Seacoast Banking (SBCF) PT Lowered to $28 at Truist Securities

Truist Securities analyst Michael Young lowered the price target on Seacoast Banking (NASDAQ: SBCF) to $28.00 (from $30.00) while maintaining a Hold rating.

The analyst commented: "We raise our 2024/2025 Core EPS estimates by 2%/4% to $1.45/$1.67 after 3Q results. Our estimate revisions primarily reflect higher NII, driven by higher deposit beta assumptions through 2025. We forecast NIM/NII expanding moderately over the next several quarters as the balance sheet remains liability sensitive. We believe fixed rate repricing benefits will have an increasingly meaningful impact with a higher pace of loan growth and a potentially steeper yield curve. Expense initiatives should limit expense growth in 2024/2025 and set up SBCF for material PPNR growth in 2025 of 10%. That said, we still believe shares are close to fairly valued trading at a premium multiple of 15.7x our 2025 EPS. We lower our PT to $28 (16.8x 2025E EPS) from $30."

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