Key Points
- Insider sale: EVP Joseph Forlenza sold 12,635 shares on Feb. 26 at an average price of $32.90 for $415,691.50, reducing his stake by 22.96% to 42,392 shares (valued at about $1.395M).
- Financials & dividend: Seacoast missed Q earnings ($0.44 EPS vs. $0.51 expected) while revenue rose 53% YoY to $204.8M, and the company announced a $0.19 quarterly dividend (2.4% yield; ex-dividend Mar. 13).
Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) EVP Joseph Forlenza sold 12,635 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $32.90, for a total value of $415,691.50. Following the completion of the sale, the executive vice president directly owned 42,392 shares in the company, valued at $1,394,696.80. This trade represents a 22.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Seacoast Banking Corporation of Florida Stock Performance
Shares of NASDAQ SBCF opened at $31.12 on Friday. Seacoast Banking Corporation of Florida has a 12 month low of $21.36 and a 12 month high of $35.55. The company has a market cap of $3.04 billion, a P/E ratio of 19.45 and a beta of 0.93. The business's 50 day moving average is $33.13 and its two-hundred day moving average is $31.63. 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 (NASDAQ:SBCF - Get Free Report) last announced its earnings results on Thursday, January 29th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.07). Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.The company had revenue of $204.80 million for the quarter, compared to the consensus estimate of $201.25 million. During the same period last year, the firm posted $0.48 EPS. The company's revenue was up 53.0% compared to the same quarter last year. On average, equities analysts expect that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.
Seacoast Banking Corporation of Florida Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, March 13th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is presently 47.50%.
Analyst Upgrades and Downgrades
SBCF has been the subject of several recent research reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, January 22nd. Piper Sandler restated a "neutral" rating and issued a $33.50 target price on shares of Seacoast Banking Corporation of Florida in a research note on Monday, November 3rd. Keefe, Bruyette & Woods raised their target price on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, February 2nd. Finally, Zacks Research downgraded shares of Seacoast Banking Corporation of Florida from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $31.90.
View Our Latest Analysis on SBCF
Institutional Investors Weigh In On Seacoast Banking Corporation of Florida
A number of hedge funds have recently made changes to their positions in the company. World Investment Advisors boosted its position in Seacoast Banking Corporation of Florida by 3.6% in the fourth quarter. World Investment Advisors now owns 9,036 shares of the financial services provider's stock valued at $274,000 after buying an additional 316 shares in the last quarter. CWM LLC increased its holdings in Seacoast Banking Corporation of Florida by 3.0% during the 4th quarter. CWM LLC now owns 11,083 shares of the financial services provider's stock valued at $348,000 after purchasing an additional 320 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Seacoast Banking Corporation of Florida by 3.9% in the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 9,274 shares of the financial services provider's stock valued at $282,000 after purchasing an additional 344 shares during the last quarter. Jones Financial Companies Lllp raised its position in Seacoast Banking Corporation of Florida by 69.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 352 shares during the last quarter. Finally, Salomon & Ludwin LLC boosted its stake in 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 worth $31,000 after purchasing an additional 356 shares in the last quarter. Institutional investors and hedge funds own 81.77% of the company's stock.
Seacoast Banking Corporation of Florida Company Profile
(
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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