Louisiana State Employees Retirement System Purchases Shares of 43,000 Seacoast Banking Corporation of Florida $SBCF

Louisiana State Employees Retirement System purchased a new stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 43,000 shares of the financial services provider’s stock, valued at approximately $1,302,000.

Several other large investors also recently made changes to their positions in SBCF. Aster Capital Management DIFC Ltd acquired a new stake in shares of Seacoast Banking Corporation of Florida during the fourth quarter worth $26,000. Salomon & Ludwin LLC lifted its position in Seacoast Banking Corporation of Florida by 59.3% in the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 356 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new position in Seacoast Banking Corporation of Florida in the 3rd quarter worth $33,000. Advisory Services Network LLC acquired a new position in Seacoast Banking Corporation of Florida in the 3rd quarter worth $45,000. Finally, Kestra Advisory Services LLC acquired a new position in Seacoast Banking Corporation of Florida in the 4th quarter worth $50,000. Institutional investors own 81.77% of the company’s stock.

Insiders Place Their Bets

In other news, EVP James C. Stallings III sold 7,552 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $31.16, for a total value of $235,320.32. Following the completion of the transaction, the executive vice president owned 7,247 shares in the company, valued at $225,816.52. This trade represents a 51.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Charles M. Shaffer sold 10,367 shares of Seacoast Banking Corporation of Florida stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $30.88, for a total value of $320,132.96. Following the completion of the sale, the chief executive officer directly owned 174,113 shares in the company, valued at approximately $5,376,609.44. This represents a 5.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 29,919 shares of company stock valued at $942,733 in the last three months. 1.50% of the stock is currently owned by corporate insiders.

Seacoast Banking Corporation of Florida Price Performance

NASDAQ SBCF opened at $33.28 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33. Seacoast Banking Corporation of Florida has a 12-month low of $27.22 and a 12-month high of $35.55. The company has a market capitalization of $3.24 billion, a PE ratio of 21.89 and a beta of 0.85. The firm’s 50 day moving average is $31.11 and its 200-day moving average is $31.80.

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

Seacoast Banking Corporation of Florida Announces Dividend

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

Analyst Ratings Changes

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