Seacoast Banking Corporation of Florida $SBCF Holdings Lifted by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC increased its stake in Seacoast Banking Corporation of Florida by 528.3% in the first quarter, buying an additional 133,170 shares and bringing its total to 158,376 shares worth about $4.8 million.
• Institutional ownership remains heavy, with 81.77% of SBCF shares held by institutions and hedge funds, even as some insiders recently sold stock, including EVP James C. Stallings III and Director Dennis S. Hudson III.
• Seacoast reported strong quarterly results with EPS of $0.62, beating estimates, and announced a quarterly dividend of $0.19 per share, implying a 2.3% annual yield; analysts currently rate the stock a Hold with a $35 average price target.

SG Americas Securities LLC boosted its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 528.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 158,376 shares of the financial services provider's stock after buying an additional 133,170 shares during the period. SG Americas Securities LLC owned approximately 0.16% of Seacoast Banking Corporation of Florida worth $4,797,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of 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 purchasing an additional 705,554 shares during the period. North Reef Capital Management LP boosted its holdings in shares of Seacoast Banking Corporation of Florida by 16.8% during the fourth quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider's stock worth $183,244,000 after purchasing an additional 837,075 shares during the period. Wellington Management Group LLP grew its position in Seacoast Banking Corporation of Florida by 58.6% during the third 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 grew its position 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 valued at $144,870,000 after purchasing an additional 64,986 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Seacoast Banking Corporation of Florida by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,098,370 shares of the financial services provider's stock valued at $94,284,000 after buying an additional 95,529 shares during the period. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Seacoast Banking Corporation of Florida

In related news, EVP James C. Stallings III sold 7,552 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 7,247 shares of the company's stock, valued at $225,816.52. This trade represents a 51.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dennis S. Hudson III sold 8,000 shares of the business's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total transaction of $251,280.00. Following the completion of the sale, the director directly owned 220,854 shares in the company, valued at $6,937,024.14. This trade represents a 3.50% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 25,919 shares of company stock worth $806,733. 1.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SBCF. Weiss Ratings downgraded shares of Seacoast Banking Corporation of Florida from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, June 15th. Piper Sandler upped their price target on shares of Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the stock a "neutral" rating in a research note on Monday, June 22nd. 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. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida presently has a consensus rating of "Hold" and an average target price of $35.00.

Seacoast Banking Corporation of Florida Trading Down 1.0%

Shares of NASDAQ SBCF opened at $33.10 on Tuesday. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 21.78 and a beta of 0.86. The business has a 50 day simple moving average of $31.03 and a 200 day simple moving average of $31.77. Seacoast Banking Corporation of Florida has a 52 week low of $27.13 and a 52 week high of $35.55. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.78 and a current ratio of 0.78.

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

Seacoast Banking Corporation of Florida Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, June 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 50.00%.

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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