Fifth Third Bancorp Buys 71,556 Shares of Seacoast Banking Corporation of Florida $SBCF

Fifth Third Bancorp raised its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 2,562.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 74,348 shares of the financial services provider’s stock after buying an additional 71,556 shares during the period. Fifth Third Bancorp’s holdings in Seacoast Banking Corporation of Florida were worth $2,252,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. William Blair Investment Management LLC lifted its holdings in Seacoast Banking Corporation of Florida by 4.9% during the 4th quarter. William Blair Investment Management LLC now owns 1,282,535 shares of the financial services provider’s stock worth $40,297,000 after purchasing an additional 59,780 shares during the last quarter. Deprince Race & Zollo Inc. grew its holdings in Seacoast Banking Corporation of Florida by 3.5% in the 4th quarter. Deprince Race & Zollo Inc. now owns 2,224,435 shares of the financial services provider’s stock valued at $69,892,000 after buying an additional 76,192 shares in the last quarter. Vanguard Group Inc. grew its holdings in Seacoast Banking Corporation of Florida by 11.1% in the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider’s stock valued at $222,732,000 after buying an additional 705,554 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in Seacoast Banking Corporation of Florida during the 1st quarter worth $1,302,000. Finally, Legato Capital Management LLC increased its position in Seacoast Banking Corporation of Florida by 159.6% during the 4th quarter. Legato Capital Management LLC now owns 65,599 shares of the financial services provider’s stock worth $2,061,000 after buying an additional 40,334 shares during the period. 81.77% of the stock is owned by institutional investors.

Seacoast Banking Corporation of Florida Price Performance

Seacoast Banking Corporation of Florida stock opened at $33.65 on Wednesday. The firm has a market cap of $3.27 billion, a PE ratio of 22.14 and a beta of 0.85. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.78 and a quick ratio of 0.78. The stock’s fifty day moving average price is $31.58 and its two-hundred day moving average price is $31.89. Seacoast Banking Corporation of Florida has a one year low of $27.22 and a one year high of $35.55.

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 (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The company had revenue of $205.10 million for the quarter, compared to analyst estimates of $205.51 million. During the same period in the prior year, the firm posted $0.38 EPS. Seacoast Banking Corporation of Florida’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, research analysts expect that Seacoast Banking Corporation of Florida will post 2.51 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

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

Insiders Place Their Bets

In other news, Director Dennis S. Hudson III sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total transaction of $136,000.00. Following the completion of the sale, the director owned 216,854 shares of the company’s stock, valued at approximately $7,373,036. This represents a 1.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP James C. Stallings III sold 7,552 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total transaction of $235,320.32. Following the sale, the executive vice president owned 7,247 shares in the company, valued at $225,816.52. This represents a 51.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 29,919 shares of company stock worth $942,733 over the last ninety days. Corporate insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

SBCF has been the subject of a number of recent research reports. Piper Sandler boosted their target price on shares of Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the company a “neutral” rating in a research report on Monday, June 22nd. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Finally, 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. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

Seacoast Banking Corporation of Florida 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.