Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Receives Consensus Recommendation of “Moderate Buy” from Brokerages
by Danessa Lincoln · The Markets DailyShares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF – Get Free Report) have earned an average recommendation of “Moderate Buy” from the five research firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $35.50.
A number of research firms have recently commented on SBCF. Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, June 30th. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Finally, Piper Sandler lifted their price objective on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a report on Thursday, July 30th.
Read Our Latest Stock Report on Seacoast Banking Corporation of Florida
Insider Transactions at Seacoast Banking Corporation of Florida
In related news, EVP Juliette Kleffel sold 14,831 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $34.31, for a total transaction of $508,851.61. Following the sale, the executive vice president owned 78,321 shares in the company, valued at $2,687,193.51. This represents a 15.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dennis Hudson, III sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total transaction of $409,800.00. Following the completion of the transaction, the director directly owned 206,869 shares in the company, valued at $7,064,576.35. This represents a 5.48% 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 ninety days, insiders have sold 30,831 shares of company stock valued at $1,054,652. Insiders own 1.50% of the company’s stock.
Institutional Investors Weigh In On Seacoast Banking Corporation of Florida
Several large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new position in shares of Seacoast Banking Corporation of Florida in the 2nd quarter worth $23,407,000. Emerald Advisers LLC lifted its stake in Seacoast Banking Corporation of Florida by 163.2% during the first quarter. Emerald Advisers LLC now owns 504,363 shares of the financial services provider’s stock valued at $15,277,000 after buying an additional 312,712 shares in the last quarter. Bluedoor Private Wealth LLC acquired a new position in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth about $8,775,000. Bank of America Corp DE boosted its holdings in shares of Seacoast Banking Corporation of Florida by 97.4% in the first quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider’s stock worth $14,056,000 after buying an additional 228,935 shares during the period. Finally, Emerald Mutual Fund Advisers Trust increased its position in shares of Seacoast Banking Corporation of Florida by 138.7% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 326,516 shares of the financial services provider’s stock worth $9,890,000 after acquiring an additional 189,714 shares in the last quarter. 81.77% of the stock is owned by institutional investors and hedge funds.
Seacoast Banking Corporation of Florida Stock Performance
NASDAQ SBCF opened at $33.03 on Monday. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 21.04 and a beta of 0.84. The business’s 50 day moving average is $34.24 and its two-hundred day moving average is $32.28. Seacoast Banking Corporation of Florida has a 12-month low of $28.58 and a 12-month high of $36.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35.
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 for the quarter, topping analysts’ consensus estimates 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 business had revenue of $210.00 million for the quarter, compared to analysts’ expectations of $209.84 million. Research analysts expect that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.
Seacoast Banking Corporation of Florida Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued 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 2.3%. Seacoast Banking Corporation of Florida’s payout ratio is 48.41%.
Seacoast Banking Corporation of Florida Company Profile
Seacoast Banking Corporation of Florida is the bank holding company for Seacoast National Bank, a community-focused financial institution headquartered in Stuart, Florida. Founded in 1926, the company serves consumers, businesses, and institutions through a network of banking offices and digital channels across Florida.
Seacoast National Bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer lending, and business financing.
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