Piper Sandler Issues Positive Forecast for Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock Price

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) had its price target boosted by analysts at Piper Sandler from $32.50 to $34.00 in a research report issued on Monday, MarketBeat reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 10.25% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on SBCF. Weiss Ratings cut Seacoast Banking Corporation of Florida from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, June 15th. 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. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Seacoast Banking Corporation of Florida currently has a consensus rating of “Hold” and an average target price of $35.00.

Seacoast Banking Corporation of Florida Stock Performance

Shares of NASDAQ:SBCF opened at $30.84 on Monday. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 20.29 and a beta of 0.86. Seacoast Banking Corporation of Florida has a 52 week low of $24.78 and a 52 week high of $35.55. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average of $31.03 and a 200 day moving average of $31.77.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $205.51 million. During the same quarter last year, the firm earned $0.38 EPS. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, sell-side analysts predict that Seacoast Banking Corporation of Florida will post 2.49 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP James C. Stallings III sold 7,552 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total transaction of $235,320.32. Following the transaction, the executive vice president directly owned 7,247 shares of the company’s stock, valued at approximately $225,816.52. This represents a 51.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Dennis S. Hudson III sold 8,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total value of $251,280.00. Following the sale, the director owned 220,854 shares of the company’s stock, valued at approximately $6,937,024.14. This represents a 3.50% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 25,919 shares of company stock valued at $806,733. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Several institutional investors have recently added to or reduced their stakes in SBCF. Vanguard Group Inc. grew its stake in shares of Seacoast Banking Corporation of Florida by 11.1% during the fourth 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. North Reef Capital Management LP raised its position in shares of 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 valued at $183,244,000 after purchasing an additional 837,075 shares during the last quarter. Wellington Management Group LLP boosted its stake 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 worth $166,825,000 after purchasing an additional 2,025,988 shares in the last quarter. State Street Corp grew its position in Seacoast Banking Corporation of Florida by 1.4% during the 4th quarter. State Street Corp now owns 4,610,754 shares of the financial services provider’s stock worth $144,870,000 after purchasing an additional 64,986 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Seacoast Banking Corporation of Florida by 4.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,150,592 shares of the financial services provider’s stock valued at $95,427,000 after purchasing an additional 123,273 shares in the last quarter. Institutional investors and hedge funds 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.