Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Analyst sentiment is mildly positive: Seacoast Banking Corporation of Florida has a consensus rating of “Moderate Buy” from five analysts, with an average 12-month price target of $34.50.
• Recent earnings topped estimates: The company reported $0.62 EPS versus the expected $0.58, while revenue came in near expectations at $205.1 million and rose 45.8% year over year.
• Shareholders are set to receive a dividend: SBCF announced a quarterly dividend of $0.19 per share, payable June 30, which annualizes to $0.76 and yields about 2.4%.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the five research firms that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $34.50.

A number of equities research analysts recently commented on SBCF shares. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 23rd. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. Finally, Piper Sandler reduced their price objective on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating for the company in a research note on Thursday, April 30th.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In related news, EVP James C. Stallings III sold 7,552 shares of the business's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total value of $235,320.32. Following the completion of the transaction, the executive vice president directly owned 7,247 shares in the company, valued at $225,816.52. The trade was a 51.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Charles M. Shaffer sold 10,367 shares of the firm's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $30.88, for a total transaction of $320,132.96. Following the sale, the chief executive officer owned 174,113 shares in the company, valued at approximately $5,376,609.44. This represents a 5.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.50% of the company's stock.

Institutional Trading of Seacoast Banking Corporation of Florida

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SBCF. Wellington Management Group LLP lifted its position in shares of Seacoast Banking Corporation of Florida by 58.6% during the 3rd quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider's stock valued at $166,825,000 after buying an additional 2,025,988 shares in the last quarter. North Reef Capital Management LP lifted its position in shares of Seacoast Banking Corporation of Florida by 16.8% during the 4th quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider's stock valued at $183,244,000 after buying an additional 837,075 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Seacoast Banking Corporation of Florida by 11.1% during the fourth quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider's stock valued at $222,732,000 after acquiring an additional 705,554 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Seacoast Banking Corporation of Florida during the third quarter valued at approximately $14,865,000. Finally, Emerald Advisers LLC raised its holdings in shares of Seacoast Banking Corporation of Florida by 163.2% during the first quarter. Emerald Advisers LLC now owns 504,363 shares of the financial services provider's stock valued at $15,277,000 after acquiring an additional 312,712 shares during the last quarter. Institutional investors and hedge funds own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Stock Up 2.4%

SBCF stock opened at $32.08 on Friday. The firm has a 50 day moving average of $31.04 and a 200 day moving average of $31.79. The stock has a market capitalization of $3.12 billion, a PE ratio of 21.11 and a beta of 0.86. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. Seacoast Banking Corporation of Florida has a 52 week low of $24.46 and a 52 week high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.04. The company had revenue of $205.10 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%. Seacoast Banking Corporation of Florida's revenue for the quarter was up 45.8% on a year-over-year basis. During the same period last year, the business earned $0.38 EPS. Sell-side analysts forecast 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.19 per share. The ex-dividend date is Monday, June 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.4%. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is presently 50.00%.

About Seacoast Banking Corporation of Florida

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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