Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Hits New 52-Week High - Here's What Happened

Key Points

• Seacoast Banking shares reached a new 52-week high, trading as high as $35.64 and closing near $35.50, up 1.3%.
• Analyst sentiment is moderately bullish: three analysts rate the stock a Buy and two rate it a Hold, with a consensus price target of $35.50. The company also slightly exceeded quarterly earnings expectations, reporting EPS of $0.61 versus $0.60 expected.
• Seacoast announced a quarterly dividend of $0.19 per share, equivalent to $0.76 annually and a 2.1% yield, while insiders have sold 19,552 shares worth approximately $622,600 over the past 90 days.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $35.64 and last traded at $35.50, with a volume of 379937 shares trading hands. The stock had previously closed at $34.91.

Wall Street Analyst Weigh In

SBCF has been the topic of several analyst reports. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. Piper Sandler upped their price objective on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a "neutral" rating in a research report on Thursday, July 30th. Finally, 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. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $35.50.

Seacoast Banking Corporation of Florida Trading Up 1.3%

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.35. The business's 50 day moving average is $32.24 and its 200-day moving average is $31.99. The firm has a market cap of $3.44 billion, a P/E ratio of 22.54 and a beta of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating 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 $209.99 million for the quarter, compared to analysts' expectations of $209.84 million. As a group, 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.76 annualized dividend and a dividend yield of 2.1%. Seacoast Banking Corporation of Florida's payout ratio is presently 48.41%.

Insider Transactions at Seacoast Banking Corporation of Florida

In other news, EVP James C. Stallings III sold 7,552 shares of the stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total transaction of $235,320.32. Following the transaction, the executive vice president owned 7,247 shares of the company's stock, valued at approximately $225,816.52. This trade represents a 51.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dennis S. Hudson III sold 4,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $34.00, for a total transaction of $136,000.00. Following the transaction, the director directly owned 216,854 shares in the company, valued at $7,373,036. The trade was a 1.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 19,552 shares of company stock worth $622,600. Company insiders own 1.50% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SBCF. Aster Capital Management DIFC Ltd acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 4th quarter valued at approximately $26,000. Salomon & Ludwin LLC boosted its holdings in Seacoast Banking Corporation of Florida by 59.3% in the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock worth $31,000 after purchasing an additional 356 shares during the period. Measured Wealth Private Client Group LLC acquired a new position in Seacoast Banking Corporation of Florida in the third quarter worth $33,000. Advisory Services Network LLC bought a new stake in Seacoast Banking Corporation of Florida during the third quarter valued at $45,000. Finally, Kestra Advisory Services LLC bought a new stake in Seacoast Banking Corporation of Florida during the fourth quarter valued at $50,000. Institutional investors own 81.77% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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