Seacoast Banking Corporation of Florida $SBCF Stock: State of Alaska Department of Revenue Reduces Stake

State of Alaska Department of Revenue decreased its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 43.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of SBCF. Versant Capital Management Inc lifted its position in Seacoast Banking Corporation of Florida by 26.7% during the third quarter. Versant Capital Management Inc now owns 2,246 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 474 shares during the last quarter. Nykredit A S bought a new position in shares of Seacoast Banking Corporation of Florida in the 2nd quarter worth $30,000. Range Advisory LLC bought a new position in shares of Seacoast Banking Corporation of Florida in the 2nd quarter worth $285,000. Corient Private Wealth LP bought a new position in shares of Seacoast Banking Corporation of Florida in the 2nd quarter worth $408,000. Finally, Advus Financial Partners LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the 2nd quarter valued at $271,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Stock Down 0.3%

Shares of NASDAQ SBCF opened at $33.56 on Friday. The firm has a fifty day simple moving average of $33.39 and a two-hundred day simple moving average of $32.61. Seacoast Banking Corporation of Florida has a 12 month low of $28.69 and a 12 month high of $36.27. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $3.25 billion, a PE ratio of 15.36 and a beta of 0.90.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. The firm had revenue of $210.00 million for the quarter, compared to analyst estimates of $209.84 million. Equities 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. Shareholders of record on Tuesday, December 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.4%. This is a boost from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, December 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is 48.41%.

Analyst Upgrades and Downgrades

SBCF has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, September 25th. Raymond James Financial reduced their target price 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, Piper Sandler raised their price target on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a research report on Thursday, July 30th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $36.50.

Insider Activity at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, EVP Juliette Kleffel sold 14,831 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The stock was 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 represents a 15.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennis Hudson, III sold 12,000 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total value of $409,800.00. Following the completion of the transaction, the director directly owned 206,869 shares of the company’s stock, valued at $7,064,576.35. This represents a 5.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.50% of the company’s stock.

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.