Bank of New York Mellon Corp Makes New Investment in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Bank of New York Mellon purchased 703,973 shares of Seacoast Banking Corporation of Florida, worth approximately $23.4 million, giving it a 0.72% stake. Institutional investors collectively own 81.77% of SBCF.
• Analyst sentiment is generally positive: SBCF has a “Moderate Buy” consensus rating from five analysts, with an average price target of $35.50. The stock recently traded at $34.37.
• Seacoast reported quarterly earnings of $0.61 per share, slightly above estimates, and announced a quarterly dividend of $0.19 per share, representing a 2.2% annualized yield.

Bank of New York Mellon Corp purchased a new stake in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 703,973 shares of the financial services provider's stock, valued at approximately $23,407,000. Bank of New York Mellon Corp owned 0.72% of Seacoast Banking Corporation of Florida as of its most recent SEC filing.

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

Insider Activity at Seacoast Banking Corporation of Florida

In other news, EVP Juliette Kleffel sold 14,831 shares of the firm'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 value of $508,851.61. Following the completion of the transaction, the executive vice president owned 78,321 shares in the company, valued at $2,687,193.51. This trade represents a 15.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida 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 in the company, valued at $6,937,024.14. This represents a 3.50% 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. Insiders sold a total of 26,831 shares of company stock valued at $896,132 in the last three months. Corporate insiders own 1.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SBCF. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Piper Sandler increased their target price on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $35.50.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ SBCF opened at $34.37 on Monday. The firm has a fifty day simple moving average of $33.91 and a two-hundred day simple moving average of $32.12. Seacoast Banking Corporation of Florida has a 12 month low of $28.58 and a 12 month high of $36.27. 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 firm has a market capitalization of $3.33 billion, a PE ratio of 21.89 and a beta of 0.85.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share 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 firm had revenue of $209.99 million for the quarter, compared to analyst estimates of $209.84 million. Equities analysts expect that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently announced 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. 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 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.

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