96,041 Shares in Seacoast Banking Corporation of Florida $SBCF Purchased by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio bought 96,041 shares of Seacoast Banking Corporation of Florida in the second quarter, valued at approximately $3.19 million. Institutional investors collectively own 81.77% of the company.
• Analysts maintain a “Moderate Buy” consensus rating with a $35.50 price target; recent ratings included upgrades from Wall Street Zen and Weiss Ratings, while Piper Sandler retained a neutral view.
• Seacoast exceeded quarterly earnings expectations with $0.61 EPS versus the $0.60 consensus and declared a $0.19 quarterly dividend, representing a 2.2% yield. Insiders have sold 26,831 shares worth approximately $896,132 over the past 90 days.

Public Employees Retirement System of Ohio bought a new position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 96,041 shares of the financial services provider's stock, valued at approximately $3,193,000. Public Employees Retirement System of Ohio owned about 0.10% of Seacoast Banking Corporation of Florida as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. Royal Bank of Canada raised its holdings in shares of Seacoast Banking Corporation of Florida by 41.5% during the first quarter. Royal Bank of Canada now owns 107,951 shares of the financial services provider's stock valued at $2,777,000 after purchasing an additional 31,636 shares during the last quarter. AQR Capital Management LLC lifted its position in Seacoast Banking Corporation of Florida by 123.4% during the first quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider's stock valued at $2,133,000 after purchasing an additional 45,792 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Seacoast Banking Corporation of Florida by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,255 shares of the financial services provider's stock worth $1,293,000 after purchasing an additional 2,187 shares during the last quarter. Jane Street Group LLC purchased a new stake in Seacoast Banking Corporation of Florida in the first quarter worth approximately $4,817,000. Finally, Cetera Investment Advisers grew its position in Seacoast Banking Corporation of Florida by 4.2% in the 2nd quarter. Cetera Investment Advisers now owns 12,724 shares of the financial services provider's stock worth $351,000 after purchasing an additional 513 shares during the period. Hedge funds and other institutional investors own 81.77% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SBCF shares. Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Tuesday, June 2nd. 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. Finally, Piper Sandler raised their target price on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $35.50.

Insider Transactions at Seacoast Banking Corporation of Florida

In related news, EVP Juliette Kleffel sold 14,831 shares of the business's 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 transaction, the executive vice president directly owned 78,321 shares in the company, valued at approximately $2,687,193.51. The trade was a 15.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dennis S. Hudson III sold 4,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $34.00, for a total transaction of $136,000.00. Following the completion of the sale, the director directly owned 216,854 shares of the company's stock, valued at $7,373,036. This 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. In the last 90 days, insiders sold 26,831 shares of company stock valued at $896,132. Company insiders own 1.50% of the company's stock.

Seacoast Banking Corporation of Florida Stock Up 0.6%

SBCF opened at $34.60 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. Seacoast Banking Corporation of Florida has a 1-year low of $28.58 and a 1-year high of $36.27. The company has a market capitalization of $3.35 billion, a PE ratio of 22.04 and a beta of 0.84. The firm's 50 day simple moving average is $34.09 and its two-hundred day simple moving average is $32.15.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $209.99 million during the quarter, compared to the consensus estimate of $209.84 million. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. As a group, equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

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

About Seacoast Banking Corporation of Florida

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.

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