, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 on Thursday, August 27th. The stock was sold at an average price of $34.31, for a total transaction of $508,851.61. Following the transaction, the executive vice president owned 78,321 shares of the company's stock, valued at $2,687,193.51. This represents a 15.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp purchased a new stake in Seacoast Banking Corporation of Florida during the 2nd quarter worth approximately $23,407,000. Emerald Advisers LLC lifted its position in shares of Seacoast Banking Corporation of Florida by 163.2% in the first quarter. Emerald Advisers LLC now owns 504,363 shares of the financial services provider's stock valued at $15,277,000 after acquiring an additional 312,712 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Seacoast Banking Corporation of Florida by 97.4% in the first quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider's stock worth $14,056,000 after acquiring an additional 228,935 shares during the last quarter. Emerald Mutual Fund Advisers Trust boosted its stake in shares of Seacoast Banking Corporation of Florida by 138.7% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 326,516 shares of the financial services provider's stock worth $9,890,000 after acquiring an additional 189,714 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Seacoast Banking Corporation of Florida by 88.4% in the first quarter. Sei Investments Co. now owns 363,154 shares of the financial services provider's stock worth $11,000,000 after acquiring an additional 170,421 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.

Seacoast Banking Corporation of Florida Trading Up 2.5%

Shares of Seacoast Banking Corporation of Florida stock opened at $32.43 on Friday. The firm has a 50-day simple moving average of $33.69 and a two-hundred day simple moving average of $32.51. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78. Seacoast Banking Corporation of Florida has a fifty-two week low of $28.58 and a fifty-two week high of $36.27. The company has a market cap of $3.14 billion, a P/E ratio of 20.66 and a beta of 0.90.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.01. The firm had revenue of $210.00 million for the quarter, compared to analysts' expectations of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. As a group, equities analysts predict that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.3%. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is currently 48.41%.

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. Through its banking subsidiary, the company provides financial products and services to consumers, businesses, and public-sector organizations across Florida.

Seacoast National Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury management, online and mobile banking, and other traditional banking services.

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