Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock Price Breaks Below 50 Day Moving Average - Here's Why

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report)'s share price crossed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $33.27 and traded as low as $32.46. Seacoast Banking Corporation of Florida shares last traded at $32.78, with a volume of 1,061,177 shares trading hands.

Key Seacoast Banking Corporation of Florida News

Here are the key news stories impacting Seacoast Banking Corporation of Florida this week:

• Positive Sentiment: Adjusted earnings topped estimates. Third-quarter adjusted EPS was $0.66, slightly above the $0.65 consensus and up from $0.52 a year earlier. Net income rose 64% year over year to $59.9 million. Seacoast Banking Q3 Earnings
• Positive Sentiment: Loan and net-interest-income growth remained strong. Net interest income increased 37% year over year to $183.4 million, while loan balances grew by $428.8 million during the quarter, equivalent to 13% annualized growth. The company also repurchased more than 1.2 million shares year to date. Seacoast Third-Quarter Profit
• Neutral Sentiment: Revenue was broadly in line with expectations. Reported net revenue was approximately $215 million, compared with Wall Street’s estimate of $216.3 million. Total assets reached $21.2 billion and deposits totaled $16.6 billion at September 30. Seacoast Q3 Revenue
• Negative Sentiment: Expenses and credit costs may be weighing on investor reaction. Noninterest expense was $133.3 million, including $15.5 million of merger and integration costs. The company also reported third-quarter net charge-offs, highlighting continued credit-quality risk for investors. Seacoast Net Charge-Offs

Analysts Set New Price Targets

SBCF has been the topic of several recent research reports. Weiss Ratings restated a "buy (b-)" rating on shares of Seacoast Banking Corporation of Florida in a research report on Friday, September 25th. Piper Sandler lifted their price objective on 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. Finally, Raymond James Financial dropped their price objective on Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an "outperform" rating for the company in a report on Tuesday, October 13th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $36.50.

Seacoast Banking Corporation of Florida Stock Down 2.8%

The firm has a market cap of $3.17 billion, a P/E ratio of 20.88 and a beta of 0.90. The firm's 50 day moving average is $33.27 and its two-hundred day moving average is $32.50. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its earnings results on Tuesday, October 27th. The financial services provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.65 by $0.01. The firm had revenue of $217.50 million during the quarter, compared to the consensus estimate of $216.32 million. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. As a group, research analysts anticipate that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Increases Dividend

The company also recently declared 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 is a positive change from Seacoast Banking Corporation of Florida's previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is presently 50.96%.

Insiders Place Their Bets

In related news, EVP Juliette Kleffel sold 14,831 shares of the firm's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $34.31, for a total transaction of $508,851.61. Following the sale, the executive vice president owned 78,321 shares of the company's stock, valued at approximately $2,687,193.51. This trade represents a 15.92% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Dennis Hudson, III sold 12,000 shares of the firm's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total value of $409,800.00. Following the sale, the director directly owned 206,869 shares in the company, valued at $7,064,576.35. The trade was a 5.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in shares of Seacoast Banking Corporation of Florida by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,150,592 shares of the financial services provider's stock valued at $95,427,000 after purchasing an additional 123,273 shares in the last quarter. Deprince Race & Zollo Inc. increased its stake in Seacoast Banking Corporation of Florida by 0.6% during the 1st quarter. Deprince Race & Zollo Inc. now owns 2,237,739 shares of the financial services provider's stock worth $67,781,000 after purchasing an additional 13,304 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Seacoast Banking Corporation of Florida during the 2nd quarter worth approximately $23,407,000. Emerald Advisers LLC raised its holdings in Seacoast Banking Corporation of Florida by 163.2% during the 1st quarter. Emerald Advisers LLC now owns 504,363 shares of the financial services provider's stock worth $15,277,000 after buying an additional 312,712 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Seacoast Banking Corporation of Florida by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 470,731 shares of the financial services provider's stock worth $14,258,000 after buying an additional 9,454 shares during the period. 81.77% of the stock is currently owned by institutional investors.

Seacoast Banking Corporation of Florida Company Profile

Seacoast Banking Corporation of Florida is a bank holding company headquartered in Stuart, Florida. It operates primarily through Seacoast National Bank, which provides banking and financial services to individuals, businesses and institutions across Florida.

The company offers checking and savings accounts, certificates of deposit, commercial and residential real estate loans, consumer lending, business financing, treasury management and other deposit services. Through affiliated operations, Seacoast also provides wealth management, investment advisory and mortgage-related services.

Seacoast National Bank traces its roots to 1926 and has expanded its presence throughout Florida, including the Treasure Coast, Central Florida and South Florida.

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