Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) have received an average rating of “Moderate Buy” from the five analysts that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $34.50.

SBCF has been the topic of several recent research reports. Piper Sandler lowered their price target on shares of Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. 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. Finally, Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd.

Insiders Place Their Bets

In other Seacoast Banking Corporation of Florida news, EVP James C. Stallings III sold 7,552 shares of Seacoast Banking Corporation of Florida stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total value of $235,320.32. Following the sale, the executive vice president owned 7,247 shares in the company, valued at $225,816.52. The trade was a 51.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles M. Shaffer sold 10,367 shares of Seacoast Banking Corporation of Florida stock in a transaction on Monday, May 4th. The shares were sold at an average price of $30.88, for a total value of $320,132.96. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. 1.50% of the stock is owned by insiders.

Institutional Trading of Seacoast Banking Corporation of Florida

Several institutional investors have recently added to or reduced their stakes in SBCF. Wellington Management Group LLP increased its holdings 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 during the last quarter. North Reef Capital Management LP increased its holdings in Seacoast Banking Corporation of Florida by 16.8% in 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 purchasing an additional 837,075 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of 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 purchasing an additional 705,554 shares during the period. Verition Fund Management LLC purchased a new position in shares of Seacoast Banking Corporation of Florida in the third quarter valued at approximately $14,865,000. Finally, Emerald Advisers LLC boosted its stake in shares of Seacoast Banking Corporation of Florida by 163.2% in the first quarter. Emerald Advisers LLC now owns 504,363 shares of the financial services provider’s stock valued at $15,277,000 after purchasing an additional 312,712 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Stock Up 2.4%

Shares of NASDAQ SBCF opened at $32.08 on Friday. Seacoast Banking Corporation of Florida has a 12-month low of $24.46 and a 12-month high of $35.55. The stock has a market cap of $3.12 billion, a PE ratio of 21.11 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 company has a 50-day moving average of $31.04 and a 200 day moving average of $31.79.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The company had revenue of $205.10 million during the quarter, compared to analysts’ expectations of $205.51 million. During the same quarter in the prior year, the company earned $0.38 EPS. Seacoast Banking Corporation of Florida’s revenue was up 45.8% compared to the same quarter last year. As a group, sell-side analysts predict that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.19 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.4%. Seacoast Banking Corporation of Florida’s payout ratio is currently 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.