Analysts Set Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Target Price at $35.50

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) has been given an average recommendation of “Moderate Buy” by the five ratings firms that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $35.50.

SBCF has been the subject of several research reports. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, June 30th. Piper Sandler raised their price objective on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a 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 note on Tuesday, June 2nd.

Insider Activity

In related news, Director Dennis S. Hudson III sold 8,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total transaction of $251,280.00. Following the transaction, the director directly owned 220,854 shares in the company, valued at approximately $6,937,024.14. The trade was a 3.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Juliette Kleffel sold 14,831 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $34.31, for a total transaction of $508,851.61. Following the sale, the executive vice president directly owned 78,321 shares of the company’s stock, valued at approximately $2,687,193.51. This represents a 15.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 26,831 shares of company stock worth $896,132. Insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SBCF. Royal Bank of Canada increased its holdings in shares of Seacoast Banking Corporation of Florida by 41.5% in the first quarter. Royal Bank of Canada now owns 107,951 shares of the financial services provider’s stock valued at $2,777,000 after purchasing an additional 31,636 shares during the last quarter. AQR Capital Management LLC boosted its stake in Seacoast Banking Corporation of Florida by 123.4% during the first quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider’s stock worth $2,133,000 after buying an additional 45,792 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Seacoast Banking Corporation of Florida by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,255 shares of the financial services provider’s stock worth $1,293,000 after buying an additional 2,187 shares during the last quarter. Jane Street Group LLC acquired a new position in Seacoast Banking Corporation of Florida during the first quarter worth $4,817,000. Finally, Cetera Investment Advisers grew its holdings in Seacoast Banking Corporation of Florida by 4.2% in the 2nd quarter. Cetera Investment Advisers now owns 12,724 shares of the financial services provider’s stock valued at $351,000 after buying an additional 513 shares in the last quarter. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Trading Up 0.2%

SBCF stock opened at $34.37 on Thursday. Seacoast Banking Corporation of Florida has a 12-month low of $28.58 and a 12-month high of $36.27. The business’s 50-day moving average is $33.91 and its 200 day moving average is $32.14. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 21.89 and a beta of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $209.99 million during the quarter, compared to analysts’ expectations of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. On average, sell-side analysts anticipate that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is currently 48.41%.

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.