Fintel reports that on September 27, 2023, Truist Securities maintained coverage of Seacoast Banking Of Florida (NASDAQ:SBCF) with a Buy recommendation.
Analyst Price Forecast Suggests 26.45% Upside
As of August 31, 2023, the average one-year price target for Seacoast Banking Of Florida is 27.20. The forecasts range from a low of 24.24 to a high of $30.45. The average price target represents an increase of 26.45% from its latest reported closing price of 21.51.
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The projected annual revenue for Seacoast Banking Of Florida is 688MM, an increase of 39.81%. The projected annual non-GAAP EPS is 2.25.
Seacoast Banking Of Florida Declares $0.18 Dividend
On July 20, 2023 the company declared a regular quarterly dividend of $0.18 per share ($0.72 annualized). Shareholders of record as of September 15, 2023 will receive the payment on September 29, 2023. Previously, the company paid $0.18 per share.
At the current share price of $21.51 / share, the stock's dividend yield is 3.35%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.44%, the lowest has been 1.36%, and the highest has been 4.64%. The standard deviation of yields is 0.73 (n=236).
The current dividend yield is 1.25 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.63. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.17%.
What is the Fund Sentiment?
There are 532 funds or institutions reporting positions in Seacoast Banking Of Florida. This is a decrease of 19 owner(s) or 3.45% in the last quarter. Average portfolio weight of all funds dedicated to SBCF is 0.21%, a decrease of 2.76%. Total shares owned by institutions decreased in the last three months by 2.61% to 83,280K shares. 
The put/call ratio of SBCF is 0.16, indicating a bullish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 5,842K shares representing 6.91% ownership of the company. In it's prior filing, the firm reported owning 5,428K shares, representing an increase of 7.09%. The firm decreased its portfolio allocation in SBCF by 2.81% over the last quarter.
North Reef Capital Management holds 3,925K shares representing 4.64% ownership of the company. In it's prior filing, the firm reported owning 2,738K shares, representing an increase of 30.26%. The firm decreased its portfolio allocation in SBCF by 8.27% over the last quarter.
Wellington Management Group Llp holds 3,491K shares representing 4.13% ownership of the company. In it's prior filing, the firm reported owning 2,836K shares, representing an increase of 18.76%. The firm increased its portfolio allocation in SBCF by 9.54% over the last quarter.
Westwood Holdings Group holds 2,905K shares representing 3.44% ownership of the company. In it's prior filing, the firm reported owning 2,666K shares, representing an increase of 8.21%. The firm increased its portfolio allocation in SBCF by 1.11% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,672K shares representing 3.16% ownership of the company. In it's prior filing, the firm reported owning 2,659K shares, representing an increase of 0.50%. The firm decreased its portfolio allocation in SBCF by 13.53% over the last quarter.
Seacoast Banking Of Florida Background Information
(This description is provided by the company.)
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $8.3 billion in assets and $6.9 billion in deposits as of December 31, 2020. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, and 51 traditional branches of its locally-branded, wholly-owned subsidiary bank, Seacoast Bank. Offices stretch from Fort Lauderdale, Boca Raton and West Palm Beach north through the Daytona Beach area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties.
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