Geode Capital Management LLC Buys 177,792 Shares of Seacoast Banking Corporation of Florida $SBCF

Geode Capital Management LLC increased its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 8.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,279,078 shares of the financial services provider’s stock after acquiring an additional 177,792 shares during the period. Geode Capital Management LLC’s holdings in Seacoast Banking Corporation of Florida were worth $71,623,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of SBCF. Royal Bank of Canada raised its position in Seacoast Banking Corporation of Florida by 41.5% in the 1st quarter. Royal Bank of Canada now owns 107,951 shares of the financial services provider’s stock worth $2,777,000 after purchasing an additional 31,636 shares during the last quarter. AQR Capital Management LLC raised its position in Seacoast Banking Corporation of Florida by 123.4% in the 1st quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider’s stock worth $2,133,000 after purchasing an additional 45,792 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Seacoast Banking Corporation of Florida by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,255 shares of the financial services provider’s stock worth $1,293,000 after purchasing an additional 2,187 shares during the last quarter. Jane Street Group LLC bought a new position in Seacoast Banking Corporation of Florida in the 1st quarter worth approximately $4,817,000. Finally, Cetera Investment Advisers raised its position in Seacoast Banking Corporation of Florida by 4.2% in the 2nd quarter. Cetera Investment Advisers now owns 12,724 shares of the financial services provider’s stock worth $351,000 after purchasing an additional 513 shares during the last quarter. Institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Stock Performance

Shares of Seacoast Banking Corporation of Florida stock opened at $30.17 on Tuesday. The firm has a fifty day moving average of $30.93 and a two-hundred day moving average of $31.77. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 19.85 and a beta of 0.86. Seacoast Banking Corporation of Florida has a 52 week low of $24.46 and a 52 week high of $35.55. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.78 and a current ratio of 0.78.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results 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. The company had revenue of $205.10 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. As a group, equities research analysts predict that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

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

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In other Seacoast Banking Corporation of Florida news, CEO Charles M. Shaffer sold 10,367 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $30.88, for a total transaction of $320,132.96. Following the completion of the sale, the chief executive officer owned 174,113 shares in the company, valued at approximately $5,376,609.44. The trade was a 5.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP James C. Stallings III sold 7,552 shares of the company’s stock in a transaction on Wednesday, May 6th. The shares were 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 of the company’s stock, valued at $225,816.52. The trade was a 51.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SBCF shares. Weiss Ratings upgraded shares of Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 23rd. Piper Sandler dropped their price objective on shares of Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.50.

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.