Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Five analysts rate Seacoast Banking Corporation of Florida a consensus “Moderate Buy,” with three buys and two holds. The average 12-month price target is $35.50, slightly above the reported share price of $34.74.
• Quarterly results narrowly exceeded expectations: The company reported earnings of $0.61 per share versus the $0.60 consensus estimate, while revenue of $209.99 million was also slightly ahead of forecasts.
• Shareholders will receive a quarterly dividend of $0.19: The payment represents an annualized dividend of $0.76 and a 2.2% yield. Institutional investors own 81.77% of the company, while insiders have sold shares in recent months.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) has been given an average rating of "Moderate Buy" by the five analysts that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $35.50.

A number of research firms have commented on SBCF. Piper Sandler boosted their target price on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a research report on Thursday. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, June 30th. Finally, Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Tuesday, June 2nd.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ:SBCF opened at $34.74 on Friday. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of 22.13 and a beta of 0.85. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.78 and a quick ratio of 0.78. The business's 50 day simple moving average is $32.15 and its 200-day simple moving average is $31.97. Seacoast Banking Corporation of Florida has a 12 month low of $27.22 and a 12 month high of $35.55.

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, beating the consensus estimate of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%.The firm had revenue of $209.99 million during the quarter, compared to the consensus estimate of $209.84 million. As a group, equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

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

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total transaction of $251,280.00. Following the completion of the transaction, the director owned 220,854 shares in the company, valued at approximately $6,937,024.14. The trade was a 3.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James C. Stallings III sold 7,552 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total transaction of $235,320.32. Following the completion of the sale, the executive vice president owned 7,247 shares in the company, valued at $225,816.52. This represents a 51.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 29,919 shares of company stock worth $942,733. 1.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

A number of large investors have recently bought and sold shares of SBCF. William Blair Investment Management LLC lifted its position in shares of Seacoast Banking Corporation of Florida by 4.9% in the fourth quarter. William Blair Investment Management LLC now owns 1,282,535 shares of the financial services provider's stock valued at $40,297,000 after acquiring an additional 59,780 shares in the last quarter. Deprince Race & Zollo Inc. boosted its stake in shares of Seacoast Banking Corporation of Florida by 3.5% during the fourth quarter. Deprince Race & Zollo Inc. now owns 2,224,435 shares of the financial services provider's stock valued at $69,892,000 after acquiring an additional 76,192 shares during the last quarter. Vanguard Group Inc. increased its position in Seacoast Banking Corporation of Florida by 11.1% during the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider's stock worth $222,732,000 after purchasing an additional 705,554 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in Seacoast Banking Corporation of Florida during the 1st quarter worth about $1,302,000. Finally, Fifth Third Bancorp increased its position in Seacoast Banking Corporation of Florida by 2,562.9% during the 1st quarter. Fifth Third Bancorp now owns 74,348 shares of the financial services provider's stock worth $2,252,000 after purchasing an additional 71,556 shares in the last quarter. Institutional investors and hedge funds 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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