Wellington Management Group LLP Reduces Stock Holdings in Seacoast Banking Corporation of Florida $SBCF

Wellington Management Group LLP decreased its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 7.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,480,829 shares of the financial services provider’s stock after selling 370,129 shares during the quarter. Wellington Management Group LLP owned about 4.63% of Seacoast Banking Corporation of Florida worth $148,988,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Seacoast Banking Corporation of Florida by 11.1% in the fourth quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider’s stock valued at $222,732,000 after purchasing an additional 705,554 shares during the period. North Reef Capital Management LP boosted its holdings in Seacoast Banking Corporation of Florida by 16.8% in the fourth quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider’s stock valued at $183,244,000 after purchasing an additional 837,075 shares in the last quarter. State Street Corp boosted its holdings in Seacoast Banking Corporation of Florida by 1.4% in the fourth quarter. State Street Corp now owns 4,610,754 shares of the financial services provider’s stock valued at $144,870,000 after purchasing an additional 64,986 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Seacoast Banking Corporation of Florida by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 3,150,592 shares of the financial services provider’s stock valued at $95,427,000 after purchasing an additional 123,273 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Seacoast Banking Corporation of Florida by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 2,279,078 shares of the financial services provider’s stock valued at $71,623,000 after purchasing an additional 177,792 shares during the last quarter. 81.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Seacoast Banking Corporation of Florida news, EVP Juliette Kleffel sold 14,831 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $34.31, for a total transaction of $508,851.61. Following the completion of the sale, the executive vice president directly owned 78,321 shares of the company’s stock, valued at approximately $2,687,193.51. This trade represents a 15.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dennis S. Hudson III sold 4,000 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total value of $136,000.00. Following the completion of the transaction, the director owned 216,854 shares in the company, valued at $7,373,036. This trade represents a 1.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 26,831 shares of company stock valued at $896,132 over the last ninety days. 1.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SBCF shares. Piper Sandler boosted their price target on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings raised Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.50.

Seacoast Banking Corporation of Florida Trading Down 1.2%

Shares of Seacoast Banking Corporation of Florida stock opened at $33.96 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $3.29 billion, a P/E ratio of 21.63 and a beta of 0.85. Seacoast Banking Corporation of Florida has a 1 year low of $28.58 and a 1 year high of $36.27. The company’s fifty day moving average is $33.96 and its two-hundred day moving average is $32.12.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. The business had revenue of $209.99 million during the quarter, compared to analysts’ expectations of $209.84 million. Analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.76 annualized dividend and a yield of 2.2%. Seacoast Banking Corporation of Florida’s dividend payout ratio is currently 48.41%.

Seacoast Banking Corporation of Florida Profile

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.