Key Points
- Director Dennis Hudson III sold 1,000 shares for $34,310, reducing his direct holding by 10.69% to 8,356 shares.
- Seacoast reported quarterly EPS of $0.66, slightly above estimates, and revenue of $217.5 million, also ahead of expectations. It raised its quarterly dividend from $0.19 to $0.20 per share.
- Analysts give SBCF a consensus “Moderate Buy” rating, with an average price target of $36.50.
Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) Director Dennis Hudson III sold 1,000 shares of the business's stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $34.31, for a total value of $34,310.00. Following the sale, the director directly owned 8,356 shares in the company, valued at approximately $286,694.36. The trade was a 10.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Seacoast Banking Corporation of Florida Stock Performance
SBCF opened at $34.07 on Wednesday. The business has a 50 day moving average price of $33.14 and a two-hundred day moving average price of $32.51. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 14.64 and a beta of 0.88. Seacoast Banking Corporation of Florida has a 1-year low of $28.69 and a 1-year high of $36.27.
Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 9.49% and a net margin of 16.27%. The company had revenue of $217.50 million for the quarter, compared to analysts' expectations of $216.32 million. Research analysts predict that Seacoast Banking Corporation of Florida will post 2.53 EPS for the current fiscal year.
Seacoast Banking Corporation of Florida Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.3%. This is a positive change from Seacoast Banking Corporation of Florida's previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, December 15th. Seacoast Banking Corporation of Florida's payout ratio is currently 44.71%.
Institutional Investors Weigh In On Seacoast Banking Corporation of Florida
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Voya Investment Management LLC increased its stake in Seacoast Banking Corporation of Florida by 8.6% in the 3rd quarter. Voya Investment Management LLC now owns 33,674 shares of the financial services provider's stock worth $1,072,000 after purchasing an additional 2,658 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Seacoast Banking Corporation of Florida by 8.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 91,966 shares of the financial services provider's stock valued at $2,927,000 after buying an additional 7,535 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of Seacoast Banking Corporation of Florida by 6.5% during the third quarter. HighTower Advisors LLC now owns 7,818 shares of the financial services provider's stock valued at $249,000 after buying an additional 479 shares in the last quarter. Bessemer Group Inc. raised its position in Seacoast Banking Corporation of Florida by 57.3% during the third quarter. Bessemer Group Inc. now owns 922 shares of the financial services provider's stock valued at $29,000 after buying an additional 336 shares during the period. Finally, Hantz Financial Services Inc. raised its position in Seacoast Banking Corporation of Florida by 8.9% during the third quarter. Hantz Financial Services Inc. now owns 48,318 shares of the financial services provider's stock valued at $1,538,000 after buying an additional 3,957 shares during the period. Institutional investors and hedge funds own 81.77% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Seacoast Banking Corporation of Florida from $37.00 to $38.00 and gave the stock an "outperform" rating in a research report on Thursday, November 5th. Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday. Piper Sandler lifted their price objective on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a research note on Thursday, July 30th. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Seacoast Banking Corporation of Florida in a research note on Thursday, October 29th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Seacoast Banking Corporation of Florida presently has a consensus rating of "Moderate Buy" and an average target price of $36.50.
View Our Latest Report on SBCF
Seacoast Banking Corporation of Florida Company Profile
(
Get Free Report)
Seacoast Banking Corporation of Florida is a bank holding company whose principal subsidiary, Seacoast National Bank, provides banking and related financial services. The company serves individuals, businesses and organizations, with offerings that include deposit accounts, consumer and commercial lending, mortgage services, cash management and wealth management. Founded in 1926, Seacoast has grown from its roots in Stuart, Florida, and serves communities across the state through branches and digital banking services.
Further Reading
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