Piper Sandler Forecasts Strong Price Appreciation for Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock

Key Points

• Piper Sandler raised Seacoast Banking Corporation of Florida’s price target from $32.50 to $34.00, implying about 10.25% upside from the prior close, while keeping a neutral rating.
• The stock has a broader analyst consensus of Hold, with two Buy ratings and three Hold ratings, and a consensus price target of $35.00.
• Seacoast reported better-than-expected Q1 earnings of $0.62 per share versus $0.58 expected, while revenue rose 45.8% year over year; however, insiders recently sold shares and institutional ownership remains high at 81.77%.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) had its target price boosted by equities research analysts at Piper Sandler from $32.50 to $34.00 in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. Piper Sandler's target price indicates a potential upside of 10.25% from the stock's previous close.

Other analysts have also issued reports about the stock. Weiss Ratings lowered shares of Seacoast Banking Corporation of Florida from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, June 15th. 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. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $35.00.

Seacoast Banking Corporation of Florida Price Performance

NASDAQ SBCF opened at $30.84 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. Seacoast Banking Corporation of Florida has a 52 week low of $24.78 and a 52 week high of $35.55. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 20.29 and a beta of 0.86. The company has a fifty day moving average of $31.03 and a two-hundred day moving average of $31.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The business had revenue of $205.10 million for the quarter, compared to the consensus estimate of $205.51 million. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The business's revenue for the quarter was up 45.8% on a year-over-year basis. On average, analysts predict that Seacoast Banking Corporation of Florida will post 2.49 earnings per share for the current year.

Insider Activity

In other news, Director Dennis S. Hudson III sold 8,000 shares of the company's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total value of $251,280.00. Following the transaction, the director directly owned 220,854 shares in the company, valued at approximately $6,937,024.14. This represents a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James C. Stallings III sold 7,552 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Wednesday, May 6th. The shares were 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 of the company's stock, valued at $225,816.52. The trade was a 51.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 25,919 shares of company stock valued at $806,733. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Seacoast Banking Corporation of Florida by 11.1% in the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider's stock worth $222,732,000 after buying an additional 705,554 shares during the period. North Reef Capital Management LP increased its stake in shares of Seacoast Banking Corporation of Florida by 16.8% during the fourth quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider's stock valued at $183,244,000 after buying an additional 837,075 shares during the period. Wellington Management Group LLP raised its holdings in shares of Seacoast Banking Corporation of Florida by 58.6% in the third quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider's stock valued at $166,825,000 after acquiring an additional 2,025,988 shares in the last quarter. State Street Corp raised its holdings in shares of Seacoast Banking Corporation of Florida by 1.4% in the fourth quarter. State Street Corp now owns 4,610,754 shares of the financial services provider's stock valued at $144,870,000 after acquiring an additional 64,986 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Seacoast Banking Corporation of Florida by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 3,150,592 shares of the financial services provider's stock worth $95,427,000 after acquiring an additional 123,273 shares during the period. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.