Sound Income Strategies LLC Raises Holdings in Seacoast Banking Corporation of Florida $SBCF

Sound Income Strategies LLC boosted its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 6,117.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 15,855 shares of the financial services provider’s stock after buying an additional 15,600 shares during the quarter. Sound Income Strategies LLC’s holdings in Seacoast Banking Corporation of Florida were worth $485,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Wellington Management Group LLP lifted its stake in shares of Seacoast Banking Corporation of Florida by 58.6% in the 3rd quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider’s stock valued at $166,825,000 after purchasing an additional 2,025,988 shares during the last quarter. North Reef Capital Management LP increased its position in shares of Seacoast Banking Corporation of Florida by 16.8% during the 4th quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider’s stock worth $183,244,000 after purchasing an additional 837,075 shares during the last quarter. Vanguard Group Inc. raised its holdings in Seacoast Banking Corporation of Florida by 11.1% in the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider’s stock valued at $222,732,000 after buying an additional 705,554 shares during the period. Verition Fund Management LLC purchased a new stake in Seacoast Banking Corporation of Florida in the 3rd quarter valued at about $14,865,000. Finally, Ameriprise Financial Inc. raised its holdings in Seacoast Banking Corporation of Florida by 78.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 679,218 shares of the financial services provider’s stock valued at $20,669,000 after buying an additional 297,892 shares during the period. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Insider Transactions at Seacoast Banking Corporation of Florida

In related news, Director Dennis S. Hudson III sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total value of $251,280.00. Following the sale, the director owned 220,854 shares of the company’s stock, valued at $6,937,024.14. This trade represents a 3.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles M. Shaffer sold 10,367 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $30.88, for a total transaction of $320,132.96. Following the completion of the transaction, the chief executive officer owned 174,113 shares of the company’s stock, valued at $5,376,609.44. This represents a 5.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 29,919 shares of company stock valued at $942,733. 1.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SBCF has been the subject of several research analyst reports. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Piper Sandler boosted their price target on shares of Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a “neutral” rating in a research note on Monday, June 22nd. Finally, Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Seacoast Banking Corporation of Florida has a consensus rating of “Moderate Buy” and an average price target of $35.00.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ SBCF opened at $33.28 on Friday. The stock has a market cap of $3.24 billion, a P/E ratio of 21.89 and a beta of 0.85. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33. Seacoast Banking Corporation of Florida has a 12-month low of $27.22 and a 12-month high of $35.55. The business’s fifty day simple moving average is $31.11 and its 200-day simple moving average is $31.80.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The firm had revenue of $205.10 million during the quarter, compared to analysts’ expectations of $205.51 million. During the same period in the previous year, the firm posted $0.38 EPS. Seacoast Banking Corporation of Florida’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, equities analysts predict that Seacoast Banking Corporation of Florida will post 2.51 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Monday, June 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 50.00%.

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.