Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Shares Cross Above 200 Day Moving Average – What’s Next?

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $31.77 and traded as high as $33.35. Seacoast Banking Corporation of Florida shares last traded at $33.10, with a volume of 1,438,088 shares traded.

Wall Street Analyst Weigh In

SBCF has been the topic of several research analyst 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. Piper Sandler increased their target price on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the stock a “neutral” rating in a research report on Monday, June 22nd. Finally, Wall Street Zen raised Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Seacoast Banking Corporation of Florida presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Seacoast Banking Corporation of Florida Price Performance

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33. The firm’s 50-day moving average price is $31.04 and its 200-day moving average price is $31.78. The stock has a market capitalization of $3.30 billion, a PE ratio of 22.36 and a beta of 0.86.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The company had revenue of $205.10 million during the quarter, compared to analyst estimates of $205.51 million. During the same quarter last year, the business posted $0.38 earnings per share. The firm’s revenue was up 45.8% on a year-over-year basis. On average, equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.51 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.19 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. Seacoast Banking Corporation of Florida’s payout ratio is 50.00%.

Insider Activity

In related news, EVP James C. Stallings III sold 7,552 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total value of $235,320.32. Following the completion of the sale, the executive vice president directly owned 7,247 shares in the company, valued at $225,816.52. This trade represents a 51.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction on Tuesday, June 16th. The stock was 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 of the company’s stock, valued at $6,937,024.14. The trade was a 3.50% 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. In the last 90 days, insiders have sold 25,919 shares of company stock valued at $806,733. 1.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Several hedge funds and other institutional investors have recently made changes to their positions in SBCF. Aster Capital Management DIFC Ltd purchased a new position in shares of Seacoast Banking Corporation of Florida during the 4th quarter worth about $26,000. Salomon & Ludwin LLC raised its position in Seacoast Banking Corporation of Florida by 59.3% in the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 356 shares during the period. Measured Wealth Private Client Group LLC purchased a new stake in Seacoast Banking Corporation of Florida in the 3rd quarter worth about $33,000. Advisory Services Network LLC bought a new stake in Seacoast Banking Corporation of Florida in the third quarter worth about $45,000. Finally, Kestra Advisory Services LLC bought a new stake in Seacoast Banking Corporation of Florida in the fourth quarter worth about $50,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

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.