Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock: Insider Dennis Hudson III Sells 1,000 Shares

Key Points

• Director Dennis Hudson III sold 1,000 shares for $34,310, reducing his stake by 10.69%; he retained 8,356 shares after the transaction.
• Seacoast reported quarterly EPS of $0.66, slightly above estimates, and revenue of $217.5 million, also ahead of forecasts. It raised its quarterly dividend from $0.19 to $0.20 per share.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $36.50; the stock recently traded at $34.07.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) Director Dennis Hudson III sold 1,000 shares of Seacoast Banking Corporation of Florida stock in a transaction on Monday, November 9th. The shares were sold at an average price of $34.31, for a total transaction of $34,310.00. Following the completion of the sale, the director owned 8,356 shares in the company, valued at $286,694.36. The trade was a 10.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Seacoast Banking Corporation of Florida Stock Down 0.1%

NASDAQ:SBCF traded down $0.05 on Tuesday, hitting $34.07. 571,078 shares of the company's stock were exchanged, compared to its average volume of 853,596. The firm has a 50-day moving average price of $33.14 and a 200-day moving average price of $32.52. Seacoast Banking Corporation of Florida has a 52 week low of $28.69 and a 52 week high of $36.27. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $3.30 billion, a P/E ratio of 20.04 and a beta of 0.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its earnings results on Tuesday, October 27th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.01. The business had revenue of $217.50 million for the quarter, compared to analyst estimates of $216.32 million. Seacoast Banking Corporation of Florida had a return on equity of 9.49% and a net margin of 16.27%. As a group, analysts expect that Seacoast Banking Corporation of Florida will post 2.53 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, December 15th. This is a boost from Seacoast Banking Corporation of Florida's previous quarterly dividend of $0.19. Seacoast Banking Corporation of Florida's payout ratio is currently 44.71%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SBCF. Voya Investment Management LLC lifted its holdings in shares of Seacoast Banking Corporation of Florida by 8.6% during the third quarter. Voya Investment Management LLC now owns 33,674 shares of the financial services provider's stock worth $1,072,000 after buying an additional 2,658 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in Seacoast Banking Corporation of Florida by 8.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 91,966 shares of the financial services provider's stock worth $2,927,000 after buying an additional 7,535 shares in the last quarter. HighTower Advisors LLC grew its position in Seacoast Banking Corporation of Florida by 6.5% during the third quarter. HighTower Advisors LLC now owns 7,818 shares of the financial services provider's stock worth $249,000 after buying an additional 479 shares in the last quarter. Bessemer Group Inc. increased its stake in Seacoast Banking Corporation of Florida by 57.3% during the 3rd quarter. Bessemer Group Inc. now owns 922 shares of the financial services provider's stock worth $29,000 after acquiring an additional 336 shares during the period. Finally, Hantz Financial Services Inc. increased its stake in Seacoast Banking Corporation of Florida by 8.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 48,318 shares of the financial services provider's stock worth $1,538,000 after acquiring an additional 3,957 shares during the period. Institutional investors and hedge funds own 81.77% of the company's stock.

Wall Street Analysts Forecast Growth

SBCF has been the topic of several analyst reports. Keefe, Bruyette & Woods upped their price target on shares of Seacoast Banking Corporation of Florida from $37.00 to $38.00 and gave the stock an "outperform" rating in a research report on Thursday, November 5th. Raymond James Financial restated an "outperform" rating on shares of Seacoast Banking Corporation of Florida in a research note on Thursday, October 29th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, September 25th. 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 report on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.50.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida is a bank holding company whose principal subsidiary, Seacoast National Bank, provides banking and related financial services. The company serves individuals, businesses and organizations, with offerings that include deposit accounts, consumer and commercial lending, mortgage services, cash management and wealth management. Founded in 1926, Seacoast has grown from its roots in Stuart, Florida, and serves communities across the state through branches and digital banking services.

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