Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Dennis Hudson III Sells 12,000 Shares

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Director Dennis Hudson III sold 12,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total transaction of $409,800.00. Following the transaction, the director directly owned 206,869 shares in the company, valued at approximately $7,064,576.35. This represents a 5.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ SBCF opened at $33.65 on Friday. Seacoast Banking Corporation of Florida has a 1-year low of $28.58 and a 1-year high of $36.27. The business’s 50-day simple moving average is $34.28 and its 200-day simple moving average is $32.22. The firm has a market capitalization of $3.26 billion, a P/E ratio of 21.43 and a beta of 0.84. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.78 and a quick ratio of 0.78.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $210.00 million during the quarter, compared to the consensus estimate of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. Equities analysts predict that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Seacoast Banking Corporation of Florida’s payout ratio is presently 48.41%.

Hedge Funds Weigh In On Seacoast Banking Corporation of Florida

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new position in Seacoast Banking Corporation of Florida in the second quarter worth $23,407,000. Emerald Advisers LLC lifted its holdings in shares of 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 worth $15,277,000 after purchasing an additional 312,712 shares during the last quarter. Bluedoor Private Wealth LLC acquired a new position in Seacoast Banking Corporation of Florida during the 4th quarter valued at approximately $8,775,000. Bank of America Corp DE grew its stake in Seacoast Banking Corporation of Florida by 97.4% during the 1st quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider’s stock worth $14,056,000 after buying an additional 228,935 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust lifted its stake in Seacoast Banking Corporation of Florida by 138.7% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 326,516 shares of the financial services provider’s stock valued at $9,890,000 after buying an additional 189,714 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SBCF shares. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 30th. Piper Sandler upped their target price on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Finally, Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $35.50.

About Seacoast Banking Corporation of Florida

Seacoast Banking Corporation of Florida is the bank holding company for Seacoast National Bank, a community-focused financial institution headquartered in Stuart, Florida. Founded in 1926, the company serves consumers, businesses, and institutions through a network of banking offices and digital channels across Florida.

Seacoast National Bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, consumer lending, and business financing.