Seacoast Banking Corporation of Florida $SBCF Shares Bought by Sound Income Strategies LLC

Sound Income Strategies LLC boosted its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 6,117.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,855 shares of the financial services provider’s stock after purchasing an additional 15,600 shares during the quarter. Sound Income Strategies LLC’s holdings in Seacoast Banking Corporation of Florida were worth $485,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SBCF. Deprince Race & Zollo Inc. grew its position in shares of Seacoast Banking Corporation of Florida by 0.6% in the first quarter. Deprince Race & Zollo Inc. now owns 2,237,739 shares of the financial services provider’s stock valued at $67,781,000 after purchasing an additional 13,304 shares during the period. Peregrine Capital Management LLC acquired a new position in shares of Seacoast Banking Corporation of Florida during the 1st quarter worth about $4,752,000. Janney Montgomery Scott LLC lifted its stake in Seacoast Banking Corporation of Florida by 12.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 13,804 shares of the financial services provider’s stock valued at $418,000 after buying an additional 1,494 shares in the last quarter. 1492 Capital Management LLC lifted its stake in Seacoast Banking Corporation of Florida by 33.3% in the 1st quarter. 1492 Capital Management LLC now owns 8,659 shares of the financial services provider’s stock valued at $262,000 after buying an additional 2,165 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its holdings in Seacoast Banking Corporation of Florida by 37.6% in the 1st quarter. Pictet Asset Management Holding SA now owns 16,108 shares of the financial services provider’s stock worth $488,000 after buying an additional 4,402 shares during the last quarter. 81.77% of the stock is currently owned by hedge funds and other institutional investors.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ SBCF opened at $33.28 on Friday. Seacoast Banking Corporation of Florida has a 12-month low of $27.22 and a 12-month high of $35.55. The stock has a market cap of $3.24 billion, a PE ratio of 21.89 and a beta of 0.85. 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 company has a 50-day moving average of $31.11 and a 200 day moving average of $31.80.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $205.10 million for the quarter, compared to analyst estimates of $205.51 million. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The business’s revenue was up 45.8% on a year-over-year basis. During the same period last year, the company posted $0.38 EPS. As a group, sell-side analysts predict that Seacoast Banking Corporation of Florida will post 2.51 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.19 per share. The ex-dividend date was Monday, June 15th. This represents a $0.76 dividend on an annualized basis and a yield of 2.3%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 50.00%.

Insider Buying and Selling

In other Seacoast Banking Corporation of Florida news, CEO Charles M. Shaffer sold 10,367 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $30.88, for a total transaction of $320,132.96. Following the transaction, the chief executive officer owned 174,113 shares of the company’s stock, valued at approximately $5,376,609.44. The trade was a 5.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dennis S. Hudson III sold 8,000 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $31.41, for a total value of $251,280.00. Following the completion of the sale, the director directly owned 220,854 shares of the company’s stock, valued at $6,937,024.14. This trade represents a 3.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 29,919 shares of company stock worth $942,733. 1.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on SBCF. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Weiss Ratings raised Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Finally, Piper Sandler increased their price objective on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a “neutral” rating in a research note on Monday, June 22nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Seacoast Banking Corporation of Florida presently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

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.