15,328 Seacoast Banking Corporation of Florida $SBCF Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 43.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,886 shares of the financial services provider’s stock after selling 15,328 shares during the quarter. State of Alaska Department of Revenue’s holdings in Seacoast Banking Corporation of Florida were worth $632,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Bank of New York Mellon Corp bought a new stake in Seacoast Banking Corporation of Florida during the second quarter worth about $23,407,000. Bank of America Corp DE grew its holdings in Seacoast Banking Corporation of Florida by 97.4% in the first quarter. Bank of America Corp DE now owns 464,064 shares of the financial services provider’s stock worth $14,056,000 after purchasing an additional 228,935 shares during the period. California State Teachers Retirement System increased its stake in shares of Seacoast Banking Corporation of Florida by 43.2% during the first quarter. California State Teachers Retirement System now owns 118,324 shares of the financial services provider’s stock valued at $3,584,000 after purchasing an additional 35,693 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Seacoast Banking Corporation of Florida by 34.2% during the first quarter. First Trust Advisors LP now owns 193,549 shares of the financial services provider’s stock valued at $5,863,000 after purchasing an additional 49,301 shares in the last quarter. Finally, Louisiana State Employees Retirement System bought a new position in shares of Seacoast Banking Corporation of Florida during the first quarter valued at approximately $1,302,000. 81.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SBCF shares. Piper Sandler lifted their target price on shares of Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a report on Thursday, July 30th. Raymond James Financial cut their price target on Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 13th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Friday, September 25th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $36.50.

Insider Activity at Seacoast Banking Corporation of Florida

In related news, Director Dennis Hudson, III sold 12,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $34.15, for a total transaction of $409,800.00. Following the transaction, the director owned 206,869 shares in the company, valued at $7,064,576.35. This represents a 5.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Juliette Kleffel sold 14,831 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $34.31, for a total transaction of $508,851.61. Following the transaction, the executive vice president owned 78,321 shares in the company, valued at approximately $2,687,193.51. This trade represents a 15.92% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.50% of the stock is owned by insiders.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ:SBCF opened at $33.56 on Friday. Seacoast Banking Corporation of Florida has a fifty-two week low of $28.69 and a fifty-two week high of $36.27. The business has a 50-day simple moving average of $33.39 and a two-hundred day simple moving average of $32.61. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 15.36 and a beta of 0.90.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.01. The business had revenue of $210.00 million for the quarter, compared to analysts’ expectations of $209.84 million. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. On average, analysts expect that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current year.

Seacoast Banking Corporation of Florida Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This is a positive change from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. Seacoast Banking Corporation of Florida’s dividend payout ratio is presently 48.41%.

Seacoast Banking Corporation of Florida Profile

Seacoast Banking Corporation of Florida is a bank holding company headquartered in Stuart, Florida. It operates primarily through Seacoast National Bank, which provides banking and financial services to individuals, businesses and institutions across Florida.

The company offers checking and savings accounts, certificates of deposit, commercial and residential real estate loans, consumer lending, business financing, treasury management and other deposit services. Through affiliated operations, Seacoast also provides wealth management, investment advisory and mortgage-related services.

Seacoast National Bank traces its roots to 1926 and has expanded its presence throughout Florida, including the Treasure Coast, Central Florida and South Florida.