Dennis Hudson III Sells 12,000 Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Stock

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Dennis Hudson III sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total value of $409,800.00. Following the completion of the sale, the director directly owned 206,869 shares in the company, valued at $7,064,576.35. The trade was a 5.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Seacoast Banking Corporation of Florida Stock Up 0.1%

Shares of NASDAQ:SBCF opened at $33.70 on Friday. The stock’s 50-day moving average is $34.30 and its 200 day moving average is $32.23. The company has a market cap of $3.26 billion, a PE ratio of 21.46 and a beta of 0.84. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.78 and a quick ratio of 0.78. Seacoast Banking Corporation of Florida has a 1 year low of $28.58 and a 1 year high of $36.27.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued 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 return on equity of 8.68% and a net margin of 15.11%.The firm had revenue of $210.00 million for the quarter, compared to analyst estimates of $209.84 million. Sell-side analysts anticipate that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.3%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 48.41%.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

A number of institutional investors have recently added to or reduced their stakes in SBCF. Bank of New York Mellon Corp purchased a new position in Seacoast Banking Corporation of Florida during the 2nd quarter valued at about $23,407,000. Emerald Advisers LLC boosted its position in shares of Seacoast Banking Corporation of Florida by 163.2% in the 1st 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 in the last quarter. Bluedoor Private Wealth LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida in the 4th quarter worth approximately $8,775,000. Bank of America Corp DE grew its stake in shares of Seacoast Banking Corporation of Florida by 97.4% in the 1st quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider’s stock worth $14,056,000 after buying an additional 228,935 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust increased its position in Seacoast Banking Corporation of Florida by 138.7% during the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 326,516 shares of the financial services provider’s stock valued at $9,890,000 after buying an additional 189,714 shares in the last quarter. Institutional investors own 81.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on SBCF shares. 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. Piper Sandler lifted their target price 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. Finally, Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.50.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida is the bank holding company for Seacoast National Bank, a community-focused financial institution headquartered in Stuart, Florida. Founded in 1926, the company serves consumers, businesses, and institutions through a network of banking offices and digital channels across Florida.

Seacoast National Bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer lending, and business financing.