Seacoast Banking Corporation of Florida on Jan. 4 announced that its COO Charles “Chuck” Shaffer will succeed Dennis “Denny” Hudson III as its new CEO.
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Seacoast Banking Corporation of Florida (SBCF) added that Shaffer was also elected to the banking company’s board, while Hudson will continue to serve as the Chairman of the board. The succession plan was first announced in Jun. 2020
“During the past several years, Chuck has demonstrated through his excellent execution of our balanced growth strategy that he is the right person to lead Seacoast. He has been instrumental in positioning Seacoast for what we believe will be a vibrant future,” said Hudson.
Separately, the company announced that it will release its Q420 results on Jan. 28, after the market close. The Street expects Seacoast Banking to generate revenue of $83.5 million, representing growth of 6.9% year-on-year. Meanwhile, EPS is projected to decline by 7.7% to $0.48.
On Dec. 18, B. Riley Securities analyst Steve Moss raised the stock’s price target to $33 (13% upside potential) from $30 and reiterated a Buy rating.
The company’s adoption of a $100 million share repurchase program on Dec. 17 was a positive signal towards the management’s confidence in credit trends, capital levels and future profitability according to Moss. (See SBCF stock analysis on TipRanks)
From the rest of the Street, the stock scores an analyst consensus of a Strong Buy based on 3 unanimous Buys. The average analyst price target of $33.50 implies upside potential of 14.8% to current levels.
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