Insider Selling: Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Sells $34,310.00 in Stock

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Dennis Hudson III sold 1,000 shares of the stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $34.31, for a total transaction of $34,310.00. Following the completion of the transaction, the director directly owned 8,356 shares of the company’s stock, valued at approximately $286,694.36. The trade was a 10.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Seacoast Banking Corporation of Florida Trading Down 0.4%

SBCF opened at $33.58 on Friday. The stock has a 50-day moving average of $33.14 and a 200 day moving average of $32.51. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.42. Seacoast Banking Corporation of Florida has a 12 month low of $28.69 and a 12 month high of $36.27. The firm has a market cap of $3.24 billion, a P/E ratio of 14.47 and a beta of 0.88.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. The business had revenue of $217.50 million for the quarter, compared to the consensus estimate of $216.32 million. Seacoast Banking Corporation of Florida had a return on equity of 9.49% and a net margin of 16.27%. As a group, research analysts forecast that Seacoast Banking Corporation of Florida will post 2.53 EPS for the current year.

Seacoast Banking Corporation of Florida Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.4%. The ex-dividend date is Tuesday, December 15th. This is a boost from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19. Seacoast Banking Corporation of Florida’s payout ratio is currently 44.71%.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp purchased a new position in Seacoast Banking Corporation of Florida during the 2nd quarter valued at $23,407,000. Emerald Advisers LLC increased its stake in Seacoast Banking Corporation of Florida by 163.2% in the first quarter. Emerald Advisers LLC now owns 504,363 shares of the financial services provider’s stock worth $15,277,000 after purchasing an additional 312,712 shares during the period. Bank of America Corp DE increased its stake in Seacoast Banking Corporation of Florida by 97.4% in the first quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider’s stock worth $14,056,000 after purchasing an additional 228,935 shares during the period. Emerald Mutual Fund Advisers Trust lifted its position in shares of Seacoast Banking Corporation of Florida by 138.7% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 326,516 shares of the financial services provider’s stock worth $9,890,000 after purchasing an additional 189,714 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Seacoast Banking Corporation of Florida by 88.4% during the first quarter. Sei Investments Co. now owns 363,154 shares of the financial services provider’s stock worth $11,000,000 after purchasing an additional 170,421 shares during the last quarter. 81.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on SBCF shares. Piper Sandler raised their price target on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Keefe, Bruyette & Woods boosted their price objective on shares of Seacoast Banking Corporation of Florida from $37.00 to $38.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. Raymond James Financial reissued an “outperform” rating on shares of Seacoast Banking Corporation of Florida in a research note on Thursday, October 29th. Finally, Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Three research analysts have rated the stock with a Buy rating and two have given 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.

About Seacoast Banking Corporation of Florida

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.