Seacoast Banking Corporation of Florida $SBCF Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board raised its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 16.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 338,543 shares of the financial services provider’s stock after purchasing an additional 48,661 shares during the period. Public Sector Pension Investment Board owned about 0.39% of Seacoast Banking Corporation of Florida worth $10,302,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Jones Financial Companies Lllp lifted its stake in shares of Seacoast Banking Corporation of Florida by 69.7% during the third quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock valued at $26,000 after buying an additional 352 shares during the period. Smartleaf Asset Management LLC raised its holdings in Seacoast Banking Corporation of Florida by 41.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,642 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 478 shares during the last quarter. Caldwell Trust Co purchased a new position in shares of Seacoast Banking Corporation of Florida during the 2nd quarter worth $51,000. Assetmark Inc. lifted its stake in shares of Seacoast Banking Corporation of Florida by 24.0% during the 2nd quarter. Assetmark Inc. now owns 1,940 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 375 shares during the period. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Seacoast Banking Corporation of Florida by 28.1% during the second quarter. First Horizon Advisors Inc. now owns 2,059 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 452 shares during the last quarter. 81.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SBCF has been the subject of several analyst reports. Keefe, Bruyette & Woods upped their target price on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, February 2nd. Zacks Research cut Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Piper Sandler reaffirmed a “neutral” rating and set a $33.50 price objective on shares of Seacoast Banking Corporation of Florida in a research note on Monday, November 3rd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $31.90.

Seacoast Banking Corporation of Florida Price Performance

SBCF stock opened at $33.23 on Tuesday. The company has a market cap of $3.25 billion, a PE ratio of 20.77 and a beta of 0.93. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average price of $33.03 and a two-hundred day moving average price of $31.36. Seacoast Banking Corporation of Florida has a 12-month low of $21.36 and a 12-month high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.07). Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.The firm had revenue of $204.80 million during the quarter, compared to analysts’ expectations of $201.25 million. During the same quarter last year, the business earned $0.48 earnings per share. The business’s revenue for the quarter was up 53.0% compared to the same quarter last year. As a group, research analysts predict that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, March 13th. Seacoast Banking Corporation of Florida’s payout ratio is currently 47.50%.

Insiders Place Their Bets

In related news, Director Maryann Goebel sold 3,419 shares of the stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $34.23, for a total value of $117,032.37. Following the completion of the sale, the director directly owned 6,000 shares in the company, valued at approximately $205,380. This represents a 36.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennis J. Arczynski sold 3,419 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $34.21, for a total value of $116,963.99. Following the transaction, the director owned 1,000 shares in the company, valued at approximately $34,210. This represents a 77.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,117 shares of company stock worth $310,434 over the last ninety days. 1.60% of the stock is owned by company insiders.

Seacoast Banking Corporation of Florida Company 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.