Seacoast Banking (SBCF) PT Raised to $31 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Brady Gailey raised the price target on Seacoast Banking (NASDAQ: SBCF) to $31.00 (from $27.00) while maintaining a Outperform rating.

The analyst commented, "A 2c/shr EPS beat on better fees/expenses and provision. NIM slipped while growth remained slow, though underlying trends (building pipeline & stabilized deposit costs) continue to suggest an emerging PPNR inflection, a key element of our recent upgrade (HERE). SBCF refreshed guidance, offering further confirmation that growth and NIM will accelerate into 2H24. Credit was mostly clean, but with slightly higher charge-offs. Estimates are relatively stable, though our '25E moves slightly lower to $1.60 as we incorporate KBW's new basline (i.e. pushing cuts out). PT moves to $31 on a higher assumed P/TBV multiple. Shares trade at 18x '25E and 1.9x TBV. Rating is OP."

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