Insider Selling: Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Sells $136,000.00 in Stock

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Dennis Hudson III sold 4,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total value of $136,000.00. Following the completion of the sale, the director directly owned 216,854 shares of the company’s stock, valued at $7,373,036. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ:SBCF opened at $33.28 on Friday. The business’s 50 day simple moving average is $31.11 and its two-hundred day simple moving average is $31.80. The firm has a market cap of $3.24 billion, a P/E ratio of 21.89 and a beta of 0.85. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.78 and a current ratio of 0.78. Seacoast Banking Corporation of Florida has a 52-week low of $27.22 and a 52-week high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.58 by $0.04. The firm had revenue of $205.10 million during the quarter, compared to the consensus estimate of $205.51 million. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 earnings per share. As a group, research analysts forecast that Seacoast Banking Corporation of Florida will post 2.51 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.19 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.76 annualized dividend and a yield of 2.3%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 50.00%.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its holdings in Seacoast Banking Corporation of Florida by 58.6% during the third quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider’s stock worth $166,825,000 after buying an additional 2,025,988 shares during the last quarter. North Reef Capital Management LP boosted its stake in Seacoast Banking Corporation of Florida by 16.8% in the fourth 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 acquiring an additional 837,075 shares during the last quarter. Vanguard Group Inc. boosted its stake 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 during the last quarter. Verition Fund Management LLC bought a new position in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at approximately $14,865,000. Finally, Emerald Advisers LLC grew its position in shares of Seacoast Banking Corporation of Florida by 163.2% during the 1st 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 period. Institutional investors own 81.77% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on SBCF. Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Finally, Piper Sandler lifted their price target on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a “neutral” rating in a research note on Monday, June 22nd. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Seacoast Banking Corporation of Florida currently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

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.