Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Reaches New 1-Year High – Still a Buy?

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) reached a new 52-week high during trading on Tuesday . The stock traded as high as $35.64 and last traded at $35.50, with a volume of 379937 shares changing hands. The stock had previously closed at $34.91.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. 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. Piper Sandler increased 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. Finally, Weiss Ratings raised Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.50.

Seacoast Banking Corporation of Florida Stock Up 1.3%

The stock’s 50-day moving average is $32.24 and its 200-day moving average is $31.99. 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 $3.44 billion, a P/E ratio of 22.54 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, 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 firm had revenue of $209.99 million for the quarter, compared to analysts’ expectations of $209.84 million. As a group, research analysts anticipate that Seacoast Banking Corporation of Florida will post 2.55 earnings per share 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. Investors of record on Tuesday, September 15th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Seacoast Banking Corporation of Florida’s payout ratio is presently 48.41%.

Insider Activity

In other Seacoast Banking Corporation of Florida news, EVP James C. Stallings III sold 7,552 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total value of $235,320.32. Following the sale, the executive vice president directly owned 7,247 shares in the company, valued at approximately $225,816.52. The trade was a 51.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dennis S. Hudson III sold 4,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total transaction of $136,000.00. Following the completion of the sale, the director directly owned 216,854 shares of the company’s stock, valued at $7,373,036. The trade was a 1.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 19,552 shares of company stock worth $622,600. 1.50% of the stock is owned by company insiders.

Institutional Trading of Seacoast Banking Corporation of Florida

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allied Private Wealth LLC acquired a new stake in Seacoast Banking Corporation of Florida during the second quarter valued at approximately $118,000. Versant Capital Management Inc grew its position in Seacoast Banking Corporation of Florida by 203.9% in the second quarter. Versant Capital Management Inc now owns 1,772 shares of the financial services provider’s stock worth $59,000 after buying an additional 1,189 shares during the last quarter. Bank of America Corp DE grew its position 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 buying an additional 228,935 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Seacoast Banking Corporation of Florida by 21.1% in the first quarter. Janus Henderson Group PLC now owns 47,603 shares of the financial services provider’s stock valued at $1,442,000 after buying an additional 8,300 shares in the last quarter. Finally, Amundi increased its holdings in shares of Seacoast Banking Corporation of Florida by 16.6% in the first quarter. Amundi now owns 15,647 shares of the financial services provider’s stock valued at $474,000 after buying an additional 2,230 shares in the last quarter. 81.77% of the stock is owned by institutional investors and hedge funds.

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.