Seacoast Banking Corporation of Florida (NASDAQ:SBCF) CEO Charles Shaffer Sells 10,367 Shares

Key Points

• CEO Charles Shaffer sold 10,367 shares on May 4 at an average price of $30.88, reducing his stake by 5.62% and leaving him with 174,113 shares valued at about $5.38 million.
• Seacoast beat Q1 EPS estimates, reporting $0.62 vs. $0.58 expected while revenue rose 45.8% year-over-year, and analysts project roughly $2.49 in EPS for the full year.
• The company declared a quarterly dividend of $0.19 (annualized $0.76, ~2.4% yield; ex-dividend June 15), and the stock trades near $31.36 with a "Moderate Buy" consensus and an average price target of $33.13.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) CEO Charles Shaffer sold 10,367 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $30.88, for a total transaction of $320,132.96. Following the completion of the sale, the chief executive officer owned 174,113 shares of the company's stock, valued at $5,376,609.44. The trade was a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Seacoast Banking Corporation of Florida Stock Up 1.5%

NASDAQ:SBCF traded up $0.46 during trading hours on Wednesday, reaching $31.36. The company had a trading volume of 744,492 shares, compared to its average volume of 766,470. 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 firm has a market cap of $3.06 billion, a price-to-earnings ratio of 20.63 and a beta of 0.88. The business's 50-day simple moving average is $31.13 and its two-hundred day simple moving average is $31.78. Seacoast Banking Corporation of Florida has a twelve month low of $23.48 and a twelve month high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.04. The firm had revenue of $205.07 million during the quarter, compared to analysts' expectations 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 business's revenue was up 45.8% on a year-over-year basis. During the same period last year, the company earned $0.38 earnings per share. On average, equities analysts expect that Seacoast Banking Corporation of Florida will post 2.49 earnings per share 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. Stockholders of record on Monday, June 15th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Monday, June 15th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is currently 50.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SBCF. Keefe, Bruyette & Woods lifted their price objective 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 upgraded 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 reduced their price objective on shares of Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating for the company in a report on Thursday, April 30th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $33.13.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

A number of hedge funds and other institutional investors have recently modified their holdings of the business. World Investment Advisors boosted its stake in shares of Seacoast Banking Corporation of Florida by 3.6% in the 4th quarter. World Investment Advisors now owns 9,036 shares of the financial services provider's stock worth $274,000 after buying an additional 316 shares during the last quarter. CWM LLC boosted its stake in shares of Seacoast Banking Corporation of Florida by 3.0% in the 4th quarter. CWM LLC now owns 11,083 shares of the financial services provider's stock worth $348,000 after buying an additional 320 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Seacoast Banking Corporation of Florida by 3.9% in the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 9,274 shares of the financial services provider's stock worth $282,000 after buying an additional 344 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Seacoast Banking Corporation of Florida by 69.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider's stock worth $26,000 after buying an additional 352 shares during the last quarter. Finally, Salomon & Ludwin LLC boosted its stake in shares of Seacoast Banking Corporation of Florida by 59.3% in the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock worth $31,000 after buying an additional 356 shares during the last quarter. Hedge funds and other 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.

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