Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Receives $35.50 Average Price Target from Analysts

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) have received an average recommendation of “Moderate Buy” from the five research firms that are presently covering the company, 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 1 year target price among analysts that have issued ratings on the stock in the last year is $35.50.

A number of research analysts have commented on the company. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 30th. Wall Street Zen raised Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Finally, Piper Sandler boosted their price objective on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a report on Thursday, July 30th.

Insider Transactions at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 4,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total transaction of $136,000.00. Following the sale, the director directly owned 216,854 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

A number of hedge funds have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd acquired a new position in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth $26,000. Salomon & Ludwin LLC raised its stake in shares of Seacoast Banking Corporation of Florida by 59.3% in the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 356 shares in the last quarter. Measured Wealth Private Client Group LLC purchased a new position in Seacoast Banking Corporation of Florida in the third quarter valued at $33,000. Advisory Services Network LLC purchased a new position in Seacoast Banking Corporation of Florida in the third quarter valued at $45,000. Finally, Kestra Advisory Services LLC acquired a new position in Seacoast Banking Corporation of Florida during the 4th quarter worth $50,000. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Price Performance

Seacoast Banking Corporation of Florida stock opened at $34.55 on Friday. The company’s 50 day simple moving average is $32.59 and its 200-day simple moving average is $32.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78. Seacoast Banking Corporation of Florida has a 1 year low of $27.22 and a 1 year high of $35.64. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 22.01 and a beta of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. The firm had revenue of $209.99 million during the quarter, compared to analysts’ expectations of $209.84 million. As a group, equities research analysts expect that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

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

Seacoast Banking Corporation of Florida Company Profile

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.