William Blair Investment Management LLC Grows Position in Seacoast Banking Corporation of Florida $SBCF

Key Points

• William Blair Investment Management boosted its stake in Seacoast Banking Corporation of Florida by 4.9% in the fourth quarter, holding about 1.31% of the company valued at roughly $40.3 million.
• Analyst sentiment is mixed, with recent rating changes including a downgrade from Wall Street Zen and an upgrade from Weiss Ratings; the overall consensus remains a “Moderate Buy” with a $33.13 price target.
• Seacoast reported better-than-expected quarterly earnings of $0.62 per share, while also announcing a quarterly dividend of $0.19 per share, equal to a 2.5% annualized yield.

William Blair Investment Management LLC increased its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 4.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,282,535 shares of the financial services provider's stock after purchasing an additional 59,780 shares during the quarter. William Blair Investment Management LLC owned approximately 1.31% of Seacoast Banking Corporation of Florida worth $40,297,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. World Investment Advisors raised its stake in Seacoast Banking Corporation of Florida by 3.6% during the fourth quarter. World Investment Advisors now owns 9,036 shares of the financial services provider's stock valued at $274,000 after buying an additional 316 shares during the last quarter. CWM LLC raised its stake in Seacoast Banking Corporation of Florida by 3.0% during the fourth quarter. CWM LLC now owns 11,083 shares of the financial services provider's stock valued at $348,000 after buying an additional 320 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in Seacoast Banking Corporation of Florida by 3.9% during the third quarter. Envestnet Portfolio Solutions Inc. now owns 9,274 shares of the financial services provider's stock valued at $282,000 after buying an additional 344 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Seacoast Banking Corporation of Florida by 69.7% during the third quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider's stock valued at $26,000 after buying an additional 352 shares during the last quarter. Finally, Salomon & Ludwin LLC raised its stake in Seacoast Banking Corporation of Florida by 59.3% during the fourth quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock valued at $31,000 after buying an additional 356 shares during the last quarter. Hedge funds and other institutional investors own 81.77% of the company's stock.

Wall Street Analyst Weigh In

SBCF has been the subject of a number of recent research reports. Wall Street Zen cut Seacoast Banking Corporation of Florida from a "hold" rating to a "sell" rating in a research note on Monday. 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. Keefe, Bruyette & Woods lifted their target price on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an "outperform" rating in a report on Monday, February 2nd. Finally, Piper Sandler reduced their target price on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating for the company in a report on Thursday, April 30th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.13.

Seacoast Banking Corporation of Florida Price Performance

Seacoast Banking Corporation of Florida stock opened at $30.49 on Monday. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 20.06 and a beta of 0.88. The stock has a fifty day simple moving average of $30.85 and a two-hundred day simple moving average of $31.79. Seacoast Banking Corporation of Florida has a 12 month low of $24.04 and a 12 month high of $35.55. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33.

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 analysts' consensus estimates 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 business had revenue of $205.10 million during the quarter, compared to analyst estimates of $205.51 million. During the same quarter last year, the company earned $0.38 EPS. The company's quarterly revenue was up 45.8% compared to the same quarter last year. Equities analysts predict that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.76 annualized dividend and a dividend yield of 2.5%. Seacoast Banking Corporation of Florida's payout ratio is presently 50.00%.

Insider Transactions at Seacoast Banking Corporation of Florida

In related news, CEO Charles M. Shaffer sold 10,367 shares of Seacoast Banking Corporation of Florida 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 sale, the chief executive officer owned 174,113 shares of the company's stock, valued at $5,376,609.44. The trade was a 5.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Joseph M. Forlenza sold 12,635 shares of Seacoast Banking Corporation of Florida stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $32.90, for a total value of $415,691.50. Following the completion of the sale, the executive vice president directly owned 42,392 shares of the company's stock, valued at $1,394,696.80. The trade was a 22.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 38,554 shares of company stock worth $1,221,865. 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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