Seacoast Banking Corporation of Florida $SBCF Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its SBCF position by 43.2%, purchasing 35,693 additional shares and bringing its total to 118,324 shares valued at approximately $3.58 million. Institutional investors collectively own 81.77% of Seacoast Banking’s stock.
• Seacoast Banking reported quarterly EPS of $0.61, slightly exceeding analysts’ $0.60 estimate, while revenue of $209.99 million was broadly in line with expectations.
• The company declared a quarterly dividend of $0.19, equivalent to a $0.76 annualized payout and a 2.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $35.50.

California State Teachers Retirement System lifted its position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 43.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 118,324 shares of the financial services provider's stock after purchasing an additional 35,693 shares during the period. California State Teachers Retirement System owned about 0.12% of Seacoast Banking Corporation of Florida worth $3,584,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. William Blair Investment Management LLC increased its holdings in shares of Seacoast Banking Corporation of Florida by 4.9% in the 4th quarter. William Blair Investment Management LLC now owns 1,282,535 shares of the financial services provider's stock valued at $40,297,000 after acquiring an additional 59,780 shares during the last quarter. Deprince Race & Zollo Inc. lifted its stake in Seacoast Banking Corporation of Florida by 3.5% during the fourth quarter. Deprince Race & Zollo Inc. now owns 2,224,435 shares of the financial services provider's stock worth $69,892,000 after purchasing an additional 76,192 shares during the last quarter. Vanguard Group Inc. lifted its stake in Seacoast Banking Corporation of Florida by 11.1% during the fourth quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider's stock worth $222,732,000 after purchasing an additional 705,554 shares during the last quarter. Fifth Third Bancorp boosted its holdings in Seacoast Banking Corporation of Florida by 2,562.9% in the first quarter. Fifth Third Bancorp now owns 74,348 shares of the financial services provider's stock valued at $2,252,000 after purchasing an additional 71,556 shares in the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in Seacoast Banking Corporation of Florida in the first quarter valued at approximately $1,302,000. Institutional investors and hedge funds own 81.77% of the company's stock.

Insider Buying and Selling

In other Seacoast Banking Corporation of Florida news, Director Dennis S. Hudson III sold 4,000 shares of the stock in a transaction that occurred on 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 directly owned 216,854 shares of the company's stock, valued at approximately $7,373,036. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is currently owned by corporate insiders.

Seacoast Banking Corporation of Florida Stock Up 0.1%

Shares of NASDAQ:SBCF opened at $34.55 on Friday. Seacoast Banking Corporation of Florida has a 1-year low of $27.22 and a 1-year high of $35.64. 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 stock has a market cap of $3.35 billion, a P/E ratio of 22.01 and a beta of 0.85. The firm has a fifty day moving average price of $32.59 and a 200 day moving average price of $32.04.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $209.84 million. Sell-side analysts predict that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, September 15th. Seacoast Banking Corporation of Florida's payout ratio is 48.41%.

Wall Street Analyst Weigh In

SBCF has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 30th. Piper Sandler boosted their price objective on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a "neutral" rating in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of 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 assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target 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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source