Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Shares Cross Above 200-Day Moving Average - Here's What Happened

Key Points

• Seacoast Banking shares moved above their 200-day moving average, trading as high as $33.35 and last changing hands at $33.10, a technical signal that may draw investor attention.
• Recent analyst actions were mixed, but the stock’s overall rating remains Hold with an average target price of $35.00; Piper Sandler recently raised its target to $34.00 while other firms trimmed their ratings.
• The company reported better-than-expected Q1 earnings of $0.62 per share and announced a quarterly dividend of $0.19 per share, equal to an annualized yield of 2.3%.

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $31.77 and traded as high as $33.35. Seacoast Banking Corporation of Florida shares last traded at $33.10, with a volume of 1,438,088 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SBCF shares. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Piper Sandler raised their target price on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a "neutral" rating in a research report on Monday, June 22nd. Finally, Weiss Ratings lowered Seacoast Banking Corporation of Florida from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, June 15th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida currently has a consensus rating of "Hold" and an average target price of $35.00.

Seacoast Banking Corporation of Florida Stock Down 1.0%

The stock has a market cap of $3.22 billion, a PE ratio of 21.78 and a beta of 0.86. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average price of $31.03 and a 200-day moving average price of $31.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings results 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 $205.10 million for 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 firm's revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.38 EPS. As a group, analysts forecast that Seacoast Banking Corporation of Florida will post 2.51 earnings per share for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. Seacoast Banking Corporation of Florida's payout ratio is currently 50.00%.

Insider Transactions at Seacoast Banking Corporation of Florida

In related news, CEO Charles M. Shaffer sold 10,367 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $30.88, for a total transaction of $320,132.96. Following the completion of the transaction, the chief executive officer owned 174,113 shares in the company, valued at $5,376,609.44. This represents a 5.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James C. Stallings III sold 7,552 shares of the firm's 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 completion of the transaction, the executive vice president directly owned 7,247 shares in the company, valued at $225,816.52. This represents a 51.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 25,919 shares of company stock valued at $806,733 over the last 90 days. Corporate insiders own 1.50% of the company's stock.

Institutional Trading of Seacoast Banking Corporation of Florida

A number of institutional investors have recently made changes to their positions in the company. World Investment Advisors increased 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 acquiring an additional 316 shares during the last quarter. CWM LLC boosted its position in shares of Seacoast Banking Corporation of Florida by 3.0% during the 4th quarter. CWM LLC now owns 11,083 shares of the financial services provider's stock valued at $348,000 after acquiring an additional 320 shares during the last quarter. Salomon & Ludwin LLC boosted its position in shares of Seacoast Banking Corporation of Florida by 59.3% during the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 356 shares during the last quarter. Illinois Municipal Retirement Fund boosted its position in shares of Seacoast Banking Corporation of Florida by 1.0% during the 4th quarter. Illinois Municipal Retirement Fund now owns 45,543 shares of the financial services provider's stock valued at $1,431,000 after acquiring an additional 471 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Seacoast Banking Corporation of Florida by 4.2% in the second quarter. Cetera Investment Advisers now owns 12,724 shares of the financial services provider's stock valued at $351,000 after purchasing an additional 513 shares during the period. 81.77% of the stock is owned by institutional investors and hedge funds.

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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