Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Receives $31.90 Consensus Target Price from Brokerages

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) have earned a consensus recommendation of “Hold” from the seven brokerages that are covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $31.90.

SBCF has been the subject of a number of analyst reports. Piper Sandler reiterated a “neutral” rating and set a $33.50 price objective on shares of Seacoast Banking Corporation of Florida in a report on Monday, November 3rd. Zacks Research downgraded Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Keefe, Bruyette & Woods increased their price objective on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Thursday, January 22nd.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ SBCF opened at $34.35 on Friday. The company has a market capitalization of $3.36 billion, a PE ratio of 21.47 and a beta of 0.93. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.35. Seacoast Banking Corporation of Florida has a twelve month low of $21.36 and a twelve month high of $35.55. The firm has a fifty day simple moving average of $32.96 and a 200 day simple moving average of $31.22.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.07). The business had revenue of $204.79 million for the quarter, compared to analyst estimates of $201.25 million. Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.The business’s revenue was up 53.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.48 earnings per share. On average, sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, March 13th. Seacoast Banking Corporation of Florida’s payout ratio is currently 47.50%.

Insider Activity

In related news, Director Jacqueline Lynette Bradley sold 2,279 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $33.54, for a total transaction of $76,437.66. Following the transaction, the director directly owned 7,000 shares of the company’s stock, valued at $234,780. This trade represents a 24.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dennis J. Arczynski sold 3,419 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $34.21, for a total transaction of $116,963.99. Following the completion of the sale, the director directly owned 1,000 shares of the company’s stock, valued at $34,210. The trade was a 77.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,117 shares of company stock worth $310,434 over the last quarter. Insiders own 1.60% of the company’s stock.

Institutional Trading of Seacoast Banking Corporation of Florida

A number of institutional investors and hedge funds have recently modified their holdings of the business. 1492 Capital Management LLC bought a new position in Seacoast Banking Corporation of Florida in the 4th quarter valued at $204,000. Goldman Sachs Group Inc. raised its stake in shares of Seacoast Banking Corporation of Florida by 0.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,098,914 shares of the financial services provider’s stock worth $34,528,000 after purchasing an additional 7,972 shares during the period. Natixis Advisors LLC boosted its holdings in shares of Seacoast Banking Corporation of Florida by 5.6% in the 4th quarter. Natixis Advisors LLC now owns 56,154 shares of the financial services provider’s stock worth $1,764,000 after buying an additional 2,977 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Seacoast Banking Corporation of Florida by 8.5% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,981 shares of the financial services provider’s stock valued at $753,000 after buying an additional 1,882 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Seacoast Banking Corporation of Florida by 8.5% during the fourth quarter. Geode Capital Management LLC now owns 2,279,078 shares of the financial services provider’s stock worth $71,623,000 after buying an additional 177,792 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.

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.