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

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) has been given a consensus recommendation of “Moderate Buy” by the five ratings firms that are currently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $35.50.

A number of research firms have issued reports on SBCF. Piper Sandler lifted their price objective on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a report on Thursday, July 30th. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Finally, Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th.

Seacoast Banking Corporation of Florida Stock Up 1.3%

SBCF stock opened at $35.38 on Friday. The firm has a market capitalization of $3.44 billion, a PE ratio of 22.54 and a beta of 0.85. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.35. Seacoast Banking Corporation of Florida has a twelve month low of $27.22 and a twelve month high of $35.64. The stock’s 50 day moving average is $32.33 and its 200-day moving average is $32.01.

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, topping the consensus estimate of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%.The business had revenue of $209.99 million during the quarter, compared to the consensus estimate of $209.84 million. Sell-side analysts expect that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.76 annualized dividend and a dividend yield of 2.1%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is currently 48.41%.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other news, Director Dennis S. Hudson III sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $31.41, for a total value of $251,280.00. Following the transaction, the director owned 220,854 shares in the company, valued at $6,937,024.14. The trade was a 3.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is owned by insiders.

Institutional Trading of Seacoast Banking Corporation of Florida

A number of hedge funds have recently bought and sold shares of SBCF. Aster Capital Management DIFC Ltd purchased a new position in Seacoast Banking Corporation of Florida in the fourth quarter worth $26,000. Salomon & Ludwin LLC increased its position in shares of Seacoast Banking Corporation of Florida by 59.3% during the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 356 shares during the last quarter. Measured Wealth Private Client Group LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter valued at $33,000. Advisory Services Network LLC bought a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth $45,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Seacoast Banking Corporation of Florida during the 4th quarter worth $50,000. 81.77% of the stock is currently owned by institutional investors.

Seacoast Banking Corporation of Florida Company Profile

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.