Key Points
- Director Dennis Hudson III sold 4,000 shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) at an average price of $34.00, totaling $136,000. The sale was made under a pre-arranged Rule 10b5-1 trading plan and reduced his ownership by 1.81%.
- SBCF shares were down 2.1% and recently opened at $33.28, near the stock’s 52-week high of $35.55. The company has a market cap of $3.24 billion and trades at a P/E ratio of 21.89.
- The bank beat quarterly earnings expectations with EPS of $0.62 versus the $0.58 consensus, while revenue rose 45.8% year over year. Seacoast also paid a quarterly dividend of $0.19 per share, implying a 2.3% yield.
Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) Director Dennis Hudson III sold 4,000 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total transaction of $136,000.00. Following the completion of the sale, the director owned 216,854 shares of the company's stock, valued at $7,373,036. This trade represents a 1.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Seacoast Banking Corporation of Florida Stock Down 2.1%
SBCF stock opened at $33.28 on Friday. Seacoast Banking Corporation of Florida has a 12 month low of $27.22 and a 12 month high of $35.55. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 21.89 and a beta of 0.85. The firm has a 50-day moving average of $31.09 and a two-hundred day moving average of $31.79.
Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates 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 previous year, the company posted $0.38 earnings per share. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, analysts forecast that Seacoast Banking Corporation of Florida will post 2.51 earnings per share for the current fiscal year.
Seacoast Banking Corporation of Florida Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders 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 of this dividend was Monday, June 15th. Seacoast Banking Corporation of Florida's payout ratio is presently 50.00%.
Hedge Funds Weigh In On Seacoast Banking Corporation of Florida
A number of hedge funds have recently modified their holdings of SBCF. Wellington Management Group LLP grew its holdings in shares of Seacoast Banking Corporation of Florida by 58.6% during the third quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider's stock worth $166,825,000 after buying an additional 2,025,988 shares during the last quarter. North Reef Capital Management LP grew its holdings in Seacoast Banking Corporation of Florida by 16.8% during the fourth quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider's stock worth $183,244,000 after acquiring an additional 837,075 shares during the period. Vanguard Group Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 11.1% in the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider's stock valued at $222,732,000 after purchasing an additional 705,554 shares in the last quarter. Verition Fund Management LLC purchased a new position in Seacoast Banking Corporation of Florida in the third quarter valued at about $14,865,000. Finally, Emerald Advisers LLC increased its stake in 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 valued at $15,277,000 after purchasing an additional 312,712 shares in the last quarter. 81.77% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on SBCF shares. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. Finally, Piper Sandler lifted their price objective on shares of Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the stock a "neutral" rating in a research report on Monday, June 22nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Seacoast Banking Corporation of Florida presently has an average rating of "Moderate Buy" and a consensus price target of $35.00.
View Our Latest Analysis on SBCF
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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