Envestnet Asset Management Inc. Acquires 19,558 Shares of Seacoast Banking Corporation of Florida $SBCF

Envestnet Asset Management Inc. increased its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 9.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 226,187 shares of the financial services provider’s stock after purchasing an additional 19,558 shares during the quarter. Envestnet Asset Management Inc. owned 0.26% of Seacoast Banking Corporation of Florida worth $6,883,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in SBCF. Royal Bank of Canada grew its stake in shares of Seacoast Banking Corporation of Florida by 41.5% during the first quarter. Royal Bank of Canada now owns 107,951 shares of the financial services provider’s stock valued at $2,777,000 after buying an additional 31,636 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Seacoast Banking Corporation of Florida by 123.4% during the 1st quarter. AQR Capital Management LLC now owns 82,889 shares of the financial services provider’s stock valued at $2,133,000 after acquiring an additional 45,792 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Seacoast Banking Corporation of Florida by 4.5% during 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 acquiring an additional 2,187 shares during the last quarter. Jane Street Group LLC purchased a new position in Seacoast Banking Corporation of Florida in the 1st quarter worth approximately $4,817,000. Finally, CWM LLC increased its stake in Seacoast Banking Corporation of Florida by 170.2% in the 2nd quarter. CWM LLC now owns 7,121 shares of the financial services provider’s stock worth $197,000 after purchasing an additional 4,486 shares during the period. 81.77% of the stock is owned by institutional investors.

Insider Transactions at Seacoast Banking Corporation of Florida

In other news, Director Joseph B. Shearouse III acquired 4,000 shares of the firm’s stock in a transaction on Thursday, February 12th. The stock was acquired at an average price of $33.19 per share, for a total transaction of $132,760.00. Following the completion of the acquisition, the director owned 35,500 shares in the company, valued at $1,178,245. This trade represents a 12.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jacqueline Lynette Bradley sold 2,279 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $33.54, for a total transaction of $76,437.66. Following the sale, the director owned 7,000 shares in the company, valued at approximately $234,780. This trade represents a 24.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,117 shares of company stock worth $310,434 over the last 90 days. 1.60% of the stock is currently owned by insiders.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ:SBCF opened at $33.75 on Friday. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.35. The firm’s fifty day simple moving average is $33.12 and its 200 day simple moving average is $31.47. The stock has a market cap of $3.30 billion, a P/E ratio of 21.09 and a beta of 0.93. Seacoast Banking Corporation of Florida has a twelve month low of $21.36 and a twelve month high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its earnings results on Thursday, January 29th. The financial services provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.51 by ($0.07). Seacoast Banking Corporation of Florida had a return on equity of 7.07% and a net margin of 15.47%.The company had revenue of $204.80 million during the quarter, compared to analysts’ expectations of $201.25 million. During the same period in the prior year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up 53.0% on a year-over-year basis. As a group, research analysts predict that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.19 per share. The ex-dividend date is Friday, March 13th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. Seacoast Banking Corporation of Florida’s dividend payout ratio is 47.50%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SBCF shares. Keefe, Bruyette & Woods raised their target price on shares of Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Piper Sandler reissued a “neutral” rating and set a $33.50 price target on shares of Seacoast Banking Corporation of Florida in a research report on Monday, November 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Seacoast Banking Corporation of Florida in a research report on Thursday, January 22nd. Finally, Zacks Research downgraded shares of Seacoast Banking Corporation of Florida from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Seacoast Banking Corporation of Florida has an average rating of “Hold” and an average target price of $31.90.

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.