Renaissance Technologies LLC Sells 33,200 Shares of Seacoast Banking Corporation of Florida $SBCF

Key Points

• Renaissance Technologies cut its Seacoast Banking stake by 42.6%, selling 33,200 shares and retaining 44,805 shares valued at approximately $1.36 million. Institutional investors and hedge funds collectively own 81.77% of SBCF.
• Seacoast reported quarterly earnings of $0.61 per share, slightly exceeding analyst estimates, on revenue of about $210 million. The stock recently traded near $35.93, close to its 52-week high.
• The company declared a quarterly dividend of $0.19 per share, equivalent to an annualized $0.76 dividend and a 2.1% yield. Analysts assign SBCF a “Moderate Buy” consensus rating with an average price target of $35.50.

Renaissance Technologies LLC trimmed its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 42.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 44,805 shares of the financial services provider's stock after selling 33,200 shares during the quarter. Renaissance Technologies LLC's holdings in Seacoast Banking Corporation of Florida were worth $1,357,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new position in shares of Seacoast Banking Corporation of Florida during the fourth quarter valued at about $26,000. Salomon & Ludwin LLC grew its stake in shares of Seacoast Banking Corporation of Florida by 59.3% in the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock valued at $31,000 after buying an additional 356 shares during the period. Measured Wealth Private Client Group LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida in the 3rd quarter valued at about $33,000. Advisory Services Network LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida in the 3rd quarter valued at about $45,000. Finally, Kestra Advisory Services LLC bought a new stake in Seacoast Banking Corporation of Florida in the 4th quarter valued at about $50,000. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Stock Up 1.0%

Shares of NASDAQ SBCF opened at $35.93 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.78 and a quick ratio of 0.78. The company has a 50-day moving average price of $33.04 and a 200-day moving average price of $32.06. The stock has a market capitalization of $3.48 billion, a P/E ratio of 22.89 and a beta of 0.85. Seacoast Banking Corporation of Florida has a 1 year low of $27.96 and a 1 year high of $36.06.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.01. The company had revenue of $209.99 million for the quarter, compared to analyst estimates of $209.84 million. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. On average, equities research analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.76 annualized dividend and a dividend yield of 2.1%. Seacoast Banking Corporation of Florida's dividend payout ratio is 48.41%.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In related news, 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 stock was sold at an average price of $31.41, for a total transaction of $251,280.00. Following the transaction, the director owned 220,854 shares of the company's stock, valued at $6,937,024.14. The trade was a 3.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.

Want to see what other hedge funds are holding SBCF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report).

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