Geode Capital Management LLC Raises Stock Position in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Geode Capital Management LLC lifted its position in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 1.2% in the third quarter, Holdings Channel reports. The firm owned 2,024,351 shares of the financial services provider’s stock after buying an additional 23,396 shares during the period. Geode Capital Management LLC’s holdings in Seacoast Banking Co. of Florida were worth $53,959,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Barclays PLC raised its position in Seacoast Banking Co. of Florida by 112.0% during the 3rd quarter. Barclays PLC now owns 178,355 shares of the financial services provider’s stock valued at $4,754,000 after purchasing an additional 94,242 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Seacoast Banking Co. of Florida in the third quarter valued at about $232,000. Pier Capital LLC lifted its stake in Seacoast Banking Co. of Florida by 0.3% in the third quarter. Pier Capital LLC now owns 369,959 shares of the financial services provider’s stock worth $9,859,000 after acquiring an additional 1,120 shares during the period. Jane Street Group LLC grew its holdings in Seacoast Banking Co. of Florida by 35.0% during the 3rd quarter. Jane Street Group LLC now owns 105,808 shares of the financial services provider’s stock worth $2,820,000 after acquiring an additional 27,403 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in Seacoast Banking Co. of Florida by 7.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,170,515 shares of the financial services provider’s stock valued at $111,144,000 after purchasing an additional 305,843 shares during the period. Institutional investors own 81.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Stephens upped their price target on shares of Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Monday, October 28th. Truist Financial lowered their target price on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating for the company in a report on Monday, October 28th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $28.70.

Insider Buying and Selling at Seacoast Banking Co. of Florida

In other news, CEO Charles M. Shaffer sold 21,255 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $30.36, for a total transaction of $645,301.80. Following the transaction, the chief executive officer now owns 126,232 shares in the company, valued at $3,832,403.52. This represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.50% of the stock is currently owned by company insiders.

Seacoast Banking Co. of Florida Trading Up 3.6 %

NASDAQ SBCF opened at $27.60 on Monday. Seacoast Banking Co. of Florida has a 52 week low of $21.90 and a 52 week high of $31.68. The company has a 50 day moving average price of $28.68 and a 200 day moving average price of $26.72. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. The firm has a market cap of $2.36 billion, a PE ratio of 20.00 and a beta of 1.08.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.36. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. The business had revenue of $130.30 million for the quarter, compared to the consensus estimate of $129.20 million. During the same period in the prior year, the firm posted $0.37 earnings per share. The business’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, sell-side analysts forecast that Seacoast Banking Co. of Florida will post 1.41 EPS for the current fiscal year.

Seacoast Banking Co. of Florida Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Friday, December 13th. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 52.17%.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.