Brokerages Set Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Target Price at $31.50

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) has earned an average recommendation of “Hold” from the seven brokerages that are covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $31.50.

A number of analysts recently weighed in on SBCF shares. Piper Sandler reissued a “neutral” rating and issued a $33.50 price target on shares of Seacoast Banking Corporation of Florida in a report on Monday, November 3rd. Keefe, Bruyette & Woods increased their price objective on Seacoast Banking Corporation of Florida from $35.00 to $36.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Zacks Research cut Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Wednesday, October 8th. Finally, Raymond James Financial set a $33.00 price objective on Seacoast Banking Corporation of Florida and gave the stock an “outperform” rating in a research report on Tuesday, October 7th.

Seacoast Banking Corporation of Florida Stock Performance

SBCF opened at $33.83 on Wednesday. The stock’s 50 day simple moving average is $31.83 and its 200-day simple moving average is $30.63. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.34. The stock has a market cap of $3.31 billion, a PE ratio of 20.02 and a beta of 0.92. Seacoast Banking Corporation of Florida has a 1 year low of $21.36 and a 1 year high of $34.14.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its quarterly earnings results on Monday, October 27th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.05. The firm had revenue of $158.57 million for the quarter, compared to the consensus estimate of $154.84 million. Seacoast Banking Corporation of Florida had a net margin of 16.93% and a return on equity of 7.16%. The business’s revenue was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 earnings per share. Sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a dividend of $0.19 per share. The ex-dividend date was Monday, December 15th. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. This is a positive change from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.18. Seacoast Banking Corporation of Florida’s dividend payout ratio is presently 44.97%.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In related news, Director Dennis S. Hudson III sold 8,000 shares of the stock in a transaction that occurred on Monday, November 10th. The shares were sold at an average price of $31.13, for a total value of $249,040.00. Following the transaction, the director directly owned 251,275 shares in the company, valued at $7,822,190.75. This represents a 3.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Seacoast Banking Corporation of Florida

Several institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its position in shares of Seacoast Banking Corporation of Florida by 58.6% in the 3rd quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider’s stock worth $166,825,000 after purchasing an additional 2,025,988 shares during the last quarter. FJ Capital Management LLC lifted its stake in Seacoast Banking Corporation of Florida by 194.6% in the second quarter. FJ Capital Management LLC now owns 1,154,434 shares of the financial services provider’s stock valued at $31,885,000 after buying an additional 762,505 shares during the period. Tributary Capital Management LLC lifted its stake in Seacoast Banking Corporation of Florida by 99.4% in the third quarter. Tributary Capital Management LLC now owns 1,459,462 shares of the financial services provider’s stock valued at $44,411,000 after buying an additional 727,428 shares during the period. Verition Fund Management LLC acquired a new position in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth about $14,865,000. Finally, Brown Advisory Inc. grew its position in shares of Seacoast Banking Corporation of Florida by 37.3% during the 2nd quarter. Brown Advisory Inc. now owns 1,255,807 shares of the financial services provider’s stock worth $34,685,000 after buying an additional 341,241 shares during the period. Institutional investors own 81.77% of the company’s stock.

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.