Legato Capital Management LLC Grows Stock Position in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Legato Capital Management boosted its stake in Seacoast Banking Corporation of Florida by 159.6% in the fourth quarter, bringing its holdings to 65,599 shares worth about $2.06 million.
• Seacoast Banking reported quarterly earnings of $0.62 per share, topping estimates by $0.04, while revenue rose 45.8% year over year to $205.1 million.
• The company declared a quarterly dividend of $0.19 per share, implying an annualized yield of 2.5%, while analysts currently have a consensus rating of Moderate Buy with an average target price of $33.13.

Legato Capital Management LLC raised its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 159.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 65,599 shares of the financial services provider's stock after acquiring an additional 40,334 shares during the quarter. Legato Capital Management LLC owned approximately 0.07% of Seacoast Banking Corporation of Florida worth $2,061,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. AlphaQuest LLC grew its position in Seacoast Banking Corporation of Florida by 213.5% in the 3rd quarter. AlphaQuest LLC now owns 44,789 shares of the financial services provider's stock valued at $1,363,000 after acquiring an additional 30,502 shares during the last quarter. Deprince Race & Zollo Inc. grew its position in Seacoast Banking Corporation of Florida by 3.5% in the 4th quarter. Deprince Race & Zollo Inc. now owns 2,224,435 shares of the financial services provider's stock valued at $69,892,000 after acquiring an additional 76,192 shares during the last quarter. Vanguard Group Inc. grew its position in Seacoast Banking Corporation of Florida by 11.1% in the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider's stock valued at $222,732,000 after acquiring an additional 705,554 shares during the last quarter. Boothbay Fund Management LLC grew its position in Seacoast Banking Corporation of Florida by 48.2% in the 3rd quarter. Boothbay Fund Management LLC now owns 187,879 shares of the financial services provider's stock valued at $5,717,000 after acquiring an additional 61,119 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its position in Seacoast Banking Corporation of Florida by 64.6% in the 3rd quarter. Rafferty Asset Management LLC now owns 108,063 shares of the financial services provider's stock valued at $3,288,000 after acquiring an additional 42,405 shares during the last quarter. Institutional investors own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF stock opened at $30.49 on Friday. Seacoast Banking Corporation of Florida has a 1-year low of $24.04 and a 1-year high of $35.55. The stock's 50-day moving average is $30.85 and its 200 day moving average is $31.78. The company has a market cap of $2.97 billion, a P/E ratio of 20.06 and a beta of 0.88. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.78 and a quick ratio of 0.78.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $205.51 million. During the same quarter last year, the company earned $0.38 earnings per share. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. Research analysts predict that Seacoast Banking Corporation of Florida will post 2.49 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm 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 $0.19 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.5%. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is 50.00%.

Insiders Place Their Bets

In other Seacoast Banking Corporation of Florida news, CEO Charles M. Shaffer sold 10,367 shares of the stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $30.88, for a total value of $320,132.96. Following the completion of the sale, the chief executive officer directly owned 174,113 shares in the company, valued at approximately $5,376,609.44. This trade represents a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dennis S. Hudson III sold 8,000 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $31.34, for a total value of $250,720.00. Following the completion of the sale, the director owned 236,854 shares of the company's stock, valued at approximately $7,423,004.36. This trade represents a 3.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 38,554 shares of company stock valued at $1,221,865. 1.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Weiss Ratings raised Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 23rd. Piper Sandler dropped their price target on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. Keefe, Bruyette & Woods increased their price target on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an "outperform" rating in a research report on Monday, February 2nd. Finally, Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $33.13.

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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