Renaissance Technologies LLC Sells 33,200 Shares of Seacoast Banking Corporation of Florida $SBCF

Renaissance Technologies LLC cut its position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 42.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,805 shares of the financial services provider’s stock after selling 33,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Seacoast Banking Corporation of Florida were worth $1,357,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in SBCF. Wellington Management Group LLP increased its stake in Seacoast Banking Corporation of Florida by 58.6% in the 3rd quarter. Wellington Management Group LLP now owns 5,482,250 shares of the financial services provider’s stock valued at $166,825,000 after buying an additional 2,025,988 shares during the last quarter. North Reef Capital Management LP boosted its stake in shares of Seacoast Banking Corporation of Florida by 16.8% in the 4th quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider’s stock worth $183,244,000 after buying an additional 837,075 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Seacoast Banking Corporation of Florida by 11.1% in the 4th quarter. Vanguard Group Inc. now owns 7,088,869 shares of the financial services provider’s stock worth $222,732,000 after buying an additional 705,554 shares during the last quarter. Verition Fund Management LLC purchased a new position in shares of Seacoast Banking Corporation of Florida in the 3rd quarter worth approximately $14,865,000. Finally, Emerald Advisers LLC grew its holdings in shares of Seacoast Banking Corporation of Florida by 163.2% in the first quarter. Emerald Advisers LLC now owns 504,363 shares of the financial services provider’s stock valued at $15,277,000 after acquiring an additional 312,712 shares in the last quarter. 81.77% of the stock is owned by institutional investors.

Seacoast Banking Corporation of Florida Stock Up 1.0%

SBCF stock opened at $35.93 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $3.48 billion, a price-to-earnings ratio of 22.89 and a beta of 0.85. Seacoast Banking Corporation of Florida has a fifty-two week low of $27.96 and a fifty-two week high of $36.06. The stock has a fifty day moving average of $33.04 and a 200-day moving average of $32.06.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $209.99 million for the quarter, compared to analysts’ expectations of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. As a group, equities research analysts predict that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.19 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.76 annualized dividend and a dividend yield of 2.1%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is presently 48.41%.

Insider Activity

In other news, Director Dennis S. Hudson III sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $34.00, for a total value of $136,000.00. Following the sale, the director owned 216,854 shares of the company’s stock, valued at $7,373,036. The trade was a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

SBCF has been the subject of a number of research analyst reports. 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. Piper Sandler boosted their price objective on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 30th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Seacoast Banking Corporation of Florida presently has a consensus rating of “Moderate Buy” and an average price target of $35.50.

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.