Bank of America Corp DE Purchases 228,935 Shares of Seacoast Banking Corporation of Florida $SBCF

Key Points

• Bank of America nearly doubled its Seacoast Banking position in the first quarter, purchasing 228,935 additional shares for a total of 464,064 shares valued at approximately $14.1 million.
• Institutional investors own 81.77% of Seacoast Banking, while an insider sale involved 4,000 shares by Director Dennis S. Hudson III under a pre-arranged Rule 10b5-1 trading plan.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $35.50. Seacoast also exceeded quarterly earnings expectations with EPS of $0.61 and announced a quarterly dividend of $0.19 per share.

Bank of America Corp DE boosted its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 97.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 464,064 shares of the financial services provider's stock after buying an additional 228,935 shares during the quarter. Bank of America Corp DE owned approximately 0.48% of Seacoast Banking Corporation of Florida worth $14,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd purchased a new position in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth about $26,000. Salomon & Ludwin LLC boosted its holdings in Seacoast Banking Corporation of Florida by 59.3% in the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock worth $31,000 after buying an additional 356 shares during the period. Measured Wealth Private Client Group LLC bought a new position in Seacoast Banking Corporation of Florida in the 3rd quarter worth approximately $33,000. Advisory Services Network LLC purchased a new position in Seacoast Banking Corporation of Florida in the 3rd quarter valued at approximately $45,000. Finally, Kestra Advisory Services LLC purchased a new position in Seacoast Banking Corporation of Florida in the 4th quarter valued at approximately $50,000. 81.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other news, Director Dennis S. Hudson III sold 4,000 shares of the business's stock in a transaction dated 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 sale, the director owned 216,854 shares in the company, valued at approximately $7,373,036. The trade was a 1.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. Piper Sandler lifted their price target on 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. Finally, Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $35.50.

Seacoast Banking Corporation of Florida Stock Performance

Shares of SBCF stock opened at $34.62 on Friday. The stock has a 50 day moving average price of $33.57 and a two-hundred day moving average price of $32.15. The company has a market capitalization of $3.35 billion, a P/E ratio of 22.05 and a beta of 0.85. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78. Seacoast Banking Corporation of Florida has a fifty-two week low of $28.58 and a fifty-two week high of $36.27.

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

Seacoast Banking Corporation of Florida Dividend Announcement

The company 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 $0.19 dividend. 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 (DPR) is presently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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