Key Points
- Director Jacqueline Lynette Bradley sold 2,279 shares on Feb. 3 at an average price of $33.54 for a total of $76,437.66, trimming her stake by 24.56% to 7,000 shares.
- Seacoast missed Q4 consensus with EPS $0.44 vs. $0.51 while revenue jumped 53% year-over-year to $204.79 million, and the company reported a 7.07% return on equity.
- The firm declared a quarterly dividend of $0.19 per share (annualized $0.76, ~2.2% yield), payable March 31 with an ex-dividend date of March 13.
Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) Director Jacqueline Lynette Bradley sold 2,279 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $33.54, for a total transaction of $76,437.66. Following the sale, the director owned 7,000 shares of the company's stock, valued at approximately $234,780. This represents a 24.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Seacoast Banking Corporation of Florida Stock Performance
Shares of NASDAQ SBCF traded up $0.55 during midday trading on Friday, reaching $35.20. 13,150 shares of the company were exchanged, compared to its average volume of 707,954. The stock has a fifty day simple moving average of $32.78 and a 200 day simple moving average of $31.07. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35. The stock has a market cap of $3.44 billion, a P/E ratio of 21.90 and a beta of 0.93. Seacoast Banking Corporation of Florida has a 1 year low of $21.36 and a 1 year high of $35.46.
Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.07). The company 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%.Seacoast Banking Corporation of Florida's revenue for the quarter was up 53.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.48 earnings per share. On average, research analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current fiscal year.
Seacoast Banking Corporation of Florida Dividend Announcement
The firm also recently announced 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 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, March 13th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is 47.50%.
Institutional Trading of Seacoast Banking Corporation of Florida
A number of hedge funds and other institutional investors have recently modified their holdings of SBCF. Wellington Management Group LLP lifted its holdings 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 valued at $166,825,000 after acquiring an additional 2,025,988 shares during the last quarter. FJ Capital Management LLC lifted its stake in Seacoast Banking Corporation of Florida by 194.6% during the second quarter. FJ Capital Management LLC now owns 1,154,434 shares of the financial services provider's stock valued at $31,885,000 after purchasing an additional 762,505 shares during the last quarter. Tributary Capital Management LLC boosted its holdings in Seacoast Banking Corporation of Florida by 99.4% during the third quarter. Tributary Capital Management LLC now owns 1,459,462 shares of the financial services provider's stock worth $44,411,000 after buying an additional 727,428 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 11.1% in the fourth quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider's stock valued at $222,732,000 after buying an additional 705,554 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at $14,865,000. Institutional investors own 81.77% of the company's stock.
Analysts Set New Price Targets
A number of research firms recently weighed in on SBCF. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, January 22nd. Zacks Research downgraded shares of Seacoast Banking Corporation of Florida from a "strong-buy" rating to a "hold" rating in a report on Monday, December 29th. Piper Sandler reaffirmed a "neutral" rating and set a $33.50 target price on shares of Seacoast Banking Corporation of Florida in a report on Monday, November 3rd. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $31.90.
Check Out Our Latest Stock Analysis on SBCF
About Seacoast Banking Corporation of Florida
(
Get Free Report)
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.
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