Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Given Average Rating of “Hold” by Brokerages

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) has been assigned a consensus rating of “Hold” from the seven brokerages that are covering the stock, Marketbeat reports. Five analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $31.90.

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

Insider Activity

In related news, Director Maryann Goebel sold 3,419 shares of the business’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 directly owned 6,000 shares in the company, valued at approximately $205,380. The trade was a 36.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dennis J. Arczynski sold 3,419 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $34.21, for a total value of $116,963.99. Following the completion of the transaction, the director owned 1,000 shares of the company’s stock, valued at approximately $34,210. This represents a 77.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 9,117 shares of company stock worth $310,434. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Seacoast Banking Corporation of Florida

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted 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 period. FJ Capital Management LLC boosted its stake in 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 valued at $31,885,000 after buying an additional 762,505 shares during the period. Tributary Capital Management LLC grew its position in 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 in the last quarter. Vanguard Group Inc. increased its stake in Seacoast Banking Corporation of Florida by 11.1% in the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider’s stock worth $222,732,000 after acquiring an additional 705,554 shares during the last quarter. Finally, Verition Fund Management LLC bought a new position in Seacoast Banking Corporation of Florida in the 3rd quarter worth about $14,865,000. Institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Trading Down 0.4%

Shares of SBCF stock opened at $33.23 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.35. The firm has a market cap of $3.25 billion, a P/E ratio of 20.77 and a beta of 0.93. The company has a 50 day moving average of $33.02 and a 200-day moving average of $31.30. Seacoast Banking Corporation of Florida has a 12-month low of $21.36 and a 12-month high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings data 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). Seacoast Banking Corporation of Florida had a net margin of 15.47% and a return on equity of 7.07%. The firm had revenue of $204.80 million for the quarter, compared to the consensus estimate of $201.25 million. During the same period last year, the company posted $0.48 earnings per share. Seacoast Banking Corporation of Florida’s revenue for the quarter was up 53.0% on a year-over-year basis. Sell-side analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, March 13th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) 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.