Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Dennis Hudson III Sells 4,000 Shares

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Dennis Hudson III sold 4,000 shares of Seacoast Banking Corporation of Florida stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $34.00, for a total transaction of $136,000.00. Following the completion of the transaction, the director directly owned 216,854 shares of the company’s stock, valued at $7,373,036. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Seacoast Banking Corporation of Florida Price Performance

NASDAQ:SBCF opened at $33.28 on Friday. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of 21.89 and a beta of 0.85. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.78 and a quick ratio of 0.78. The business has a 50 day simple moving average of $31.09 and a 200-day simple moving average of $31.79. Seacoast Banking Corporation of Florida has a 1 year low of $27.22 and a 1 year high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share 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 company had revenue of $205.10 million for the quarter, compared to analyst estimates of $205.51 million. During the same quarter in the prior year, the firm posted $0.38 EPS. Seacoast Banking Corporation of Florida’s quarterly revenue was up 45.8% compared to the same quarter last year. Equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.51 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Monday, June 15th. Seacoast Banking Corporation of Florida’s payout ratio is 50.00%.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Several hedge funds have recently modified their holdings of SBCF. Aster Capital Management DIFC Ltd acquired a new position in Seacoast Banking Corporation of Florida during the 4th quarter valued at approximately $26,000. Salomon & Ludwin LLC lifted its stake in shares of Seacoast Banking Corporation of Florida by 59.3% in the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 356 shares during the period. Measured Wealth Private Client Group LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth about $33,000. Advisory Services Network LLC acquired a new stake in Seacoast Banking Corporation of Florida in the third quarter valued at approximately $45,000. Finally, Kestra Advisory Services LLC purchased a new stake in Seacoast Banking Corporation of Florida in the 4th quarter worth $50,000. Institutional investors and hedge funds own 81.77% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SBCF. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Piper Sandler boosted their price objective on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a “neutral” rating in a report on Monday, June 22nd. Finally, Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

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.