Legato Capital Management LLC Increases Holdings in Seacoast Banking Corporation of Florida $SBCF

Legato Capital Management LLC lifted its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 159.6% in the 4th quarter, HoldingsChannel reports. The firm owned 65,599 shares of the financial services provider’s stock after purchasing an additional 40,334 shares during the quarter. Legato Capital Management LLC’s holdings in Seacoast Banking Corporation of Florida were worth $2,061,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of the company. ProShare Advisors LLC raised its stake in shares of Seacoast Banking Corporation of Florida by 6.5% in the fourth quarter. ProShare Advisors LLC now owns 17,096 shares of the financial services provider’s stock worth $537,000 after purchasing an additional 1,038 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Seacoast Banking Corporation of Florida by 6.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 66,563 shares of the financial services provider’s stock worth $2,091,000 after purchasing an additional 3,957 shares during the last quarter. AM Investment Strategies LLC raised its stake in shares of Seacoast Banking Corporation of Florida by 7.2% in the fourth quarter. AM Investment Strategies LLC now owns 76,212 shares of the financial services provider’s stock worth $2,395,000 after purchasing an additional 5,132 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Seacoast Banking Corporation of Florida by 13.3% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 22,132 shares of the financial services provider’s stock worth $695,000 after purchasing an additional 2,600 shares during the last quarter. Finally, World Investment Advisors raised its stake in shares of Seacoast Banking Corporation of Florida by 3.6% in the fourth quarter. World Investment Advisors now owns 9,036 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 316 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 Stock Down 0.0%

Shares of SBCF stock opened at $30.49 on Friday. The stock has a 50 day moving average of $30.85 and a 200 day moving average of $31.78. 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 stock has a market cap of $2.97 billion, a P/E ratio of 20.06 and a beta of 0.88. Seacoast Banking Corporation of Florida has a twelve month low of $24.04 and a twelve month high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating 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 last year, the company earned $0.38 earnings per share. Seacoast Banking Corporation of Florida’s quarterly revenue was up 45.8% compared to the same quarter last year. As a group, sell-side analysts expect that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Monday, June 15th. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 50.00%.

Analyst Ratings Changes

Several brokerages have recently issued reports on SBCF. Piper Sandler reduced their price objective on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 23rd. Keefe, Bruyette & Woods lifted their price target on 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, Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.13.

Insiders Place Their Bets

In other Seacoast Banking Corporation of Florida news, CEO Charles M. Shaffer sold 10,367 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $30.88, for a total value of $320,132.96. Following the sale, the chief executive officer directly owned 174,113 shares of the company’s stock, valued at approximately $5,376,609.44. This trade represents a 5.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James C. Stallings III sold 7,552 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total value of $235,320.32. Following the completion of the sale, the executive vice president directly owned 7,247 shares in the company, valued at approximately $225,816.52. The trade was a 51.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 38,554 shares of company stock valued at $1,221,865 in the last three months. 1.50% of the stock is currently owned by company insiders.

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.