Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Receives Average Rating of “Hold” from Analysts

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) has received a consensus rating of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $31.90.

A number of brokerages have recently weighed in on SBCF. Keefe, Bruyette & Woods lifted their price objective on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Piper Sandler reissued a “neutral” rating and set a $33.50 target price on shares of Seacoast Banking Corporation of Florida in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Thursday, January 22nd. Finally, Zacks Research lowered shares of Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other news, Director Maryann Goebel sold 3,419 shares of the company’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $34.23, for a total transaction of $117,032.37. Following the sale, the director owned 6,000 shares of the company’s stock, valued at approximately $205,380. This represents a 36.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dennis S. Hudson III sold 8,000 shares of the stock in a transaction on Monday, November 10th. The shares were sold at an average price of $31.13, for a total value of $249,040.00. Following the completion of the sale, the director owned 251,275 shares in the company, valued at approximately $7,822,190.75. The trade was a 3.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,117 shares of company stock valued at $559,474 in the last quarter. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP raised its position in Seacoast Banking Corporation of Florida by 58.6% in 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 purchasing an additional 2,025,988 shares in the last quarter. FJ Capital Management LLC grew its position in shares of Seacoast Banking Corporation of Florida by 194.6% during the second quarter. FJ Capital Management LLC now owns 1,154,434 shares of the financial services provider’s stock worth $31,885,000 after buying an additional 762,505 shares in the last quarter. Tributary Capital Management LLC increased its stake in shares of Seacoast Banking Corporation of Florida by 99.4% during the third quarter. Tributary Capital Management LLC now owns 1,459,462 shares of the financial services provider’s stock worth $44,411,000 after buying an additional 727,428 shares during the period. Vanguard Group Inc. raised its holdings in Seacoast Banking Corporation of Florida by 11.1% in 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 in the last quarter. Finally, Verition Fund Management LLC acquired a new stake in Seacoast Banking Corporation of Florida in the third quarter valued at approximately $14,865,000. 81.77% of the stock is owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Stock Performance

Shares of SBCF stock opened at $35.09 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.77 and a current ratio of 0.77. The firm has a market cap of $3.43 billion, a P/E ratio of 21.93 and a beta of 0.93. The firm’s 50 day moving average price is $32.85 and its 200-day moving average price is $31.13. Seacoast Banking Corporation of Florida has a one year low of $21.36 and a one year high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its earnings results on Thursday, January 29th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.07). The company had revenue of $204.79 million during the quarter, compared to analyst estimates of $201.25 million. Seacoast Banking Corporation of Florida had a net margin of 15.47% and a return on equity of 7.07%. The firm’s revenue for the quarter was up 53.0% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. As a group, equities research analysts predict that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, March 13th. Seacoast Banking Corporation of Florida’s dividend payout ratio is presently 47.50%.

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.