Arrowstreet Capital Limited Partnership Takes Position in Seacoast Banking Corporation of Florida $SBCF

Arrowstreet Capital Limited Partnership bought a new stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 21,805 shares of the financial services provider’s stock, valued at approximately $660,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SBCF. Royal Bank of Canada increased its holdings 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 purchasing an additional 31,636 shares during the period. AQR Capital Management LLC grew its stake 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Seacoast Banking Corporation of Florida by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,255 shares of the financial services provider’s stock valued at $1,293,000 after purchasing an additional 2,187 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida during the 1st quarter worth about $4,817,000. Finally, Cetera Investment Advisers grew its stake in shares of 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 valued at $351,000 after buying an additional 513 shares in the last quarter. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Insider Buying and Selling at Seacoast Banking Corporation of Florida

In related news, Director Dennis S. Hudson III sold 8,000 shares of Seacoast Banking Corporation of Florida stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $31.41, for a total value of $251,280.00. Following the completion of the sale, the director owned 220,854 shares of the company’s stock, valued at approximately $6,937,024.14. This trade represents a 3.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.50% of the company’s stock.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF opened at $34.55 on Friday. Seacoast Banking Corporation of Florida has a fifty-two week low of $27.22 and a fifty-two week high of $35.64. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.78 and a quick ratio of 0.78. The firm has a market capitalization of $3.35 billion, a PE ratio of 22.01 and a beta of 0.85. The company’s 50-day moving average is $32.59 and its 200-day moving average is $32.04.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last issued its earnings results on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $209.99 million for the quarter, compared to the consensus estimate of $209.84 million. Seacoast Banking Corporation of Florida had a return on equity of 8.68% and a net margin of 15.11%. Equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently disclosed 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 2.2%. Seacoast Banking Corporation of Florida’s payout ratio is currently 48.41%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SBCF shares. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. 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 Tuesday, June 30th. Finally, Piper Sandler upped their price objective on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the company a “neutral” rating in a report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $35.50.

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.