First Trust Advisors LP Buys 49,301 Shares of Seacoast Banking Corporation of Florida $SBCF

Key Points

• First Trust Advisors increased its Seacoast Banking stake by 34.2%, acquiring 49,301 shares for a total holding of 193,549 shares valued at approximately $5.86 million. Institutional investors collectively own 81.77% of SBCF.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $35.50. The company narrowly beat quarterly expectations, reporting $0.61 EPS and $209.99 million in revenue.
• Seacoast declared a quarterly dividend of $0.19 per share, equal to an annualized $0.76 and a 2.2% yield, while insiders sold 19,552 shares worth $622,600 over the past 90 days.

First Trust Advisors LP raised its stake in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 34.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 193,549 shares of the financial services provider's stock after acquiring an additional 49,301 shares during the period. First Trust Advisors LP owned approximately 0.20% of Seacoast Banking Corporation of Florida worth $5,863,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in SBCF. PNC Financial Services Group Inc. raised its holdings in shares of Seacoast Banking Corporation of Florida by 18.4% during the first quarter. PNC Financial Services Group Inc. now owns 59,688 shares of the financial services provider's stock valued at $1,808,000 after purchasing an additional 9,260 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Seacoast Banking Corporation of Florida by 4.1% during the first quarter. Dimensional Fund Advisors LP now owns 3,150,592 shares of the financial services provider's stock valued at $95,427,000 after purchasing an additional 123,273 shares during the period. Swiss National Bank boosted its holdings in Seacoast Banking Corporation of Florida by 11.7% in the first quarter. Swiss National Bank now owns 193,600 shares of the financial services provider's stock worth $5,864,000 after purchasing an additional 20,300 shares during the last quarter. Illinois Municipal Retirement Fund boosted its holdings in Seacoast Banking Corporation of Florida by 10.4% in the first quarter. Illinois Municipal Retirement Fund now owns 50,285 shares of the financial services provider's stock worth $1,523,000 after purchasing an additional 4,742 shares during the last quarter. Finally, Hillsdale Investment Management Inc. boosted its holdings in Seacoast Banking Corporation of Florida by 3,760.0% in the first quarter. Hillsdale Investment Management Inc. now owns 9,650 shares of the financial services provider's stock worth $292,000 after purchasing an additional 9,400 shares during the last quarter. Hedge funds and other institutional investors own 81.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SBCF shares. Weiss Ratings upgraded shares of 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 raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Finally, Piper Sandler raised their price target on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Seacoast Banking Corporation of Florida presently has a consensus rating of "Moderate Buy" and an average target price of $35.50.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 4,000 shares of the business's stock in a transaction dated 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 owned 216,854 shares of the company's stock, valued at approximately $7,373,036. The trade was a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James C. Stallings III sold 7,552 shares of the company's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total value of $235,320.32. Following the completion of the sale, the executive vice president owned 7,247 shares of the company's stock, valued at approximately $225,816.52. The trade was a 51.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 19,552 shares of company stock valued at $622,600 over the last 90 days. 1.50% of the stock is currently owned by company insiders.

Seacoast Banking Corporation of Florida Stock Performance

SBCF opened at $34.74 on Monday. 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 has a market cap of $3.38 billion, a price-to-earnings ratio of 22.13 and a beta of 0.85. The company's 50 day moving average is $32.15 and its 200 day moving average is $31.97. Seacoast Banking Corporation of Florida has a 12-month low of $27.22 and a 12-month high of $35.55.

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 (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $209.84 million. On average, equities research analysts predict that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend 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 payout ratio is presently 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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