Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Share Price Breaks Above 200 Day Moving Average - Here's Why

Key Points

• SBCF shares moved above their 200-day moving average, reaching $32.67 and last trading at $32.49, signaling improved technical momentum.
• Analysts maintain a “Moderate Buy” consensus, with three Buy ratings and two Holds and an average price target of $35.50. The company slightly exceeded quarterly expectations, reporting $0.61 in EPS versus the $0.60 estimate.
• Seacoast declared a quarterly dividend of $0.19 per share, equivalent to an annualized $0.76 payout and a 2.3% yield; institutional investors own 81.77% of the stock.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) shares passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $32.38 and traded as high as $32.67. Seacoast Banking Corporation of Florida shares last traded at $32.49, with a volume of 836,338 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on SBCF. Weiss Ratings reissued a "buy (b-)" rating on shares of Seacoast Banking Corporation of Florida in a research report on Friday, September 25th. Piper Sandler boosted their price objective on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Three investment 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 has a consensus rating of "Moderate Buy" and an average price target of $35.50.

Seacoast Banking Corporation of Florida Stock Down 0.6%

The stock has a market capitalization of $3.15 billion, a PE ratio of 20.69 and a beta of 0.90. 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's 50-day moving average is $34.11 and its 200 day moving average is $32.38.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. The company had revenue of $210.00 million during the quarter, compared to analysts' expectations of $209.84 million. As a group, analysts anticipate 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 disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. Seacoast Banking Corporation of Florida's payout ratio is 48.41%.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, EVP Juliette Kleffel sold 14,831 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $34.31, for a total transaction of $508,851.61. Following the completion of the sale, the executive vice president owned 78,321 shares of the company's stock, valued at approximately $2,687,193.51. The trade was a 15.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dennis S. Hudson III sold 12,000 shares of the business's stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $34.15, for a total value of $409,800.00. Following the sale, the director owned 206,869 shares in the company, valued at approximately $7,064,576.35. The trade was a 5.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Nykredit A S acquired a new stake in shares of Seacoast Banking Corporation of Florida during the second quarter worth about $30,000. Versant Capital Management Inc increased its holdings in Seacoast Banking Corporation of Florida by 203.9% in the 2nd quarter. Versant Capital Management Inc now owns 1,772 shares of the financial services provider's stock worth $59,000 after buying an additional 1,189 shares during the period. Rockefeller Capital Management L.P. increased its holdings in 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 period. Summer Road LLC purchased a new position in Seacoast Banking Corporation of Florida during the 4th quarter worth approximately $98,000. Finally, Allied Private Wealth LLC purchased a new position in Seacoast Banking Corporation of Florida during the 2nd quarter worth approximately $118,000. 81.77% of the stock is owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida is the bank holding company for Seacoast National Bank, a community-focused financial institution headquartered in Stuart, Florida. Through its banking subsidiary, the company provides financial products and services to consumers, businesses, and public-sector organizations across Florida.

Seacoast National Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury management, online and mobile banking, and other traditional banking services.

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