Envestnet Asset Management Inc. Increases Position in Seacoast Banking Corporation of Florida $SBCF

Envestnet Asset Management Inc. grew its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 9.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 226,187 shares of the financial services provider’s stock after acquiring an additional 19,558 shares during the period. Envestnet Asset Management Inc.’s holdings in Seacoast Banking Corporation of Florida were worth $6,883,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Jones Financial Companies Lllp grew its stake in shares of Seacoast Banking Corporation of Florida by 69.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider’s stock worth $26,000 after buying an additional 352 shares during the last quarter. Caldwell Trust Co purchased a new stake in shares of Seacoast Banking Corporation of Florida in the second quarter worth $51,000. Assetmark Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 24.0% during the second quarter. Assetmark Inc. now owns 1,940 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 375 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 28.1% during the second quarter. First Horizon Advisors Inc. now owns 2,059 shares of the financial services provider’s stock valued at $57,000 after acquiring an additional 452 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Seacoast Banking Corporation of Florida by 19.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,424 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 388 shares during the last quarter. 81.77% of the stock is owned by institutional investors.

Insider Transactions at Seacoast Banking Corporation of Florida

In other news, Director Joseph B. Shearouse III acquired 4,000 shares of Seacoast Banking Corporation of Florida stock in a transaction that occurred on Thursday, February 12th. The stock was bought at an average price of $33.19 per share, for a total transaction of $132,760.00. Following the completion of the transaction, the director owned 35,500 shares in the company, valued at $1,178,245. The trade was a 12.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Maryann Goebel sold 3,419 shares of the stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $34.23, for a total value of $117,032.37. Following the completion of the transaction, the director directly owned 6,000 shares in the company, valued at approximately $205,380. This represents a 36.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 9,117 shares of company stock valued at $310,434. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Zacks Research downgraded shares of Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a report on Thursday, January 22nd. Keefe, Bruyette & Woods raised their price target 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, Piper Sandler restated a “neutral” rating and issued a $33.50 price objective on shares of Seacoast Banking Corporation of Florida in a report on Monday, November 3rd. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $31.90.

Seacoast Banking Corporation of Florida Stock Performance

Shares of NASDAQ SBCF opened at $33.75 on Friday. The firm’s 50-day moving average price is $33.12 and its 200-day moving average price is $31.47. Seacoast Banking Corporation of Florida has a 52-week low of $21.36 and a 52-week high of $35.55. The company has a market cap of $3.30 billion, a PE ratio of 21.09 and a beta of 0.93. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.35.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.07). Seacoast Banking Corporation of Florida had a net margin of 15.47% and a return on equity of 7.07%. The company had revenue of $204.80 million for the quarter, compared to the consensus estimate of $201.25 million. During the same quarter last year, the company earned $0.48 EPS. The firm’s revenue for the quarter was up 53.0% on a year-over-year basis. As a group, analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Friday, March 13th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is 47.50%.

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.