James Stallings III Sells 7,552 Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock

Key Points

• EVP James Stallings III sold 7,552 shares of Seacoast (NASDAQ:SBCF) on May 6 at an average price of $31.16, totaling $235,320 and reducing his stake by 51.03% to 7,247 shares (~$225,817).
• Seacoast beat Q1 EPS estimates with $0.62 (vs. $0.58) on $205.07M revenue, up 45.8% year-over-year, and announced a quarterly dividend of $0.19 per share (2.4% yield) payable June 30 with an ex-dividend date of June 15.
• The stock traded around $31.04 (down ~1%) with a 12‑month range of $23.48–$35.55 and a $3.03B market cap; analysts are split (three Buy, three Hold) with a consensus target of $33.13.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) EVP James Stallings III sold 7,552 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total transaction of $235,320.32. Following the sale, the executive vice president owned 7,247 shares in the company, valued at approximately $225,816.52. This trade represents a 51.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Seacoast Banking Corporation of Florida Stock Down 1.0%

Seacoast Banking Corporation of Florida stock traded down $0.32 during mid-day trading on Thursday, reaching $31.04. 862,741 shares of the company's stock were exchanged, compared to its average volume of 767,575. Seacoast Banking Corporation of Florida has a twelve month low of $23.48 and a twelve month high of $35.55. The company has a fifty day moving average of $31.11 and a 200-day moving average of $31.79. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. The company has a market cap of $3.03 billion, a P/E ratio of 20.42 and a beta of 0.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.04. The company had revenue of $205.07 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 company's quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. Sell-side analysts expect that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Monday, June 15th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is presently 50.00%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SBCF. Keefe, Bruyette & Woods lifted their target price on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an "outperform" rating in a report on Monday, February 2nd. Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 23rd. Finally, Piper Sandler lowered their target price on shares of Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating on the stock in a report on Thursday, April 30th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $33.13.

Institutional Trading of Seacoast Banking Corporation of Florida

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Jones Financial Companies Lllp raised its position in Seacoast Banking Corporation of Florida by 69.7% during the third quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider's stock worth $26,000 after acquiring an additional 352 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Seacoast Banking Corporation of Florida during the fourth quarter worth about $26,000. Salomon & Ludwin LLC grew its holdings in shares of Seacoast Banking Corporation of Florida by 59.3% during the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock worth $31,000 after buying an additional 356 shares in the last quarter. Measured Wealth Private Client Group LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the third quarter worth about $33,000. Finally, Advisory Services Network LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the third quarter worth about $45,000. Institutional investors and hedge funds own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Company Profile

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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