Bluedoor Private Wealth LLC Buys Shares of 279,296 Seacoast Banking Corporation of Florida $SBCF

Key Points

• Bluedoor Private Wealth LLC initiated a new position in Seacoast Banking Corporation of Florida, buying 279,296 shares valued at about $8.78 million. The stake represents roughly 4% of its portfolio and makes SBCF its second-largest holding.
• Other institutional investors also increased exposure to SBCF, and hedge funds and other institutions now own 81.77% of the company. Meanwhile, CEO Charles M. Shaffer and EVP James C. Stallings III recently sold shares in insider transactions.
• Seacoast reported better-than-expected quarterly earnings of $0.62 per share, and the company declared a quarterly dividend of $0.19 per share for a 2.4% annualized yield. Analysts currently rate the stock a Moderate Buy with a consensus price target of $34.50.

Bluedoor Private Wealth LLC bought a new position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 279,296 shares of the financial services provider's stock, valued at approximately $8,775,000. Seacoast Banking Corporation of Florida makes up about 4.0% of Bluedoor Private Wealth LLC's investment portfolio, making the stock its 2nd largest position. Bluedoor Private Wealth LLC owned approximately 0.29% of Seacoast Banking Corporation of Florida at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in SBCF. Vanguard Group Inc. grew its position in Seacoast Banking Corporation of Florida by 11.1% during the fourth quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider's stock worth $222,732,000 after buying an additional 705,554 shares during the period. Wellington Management Group LLP increased its stake in 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 in the last quarter. State Street Corp raised its holdings in Seacoast Banking Corporation of Florida by 1.4% during the fourth quarter. State Street Corp now owns 4,610,754 shares of the financial services provider's stock worth $144,870,000 after purchasing an additional 64,986 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Seacoast Banking Corporation of Florida by 3.2% during the third quarter. Dimensional Fund Advisors LP now owns 3,098,370 shares of the financial services provider's stock worth $94,284,000 after purchasing an additional 95,529 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Seacoast Banking Corporation of Florida by 8.5% during the fourth quarter. Geode Capital Management LLC now owns 2,279,078 shares of the financial services provider's stock worth $71,623,000 after purchasing an additional 177,792 shares in the last quarter. 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, CEO Charles M. Shaffer sold 10,367 shares of the company's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $30.88, for a total transaction of $320,132.96. Following the transaction, the chief executive officer owned 174,113 shares of the company's stock, valued at approximately $5,376,609.44. This represents a 5.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP James C. Stallings III sold 7,552 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total transaction of $235,320.32. Following the sale, the executive vice president owned 7,247 shares in the company, valued at approximately $225,816.52. This trade represents a 51.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

SBCF has been the topic of several research reports. Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Piper Sandler cut their price target on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating for the company in a research note on Thursday, April 30th. 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 Monday, March 23rd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $34.50.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ:SBCF opened at $31.12 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.78 and a current ratio of 0.78. The business's fifty day moving average price is $31.05 and its two-hundred day moving average price is $31.80. The stock has a market cap of $3.03 billion, a PE ratio of 20.47 and a beta of 0.86. Seacoast Banking Corporation of Florida has a one year low of $24.46 and a one year high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates 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 company 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 earnings per share. The business's revenue for the quarter was up 45.8% compared to the same quarter last year. On average, analysts forecast that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, June 15th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is currently 50.00%.

Seacoast Banking Corporation of Florida Company 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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