Analysts Set Seacoast Banking Corporation of Florida (NASDAQ:SBCF) PT at $35.50

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) have been given a consensus recommendation of “Moderate Buy” by the five brokerages that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $35.50.

A number of analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a research note on Thursday, July 30th. 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, June 30th. Finally, 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.

Seacoast Banking Corporation of Florida Trading Up 3.3%

NASDAQ SBCF opened at $34.14 on Thursday. Seacoast Banking Corporation of Florida has a 12 month low of $28.58 and a 12 month high of $36.27. The stock has a market cap of $3.31 billion, a P/E ratio of 21.75 and a beta of 0.84. The stock’s fifty day moving average price is $34.03 and its 200-day moving average price is $32.12. 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) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.01. The firm had revenue of $209.99 million during the quarter, compared to analyst estimates of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. As a group, equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, September 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is currently 48.41%.

Insiders Place Their Bets

In other news, Director Dennis S. Hudson III sold 4,000 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $34.00, for a total transaction of $136,000.00. Following the transaction, the director directly owned 216,854 shares of the company’s stock, valued at $7,373,036. This represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Juliette Kleffel sold 14,831 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $34.31, for a total value of $508,851.61. Following the sale, the executive vice president directly owned 78,321 shares in the company, valued at $2,687,193.51. This trade represents a 15.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 26,831 shares of company stock valued at $896,132. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of Seacoast Banking Corporation of Florida

A number of institutional investors have recently made changes to their positions in SBCF. Aster Capital Management DIFC Ltd bought a new stake in Seacoast Banking Corporation of Florida in the 4th quarter worth approximately $26,000. Nykredit A S bought a new position in shares of Seacoast Banking Corporation of Florida during the 2nd quarter valued at $30,000. Measured Wealth Private Client Group LLC purchased a new position in shares of Seacoast Banking Corporation of Florida in the 3rd quarter worth $33,000. Advisory Services Network LLC purchased a new position in shares of Seacoast Banking Corporation of Florida in the 3rd quarter worth $45,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth $50,000. Hedge funds and other 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.