Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Sells $251,280.00 in Stock

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Dennis Hudson III sold 8,000 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total transaction of $251,280.00. Following the transaction, the director directly owned 220,854 shares of the company’s stock, valued at $6,937,024.14. The trade was a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF stock opened at $30.84 on Friday. The company’s fifty day simple moving average is $31.03 and its two-hundred day simple moving average is $31.77. Seacoast Banking Corporation of Florida has a 52 week low of $24.78 and a 52 week high of $35.55. The stock has a market cap of $3.00 billion, a P/E ratio of 20.29 and a beta of 0.86. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The firm had revenue of $205.10 million during the quarter, compared to analyst estimates of $205.51 million. During the same quarter last year, the business posted $0.38 earnings per share. The business’s quarterly revenue was up 45.8% compared to the same quarter last year. Analysts predict that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders 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 yield of 2.5%. The ex-dividend date is Monday, June 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is currently 50.00%.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Several institutional investors have recently made changes to their positions in SBCF. Wellington Management Group LLP boosted its stake in shares of Seacoast Banking Corporation of Florida by 58.6% during the 3rd quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider’s stock worth $166,825,000 after purchasing an additional 2,025,988 shares during the period. North Reef Capital Management LP raised its position in Seacoast Banking Corporation of Florida by 16.8% in the 4th quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider’s stock worth $183,244,000 after purchasing an additional 837,075 shares during the period. Vanguard Group Inc. raised its position 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 purchasing an additional 705,554 shares during the period. Verition Fund Management LLC bought a new stake in Seacoast Banking Corporation of Florida in the third quarter worth about $14,865,000. Finally, Emerald Advisers LLC lifted its stake in Seacoast Banking Corporation of Florida by 163.2% in the first quarter. Emerald Advisers LLC now owns 504,363 shares of the financial services provider’s stock worth $15,277,000 after purchasing an additional 312,712 shares during the last quarter. Institutional investors own 81.77% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on SBCF shares. Weiss Ratings cut Seacoast Banking Corporation of Florida from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Finally, Piper Sandler reduced their price target on shares of Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $34.50.

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.