Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Given Average Rating of “Hold” by Brokerages

Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) have been given an average recommendation of “Hold” by the five ratings firms that are presently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $34.50.

A number of equities research analysts recently commented on the company. Piper Sandler dropped their price objective on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a “neutral” rating for the company in a report on Thursday, April 30th. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings downgraded shares of Seacoast Banking Corporation of Florida from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total value of $251,280.00. Following the completion of the sale, the director owned 220,854 shares of the company’s stock, valued at approximately $6,937,024.14. This represents a 3.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James C. Stallings III sold 7,552 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total value of $235,320.32. Following the completion of the sale, the executive vice president owned 7,247 shares of the company’s stock, valued at $225,816.52. This trade represents a 51.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 25,919 shares of company stock valued at $806,733. Corporate insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Large investors have recently modified their holdings of the business. Deprince Race & Zollo Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 3.5% in the fourth quarter. Deprince Race & Zollo Inc. now owns 2,224,435 shares of the financial services provider’s stock worth $69,892,000 after acquiring an additional 76,192 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of Seacoast Banking Corporation of Florida by 4.9% during the fourth quarter. William Blair Investment Management LLC now owns 1,282,535 shares of the financial services provider’s stock worth $40,297,000 after acquiring an additional 59,780 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Seacoast Banking Corporation of Florida by 11.1% during the fourth quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider’s stock worth $222,732,000 after acquiring an additional 705,554 shares in the last quarter. UBS Group AG increased its position in shares of Seacoast Banking Corporation of Florida by 23.9% during the fourth quarter. UBS Group AG now owns 484,006 shares of the financial services provider’s stock worth $15,207,000 after acquiring an additional 93,381 shares in the last quarter. Finally, Boothbay Fund Management LLC increased its position in shares of Seacoast Banking Corporation of Florida by 48.2% during the third quarter. Boothbay Fund Management LLC now owns 187,879 shares of the financial services provider’s stock worth $5,717,000 after acquiring an additional 61,119 shares in the last quarter. 81.77% of the stock is currently owned by institutional investors.

Seacoast Banking Corporation of Florida Trading Down 2.1%

NASDAQ SBCF opened at $30.60 on Friday. The stock has a 50-day simple moving average of $31.06 and a 200 day simple moving average of $31.79. The company has a market capitalization of $2.98 billion, a PE ratio of 20.13 and a beta of 0.86. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33. Seacoast Banking Corporation of Florida has a 12 month low of $24.46 and a 12 month high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $205.10 million during the quarter, compared to the consensus estimate of $205.51 million. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The firm’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 earnings per share. Research analysts forecast that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Monday, June 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio is presently 50.00%.

About Seacoast Banking Corporation of Florida

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.