Geode Capital Management LLC Acquires 177,792 Shares of Seacoast Banking Corporation of Florida $SBCF

Geode Capital Management LLC lifted its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 8.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,279,078 shares of the financial services provider’s stock after purchasing an additional 177,792 shares during the period. Geode Capital Management LLC owned 2.33% of Seacoast Banking Corporation of Florida worth $71,623,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp increased its stake in shares of Seacoast Banking Corporation of Florida by 69.7% in the third 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 during the period. Salomon & Ludwin LLC grew its position 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 worth $31,000 after buying an additional 356 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in Seacoast Banking Corporation of Florida during the third quarter worth about $33,000. Advisory Services Network LLC acquired a new stake in Seacoast Banking Corporation of Florida during the third quarter worth about $45,000. Finally, Smartleaf Asset Management LLC grew its position in Seacoast Banking Corporation of Florida by 41.1% during the third quarter. Smartleaf Asset Management LLC now owns 1,642 shares of the financial services provider’s stock worth $50,000 after buying an additional 478 shares in the last quarter. 81.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Piper Sandler decreased their target price on 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. Weiss Ratings raised Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 23rd. Finally, Wall Street Zen raised Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.50.

Seacoast Banking Corporation of Florida Stock Up 0.0%

NASDAQ SBCF opened at $30.17 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33. The stock’s 50 day moving average is $30.93 and its two-hundred day moving average is $31.77. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 19.85 and a beta of 0.86. Seacoast Banking Corporation of Florida has a 1-year low of $24.46 and a 1-year high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. The company had revenue of $205.10 million for the quarter, compared to the consensus estimate of $205.51 million. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 earnings per share. Equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.49 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

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

Insider Activity at Seacoast Banking Corporation of Florida

In other news, CEO Charles M. Shaffer sold 10,367 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 174,113 shares of the company’s stock, valued at $5,376,609.44. The trade was a 5.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James C. Stallings III sold 7,552 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total value of $235,320.32. Following the completion of the transaction, the executive vice president directly owned 7,247 shares in the company, valued at $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. 1.50% of the stock is owned by insiders.

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.