Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Receives $33.13 Average Target Price from Analysts

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) have received a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $33.1250.

Several equities analysts have recently issued reports on SBCF shares. 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. Keefe, Bruyette & Woods boosted their target price on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Piper Sandler decreased their target price on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Finally, Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th.

Seacoast Banking Corporation of Florida Price Performance

Seacoast Banking Corporation of Florida stock opened at $30.49 on Tuesday. The firm has a market capitalization of $2.97 billion, a P/E ratio of 20.06 and a beta of 0.88. Seacoast Banking Corporation of Florida has a 1 year low of $24.04 and a 1 year high of $35.55. The business has a 50-day moving average of $30.85 and a 200-day moving average of $31.78. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. The company had revenue of $205.10 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 EPS. On average, equities analysts anticipate that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Monday, June 15th. Seacoast Banking Corporation of Florida’s payout ratio is 50.00%.

Insiders Place Their Bets

In other news, EVP Joseph M. Forlenza sold 12,635 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $32.90, for a total transaction of $415,691.50. Following the transaction, the executive vice president owned 42,392 shares in the company, valued at $1,394,696.80. The trade was a 22.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Charles M. Shaffer sold 10,367 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $30.88, for a total value of $320,132.96. Following the transaction, the chief executive officer owned 174,113 shares in the company, valued at $5,376,609.44. This trade represents a 5.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 38,554 shares of company stock worth $1,221,865. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Institutional investors have recently modified their holdings of the business. Aster Capital Management DIFC Ltd bought a new position in shares of Seacoast Banking Corporation of Florida during the 4th quarter valued at about $26,000. Jones Financial Companies Lllp lifted its holdings in shares of Seacoast Banking Corporation of Florida by 69.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 352 shares in the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of Seacoast Banking Corporation of Florida by 59.3% during the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 356 shares in the last quarter. Measured Wealth Private Client Group LLC bought a new stake in Seacoast Banking Corporation of Florida in the 3rd quarter valued at approximately $33,000. Finally, Advisory Services Network LLC bought a new stake in Seacoast Banking Corporation of Florida in the 3rd quarter valued at approximately $45,000. Institutional investors own 81.77% of the company’s stock.

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.