Dennis Hudson III Sells 12,000 Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock

Key Points

• Director Dennis Hudson III sold 12,000 SBCF shares for approximately $409,800 under a pre-arranged Rule 10b5-1 plan, reducing his holdings by 5.48% to 206,869 shares.
• Seacoast Banking’s stock fell 0.4% to $33.68, while its latest quarterly results modestly exceeded expectations with earnings of $0.61 per share and revenue of $210 million.
• The company declared a quarterly dividend of $0.19 per share, equivalent to an annualized $0.76 payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with a $35.50 target price.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) Director Dennis Hudson III sold 12,000 shares of the business's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total value of $409,800.00. Following the completion of the transaction, the director owned 206,869 shares in the company, valued at approximately $7,064,576.35. This trade represents a 5.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Seacoast Banking Corporation of Florida Stock Down 0.4%

NASDAQ SBCF traded down $0.14 during mid-day trading on Thursday, reaching $33.68. 754,361 shares of the company's stock traded hands, compared to its average volume of 845,980. Seacoast Banking Corporation of Florida has a 1-year low of $28.58 and a 1-year high of $36.27. The company has a fifty day simple moving average of $34.26 and a 200-day simple moving average of $32.20. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 21.45 and a beta of 0.84.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. The company had revenue of $210.00 million for the quarter, compared to the consensus estimate 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 research analysts expect that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

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

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Several institutional investors and hedge funds have recently made changes to their positions in SBCF. Nykredit A S acquired a new position in Seacoast Banking Corporation of Florida in the second quarter worth $30,000. Versant Capital Management Inc raised its holdings 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 worth $59,000 after purchasing an additional 1,189 shares during the period. Rockefeller Capital Management L.P. lifted its position in shares of Seacoast Banking Corporation of Florida by 244.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,069 shares of the financial services provider's stock worth $65,000 after buying an additional 1,468 shares during the last quarter. Summer Road LLC bought a new position in shares of Seacoast Banking Corporation of Florida in the 4th quarter worth about $98,000. Finally, Allied Private Wealth LLC acquired a new position in shares of Seacoast Banking Corporation of Florida in the 2nd quarter valued at about $118,000. 81.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SBCF has been the topic of a number of research analyst reports. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note 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 research 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 company a "neutral" rating in a research note on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $35.50.

About Seacoast Banking Corporation of Florida

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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