Updating Estimates to Encapsulate Accelerating Repurchase Activity

研报英文原文证据摘录

Updating Estimates to Encapsulate Accelerating Repurchase Activity

C O M PA N Y N O T E

J u n e 2 2 , 2 0 2 6

Seacoast Banking Corp. of Florida (SBCF) Neutral

CONCLUSION PRICE: US$30.84

Increasing 2026/7E's and PT on Accelerating Capital Returns - SBCF capital levels TARGET: US$34.00

are already elevated - with TCE at 9.24% and CET1 at ~11.7% - and with earnings and Our PT is based on a ~12.5x P/E multiple on

profitability now meaningfully higher, this capital will likely build even more rapidly. This our 2027E.

rapid internal capital generation, coupled with our view that M&A is much less likely moving

fwd, leads us to model in notable repurchases. We had previously not been modeling in Stephen Scouten, CFA

Managing Director, Piper Sandler & Co.

any repurchases, but with the company noting in its 10Q that it had already repurchased 404 442-2882, stephen.scouten@psc.com

320,763 shares at $31.18/share early in the second qtr - we are now modeling for ~5M Jackson Andrew

shares to be repurchased in 2026/7 combined (est. $160M). As a result, we are increasing Research Analyst, Piper Sandler & Co.

our 2026/7E's to $2.50/$2.76 (from $2.45/$2.64) and increasing our PT to $34. Our $34 404 442-2859, jackson.andrew@psc.com

PT is now ~12.5x our 2027E (down from 13x as we assume lower peak multiples for the Ashley Aloupis

sector). Research Analyst, Piper Sandler & Co.

212 466-7974, ashley.aloupis@psc.com

• Remain Neutral rated, but Differentiated B/S Could Change the Narrative in Time Changes Previous Current

- While we are increasing our estimates and our PT for this high-quality franchise with Rating — Neutral

potentially unmatched scarcity, we remain Neutral rated as we look to see the current Price Tgt US$32.50 US$34.00

trends accelerate the potential balance sheet re-mix.