Vanguard Group Inc. Has $222.73 Million Stock Holdings in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Vanguard Group boosted its stake in Seacoast Banking Corporation of Florida by 11.1% in the fourth quarter, ending with 7.09 million shares valued at about $222.7 million.
• Seacoast reported better-than-expected quarterly earnings of $0.62 per share, beating estimates, while revenue rose 45.8% year over year to $205.07 million.
• The company also announced a quarterly dividend of $0.19 per share, implying an annualized yield of 2.4%, even as analysts remain mixed with a consensus rating of Moderate Buy.

Vanguard Group Inc. increased its position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 11.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,088,869 shares of the financial services provider's stock after buying an additional 705,554 shares during the quarter. Vanguard Group Inc. owned 7.25% of Seacoast Banking Corporation of Florida worth $222,732,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Jones Financial Companies Lllp grew its holdings in shares of Seacoast Banking Corporation of Florida by 69.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider's stock worth $26,000 after purchasing an additional 352 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Seacoast Banking Corporation of Florida by 59.3% during the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock worth $31,000 after purchasing an additional 356 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth approximately $33,000. Advisory Services Network LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth approximately $45,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Seacoast Banking Corporation of Florida by 41.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,642 shares of the financial services provider's stock worth $50,000 after purchasing an additional 478 shares in the last quarter. 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 Joseph B. Shearouse III acquired 4,000 shares of Seacoast Banking Corporation of Florida stock in a transaction on Thursday, February 12th. The shares were bought at an average price of $33.19 per share, with a total value of $132,760.00. Following the completion of the purchase, the director owned 35,500 shares in the company, valued at $1,178,245. This trade represents a 12.70% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Charles M. Shaffer sold 10,367 shares of the business's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $30.88, for a total value of $320,132.96. Following the completion of the transaction, the chief executive officer directly owned 174,113 shares in the company, valued at approximately $5,376,609.44. This represents a 5.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 38,554 shares of company stock valued at $1,221,865. Insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

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

Seacoast Banking Corporation of Florida Price Performance

NASDAQ:SBCF opened at $31.09 on Friday. The firm has a market cap of $3.02 billion, a PE ratio of 20.45 and a beta of 0.88. Seacoast Banking Corporation of Florida has a 12 month low of $23.48 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 0.33. The company's 50-day moving average price is $31.08 and its two-hundred day moving average price is $31.81.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.04. The firm had revenue of $205.07 million for the quarter, compared to analyst estimates 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 company's revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 earnings per share. On average, equities analysts anticipate that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.4%. Seacoast Banking Corporation of Florida's payout ratio is currently 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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