Peregrine Capital Management LLC Takes Position in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Peregrine Capital Management opened a new position in Seacoast Banking Corporation of Florida, buying 156,890 shares worth about $4.75 million and taking about a 0.16% stake.
• Seacoast reported strong quarterly results, with EPS of $0.62 beating analyst estimates of $0.58 and revenue rising 45.8% year over year to $205.1 million.
• The bank also declared a quarterly dividend of $0.19 per share, while analysts currently hold a moderate-buy view with an average target price of $35.00.

Peregrine Capital Management LLC bought a new position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 156,890 shares of the financial services provider's stock, valued at approximately $4,752,000. Peregrine Capital Management LLC owned approximately 0.16% of Seacoast Banking Corporation of Florida as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in SBCF. World Investment Advisors boosted its holdings in Seacoast Banking Corporation of Florida by 3.6% in the fourth quarter. World Investment Advisors now owns 9,036 shares of the financial services provider's stock valued at $274,000 after purchasing an additional 316 shares in the last quarter. CWM LLC raised its holdings in Seacoast Banking Corporation of Florida by 3.0% during the fourth quarter. CWM LLC now owns 11,083 shares of the financial services provider's stock worth $348,000 after purchasing an additional 320 shares in the last quarter. Salomon & Ludwin LLC lifted its position in shares of Seacoast Banking Corporation of Florida by 59.3% during 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 last quarter. Illinois Municipal Retirement Fund boosted its holdings in shares of Seacoast Banking Corporation of Florida by 1.0% in the 4th quarter. Illinois Municipal Retirement Fund now owns 45,543 shares of the financial services provider's stock valued at $1,431,000 after buying an additional 471 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in shares of Seacoast Banking Corporation of Florida by 4.2% in 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 last quarter. Hedge funds and other institutional investors own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ:SBCF opened at $33.98 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 22.36 and a beta of 0.85. The firm's fifty day moving average price is $31.07 and its 200 day moving average price is $31.79. Seacoast Banking Corporation of Florida has a 1-year low of $27.22 and a 1-year high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The company had revenue of $205.10 million during the quarter, compared to the consensus estimate of $205.51 million. During the same quarter in the prior year, the firm earned $0.38 EPS. Seacoast Banking Corporation of Florida's quarterly revenue was up 45.8% on a year-over-year basis. On average, sell-side analysts expect that Seacoast Banking Corporation of Florida will post 2.51 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Monday, June 15th. Seacoast Banking Corporation of Florida's payout ratio is 50.00%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Piper Sandler boosted their price target on shares of Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a "neutral" rating in a research report on Monday, June 22nd. Weiss Ratings raised Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday. Finally, Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $35.00.

Insider Buying and Selling

In other Seacoast Banking Corporation of Florida news, EVP James C. Stallings III sold 7,552 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total value of $235,320.32. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles M. Shaffer sold 10,367 shares of the business's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $30.88, for a total value of $320,132.96. Following the transaction, the chief executive officer owned 174,113 shares in the company, valued at $5,376,609.44. The trade was a 5.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 25,919 shares of company stock valued at $806,733 over the last ninety days. Corporate insiders own 1.50% of the company's stock.

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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