Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock Price Crosses Above 200 Day Moving Average - Should You Sell?

Key Points

• SBCF shares rose above their 200-day moving average, reaching $34.59 and last trading at $34.36 versus the $32.18 long-term average.
• Analyst sentiment is moderately positive: three analysts rate the stock a Buy and two rate it Hold, producing a consensus “Moderate Buy” rating and a $35.50 price target.
• The company exceeded quarterly earnings expectations with $0.61 EPS and $210 million in revenue, while declaring a $0.19 quarterly dividend, equivalent to a 2.2% yield.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $32.18 and traded as high as $34.59. Seacoast Banking Corporation of Florida shares last traded at $34.36, with a volume of 1,012,616 shares traded.

Analyst Ratings Changes

Several analysts have issued reports on the company. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, June 30th. 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. Finally, Piper Sandler boosted their price target on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a "neutral" rating in a report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.50.

Seacoast Banking Corporation of Florida Price Performance

The company's fifty day moving average price is $34.19 and its 200 day moving average price is $32.18. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 21.89 and a beta of 0.84.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $210.00 million for the quarter, compared to analyst estimates of $209.84 million. Equities research analysts expect that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 48.41%.

Insider Activity at Seacoast Banking Corporation of Florida

In related news, Director Dennis S. Hudson III sold 4,000 shares of the company's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $34.00, for a total transaction of $136,000.00. Following the completion of the transaction, the director directly owned 216,854 shares in the company, valued at $7,373,036. This represents a 1.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Juliette Kleffel sold 14,831 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $34.31, for a total value of $508,851.61. Following the completion of the sale, the executive vice president directly owned 78,321 shares in the company, valued at $2,687,193.51. This represents a 15.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.50% of the company's stock.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE increased its stake in shares of Seacoast Banking Corporation of Florida by 97.4% in the first quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider's stock valued at $14,056,000 after purchasing an additional 228,935 shares during the period. William Blair Investment Management LLC boosted its position in shares of Seacoast Banking Corporation of Florida by 4.9% during the fourth quarter. William Blair Investment Management LLC now owns 1,282,535 shares of the financial services provider's stock worth $40,297,000 after buying an additional 59,780 shares during the period. First Trust Advisors LP grew its holdings in Seacoast Banking Corporation of Florida by 34.2% in the 1st quarter. First Trust Advisors LP now owns 193,549 shares of the financial services provider's stock worth $5,863,000 after buying an additional 49,301 shares in the last quarter. California State Teachers Retirement System grew its holdings in Seacoast Banking Corporation of Florida by 43.2% in the 1st quarter. California State Teachers Retirement System now owns 118,324 shares of the financial services provider's stock worth $3,584,000 after buying an additional 35,693 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Seacoast Banking Corporation of Florida in the 2nd quarter valued at approximately $23,407,000. Institutional investors and hedge funds own 81.77% of the company's stock.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida is the bank holding company for Seacoast National Bank, a community-focused financial institution headquartered in Stuart, Florida. Founded in 1926, the company serves consumers, businesses, and institutions through a network of banking offices and digital channels across Florida.

Seacoast National Bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer lending, and business financing.

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