UBS Group AG Purchases 93,381 Shares of Seacoast Banking Corporation of Florida $SBCF

Key Points

• UBS Group AG increased its stake in Seacoast Banking Corporation of Florida by 23.9% in the fourth quarter, buying 93,381 additional shares and bringing its total holdings to 484,006 shares worth about $15.2 million.
• Seacoast Banking saw mixed signals from insiders and analysts: executives recently sold shares, while analysts remain split, with a consensus rating of Moderate Buy and an average target price of $33.13.
• The company reported better-than-expected quarterly earnings of $0.62 per share, and it also announced a quarterly dividend of $0.19 per share, implying a 2.5% annual yield.

UBS Group AG grew its position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 23.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 484,006 shares of the financial services provider's stock after buying an additional 93,381 shares during the quarter. UBS Group AG owned 0.49% of Seacoast Banking Corporation of Florida worth $15,207,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of SBCF. Royal Bank of Canada lifted its position in shares of 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 buying an additional 31,636 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Seacoast Banking Corporation of Florida by 123.4% during the 1st quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider's stock worth $2,133,000 after buying an additional 45,792 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Seacoast Banking Corporation of Florida by 4.5% during 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 buying an additional 2,187 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Seacoast Banking Corporation of Florida during the 1st quarter worth approximately $4,817,000. Finally, Cetera Investment Advisers lifted its position in shares of Seacoast Banking Corporation of Florida by 4.2% during the 2nd quarter. Cetera Investment Advisers now owns 12,724 shares of the financial services provider's stock worth $351,000 after buying an additional 513 shares in the last quarter. Institutional investors own 81.77% of the company's stock.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In related news, EVP Joseph M. Forlenza sold 12,635 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $32.90, for a total value of $415,691.50. Following the completion of the transaction, the executive vice president directly owned 42,392 shares in the company, valued at approximately $1,394,696.80. The trade was a 22.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Charles M. Shaffer sold 10,367 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $30.88, for a total transaction of $320,132.96. Following the completion of the transaction, the chief executive officer owned 174,113 shares of the company's stock, valued at $5,376,609.44. This represents a 5.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 38,554 shares of company stock valued at $1,221,865 over the last 90 days. 1.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on SBCF shares. Keefe, Bruyette & Woods upped their price objective on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, February 2nd. Piper Sandler dropped their price objective on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating on the stock in a research note on Thursday, April 30th. Wall Street Zen downgraded Seacoast Banking Corporation of Florida from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Finally, Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, March 23rd. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.13.

Seacoast Banking Corporation of Florida Trading Down 1.5%

Shares of SBCF opened at $30.01 on Thursday. The business has a 50-day moving average of $30.94 and a 200 day moving average of $31.82. Seacoast Banking Corporation of Florida has a fifty-two week low of $23.48 and a fifty-two week high of $35.55. The firm has a market cap of $2.92 billion, a P/E ratio of 19.74 and a beta of 0.88. 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 announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The company had revenue of $205.10 million during the quarter, compared to analyst estimates of $205.51 million. During the same quarter last year, the firm posted $0.38 EPS. The firm's revenue for the quarter was up 45.8% on a year-over-year basis. As a group, research analysts forecast that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently disclosed 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 yield of 2.5%. The ex-dividend date is Monday, June 15th. Seacoast Banking Corporation of Florida's payout ratio is currently 50.00%.

Seacoast Banking Corporation of Florida Company 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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