Seacoast Banking Corporation of Florida $SBCF Shares Bought by California State Teachers Retirement System

California State Teachers Retirement System grew its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 43.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,324 shares of the financial services provider’s stock after acquiring an additional 35,693 shares during the period. California State Teachers Retirement System’s holdings in Seacoast Banking Corporation of Florida were worth $3,584,000 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 SBCF. Vanguard Group Inc. lifted its position 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 increased its position in 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 period. Wellington Management Group LLP increased its position in Seacoast Banking Corporation of Florida by 58.6% during the 3rd quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider’s stock worth $166,825,000 after purchasing an additional 2,025,988 shares during the period. State Street Corp raised its stake in shares of Seacoast Banking Corporation of Florida by 1.4% during the 4th quarter. State Street Corp now owns 4,610,754 shares of the financial services provider’s stock worth $144,870,000 after buying an additional 64,986 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Seacoast Banking Corporation of Florida by 4.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,150,592 shares of the financial services provider’s stock valued at $95,427,000 after buying an additional 123,273 shares during the period. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Stock Up 0.1%

SBCF stock opened at $34.55 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The company’s 50-day moving average price is $32.59 and its 200 day moving average price is $32.04. Seacoast Banking Corporation of Florida has a 52 week low of $27.22 and a 52 week high of $35.64. The company has a market cap of $3.35 billion, a P/E ratio of 22.01 and a beta of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (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 company had revenue of $209.99 million during the quarter, compared to analysts’ expectations of $209.84 million. On average, research analysts expect that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.19 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. Seacoast Banking Corporation of Florida’s dividend payout ratio is currently 48.41%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SBCF. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 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, Piper Sandler raised their target price on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a report on Thursday, July 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, Seacoast Banking Corporation of Florida presently has an average rating of “Moderate Buy” and an average target price of $35.50.

Insiders Place Their Bets

In related news, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $31.41, for a total transaction of $251,280.00. Following the completion of the transaction, the director directly owned 220,854 shares of the company’s stock, valued at approximately $6,937,024.14. The trade was a 3.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is owned by insiders.

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.