Seacoast Banking Corporation of Florida (NASDAQ:SBCF) EVP Juliette Kleffel Sells 14,831 Shares of Stock

Key Points

• Executive insider sale: EVP Juliette Kleffel sold 14,831 SBCF shares for approximately $508,852 at an average price of $34.31, reducing her stake by 15.92% to 78,321 shares.
• Quarterly performance and dividend: Seacoast reported quarterly EPS of $0.61, slightly above estimates, on revenue of $209.99 million. The company declared a quarterly dividend of $0.19, equivalent to a 2.2% annualized yield.
• Market outlook: Shares recently traded near $34.37, while analysts maintain a “Moderate Buy” consensus with a $35.50 average price target; institutional investors own 81.77% of the stock.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) EVP Juliette Kleffel sold 14,831 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $34.31, for a total transaction of $508,851.61. Following the completion of the sale, the executive vice president owned 78,321 shares of the company's stock, valued at approximately $2,687,193.51. The trade was a 15.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Seacoast Banking Corporation of Florida Stock Performance

SBCF stock traded up $0.06 during trading on Friday, reaching $34.37. 851,607 shares of the stock were exchanged, compared to its average volume of 853,224. Seacoast Banking Corporation of Florida has a twelve month low of $28.58 and a twelve month high of $36.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $3.33 billion, a P/E ratio of 21.89 and a beta of 0.85. The stock has a 50 day simple moving average of $33.83 and a 200-day simple moving average of $32.13.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%.The firm had revenue of $209.99 million during the quarter, compared to analysts' expectations of $209.84 million. As a group, sell-side analysts anticipate that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors 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 dividend yield of 2.2%. The ex-dividend date is Tuesday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 48.41%.

Analyst Ratings Changes

A number of research firms have weighed in on SBCF. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, June 30th. Finally, Piper Sandler raised 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 report on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Seacoast Banking Corporation of Florida currently has an average rating of "Moderate Buy" and an average target price of $35.50.

Institutional Investors Weigh In On Seacoast Banking Corporation of Florida

Several large investors have recently modified their holdings of SBCF. California State Teachers Retirement System lifted its position in shares of Seacoast Banking Corporation of Florida by 3,136.8% during the 2nd quarter. California State Teachers Retirement System now owns 3,829,901 shares of the financial services provider's stock worth $127,344,000 after buying an additional 3,711,577 shares during the period. Wellington Management Group LLP grew its position in Seacoast Banking Corporation of Florida by 58.6% in the third quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider's stock valued at $166,825,000 after acquiring an additional 2,025,988 shares during the period. North Reef Capital Management LP grew its position in Seacoast Banking Corporation of Florida by 16.8% in the fourth quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider's stock valued at $183,244,000 after acquiring an additional 837,075 shares during the period. Vanguard Group Inc. raised 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 acquiring an additional 705,554 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Seacoast Banking Corporation of Florida during the second quarter valued at $23,407,000. 81.77% of the stock is currently owned by institutional investors.

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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