Segall Bryant & Hamill LLC Has $52.40 Million Stock Holdings in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Segall Bryant & Hamill reduced its Seacoast Banking position by 6%, selling 109,764 shares but retaining 1.73 million shares valued at approximately $52.4 million. Institutional investors and hedge funds collectively own 81.77% of SBCF.
• SBCF shares opened at $34.74, near the 12-month high of $35.55. The company narrowly beat quarterly earnings expectations with $0.61 in EPS versus the $0.60 consensus and reported $209.99 million in revenue.
• Seacoast declared a quarterly dividend of $0.19, equivalent to $0.76 annually and a 2.2% yield. Analysts give the stock a “Moderate Buy” consensus rating with a $35.50 target price, while insiders have sold nearly $943,000 of shares over the past 90 days.

Segall Bryant & Hamill LLC trimmed its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 6.0% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,729,851 shares of the financial services provider's stock after selling 109,764 shares during the period. Seacoast Banking Corporation of Florida comprises approximately 0.6% of Segall Bryant & Hamill LLC's holdings, making the stock its 18th largest holding. Segall Bryant & Hamill LLC owned about 1.78% of Seacoast Banking Corporation of Florida worth $52,397,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada grew its holdings in Seacoast Banking Corporation of Florida by 41.5% during the 1st quarter. Royal Bank of Canada now owns 107,951 shares of the financial services provider's stock worth $2,777,000 after acquiring an additional 31,636 shares during the period. AQR Capital Management LLC lifted its stake in shares of Seacoast Banking Corporation of Florida by 123.4% in the 1st quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider's stock valued at $2,133,000 after purchasing an additional 45,792 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Seacoast Banking Corporation of Florida by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,255 shares of the financial services provider's stock worth $1,293,000 after purchasing an additional 2,187 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Seacoast Banking Corporation of Florida in the 1st quarter worth $4,817,000. Finally, Cetera Investment Advisers grew its stake in shares of Seacoast Banking Corporation of Florida by 4.2% during the second quarter. Cetera Investment Advisers now owns 12,724 shares of the financial services provider's stock worth $351,000 after purchasing an additional 513 shares during the period. 81.77% of the stock is owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Stock Up 0.5%

Shares of SBCF stock opened at $34.74 on Friday. Seacoast Banking Corporation of Florida has a 12-month low of $27.22 and a 12-month high of $35.55. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.35. The firm has a fifty day moving average of $32.15 and a 200-day moving average of $31.97. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of 22.13 and a beta of 0.85.

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 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.01. The company had revenue of $209.99 million during the quarter, compared to analysts' expectations of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. As a group, equities research analysts predict that Seacoast Banking Corporation of Florida will post 2.53 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Weiss Ratings raised Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, June 30th. Piper Sandler raised 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 report on Thursday. 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 research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $35.50.

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 on Monday, May 4th. The shares were 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 owned 174,113 shares in the company, valued at $5,376,609.44. This trade represents a 5.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James C. Stallings III sold 7,552 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total transaction of $235,320.32. Following the completion of the sale, the executive vice president directly owned 7,247 shares in the company, valued at approximately $225,816.52. The trade was a 51.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 29,919 shares of company stock valued at $942,733 in the last 90 days. 1.50% of the stock is currently owned by insiders.

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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