Insider Selling: Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Sells $136,000.00 in Stock

Key Points

• Seacoast Banking director Dennis Hudson III sold 4,000 shares on July 1 at an average price of $34.00, totaling about $136,000. The sale was made under a pre-arranged Rule 10b5-1 plan.
• The company recently beat earnings expectations, reporting $0.62 EPS versus the $0.58 consensus estimate, while revenue came in at $205.1 million. Revenue also rose 45.8% year over year.
• Seacoast Banking continues to return cash to shareholders through a quarterly dividend of $0.19 per share, equal to an annualized yield of about 2.3%. Analysts currently have a Moderate Buy consensus and a $35.00 price target.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) Director Dennis Hudson III sold 4,000 shares of the business's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $34.00, for a total value of $136,000.00. Following the sale, the director owned 216,854 shares in the company, valued at $7,373,036. The trade was a 1.81% decrease in their position. The sale was disclosed in a legal 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 Performance

Shares of SBCF stock traded down $0.70 during mid-day trading on Thursday, reaching $33.28. The stock had a trading volume of 863,457 shares, compared to its average volume of 821,848. Seacoast Banking Corporation of Florida has a 1-year low of $27.22 and a 1-year high of $35.55. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 21.89 and a beta of 0.85. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33. The business's fifty day moving average is $31.07 and its 200-day moving average is $31.79.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.58 by $0.04. The business had revenue of $205.10 million for the quarter, compared to the consensus estimate of $205.51 million. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The business's revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. On average, research analysts forecast that Seacoast Banking Corporation of Florida will post 2.51 earnings per share for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.19 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.3%. Seacoast Banking Corporation of Florida's payout ratio is presently 50.00%.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Large investors have recently modified their holdings of the business. Royal Bank of Canada grew its holdings in shares of Seacoast Banking Corporation of Florida by 41.5% in the first quarter. Royal Bank of Canada now owns 107,951 shares of the financial services provider's stock valued at $2,777,000 after purchasing an additional 31,636 shares in the last quarter. AQR Capital Management LLC raised its position in Seacoast Banking Corporation of Florida by 123.4% in the 1st quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider's stock valued at $2,133,000 after purchasing an additional 45,792 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Seacoast Banking Corporation of Florida by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,255 shares of the financial services provider's stock valued at $1,293,000 after purchasing an additional 2,187 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Seacoast Banking Corporation of Florida in the 1st quarter valued at about $4,817,000. Finally, Cetera Investment Advisers boosted its stake in shares of Seacoast Banking Corporation of Florida by 4.2% in the 2nd quarter. Cetera Investment Advisers now owns 12,724 shares of the financial services provider's stock valued at $351,000 after buying an additional 513 shares during the period. Institutional investors and hedge funds own 81.77% of the company's stock.

Analysts Set New Price Targets

SBCF has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday. Finally, Piper Sandler lifted their target price on shares of Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a "neutral" rating in a research report on Monday, June 22nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $35.00.

About Seacoast Banking Corporation of Florida

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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