Tectonic Advisors LLC Makes New $841,000 Investment in Seacoast Banking Corporation of Florida $SBCF

Tectonic Advisors LLC bought a new position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF – Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 26,414 shares of the financial services provider’s stock, valued at approximately $841,000.

Other large investors have also recently bought and sold shares of the company. Nykredit A S acquired a new stake in Seacoast Banking Corporation of Florida in the second quarter valued at $30,000. Cornerstone National Bank & Trust Co acquired a new position in shares of Seacoast Banking Corporation of Florida during the 3rd quarter worth about $32,000. Versant Capital Management Inc boosted its position in shares of Seacoast Banking Corporation of Florida by 203.9% during the 2nd quarter. Versant Capital Management Inc now owns 1,772 shares of the financial services provider’s stock worth $59,000 after acquiring an additional 1,189 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Seacoast Banking Corporation of Florida by 244.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,069 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 1,468 shares in the last quarter. Finally, Allied Private Wealth LLC acquired a new position in shares of Seacoast Banking Corporation of Florida during the 2nd quarter worth about $118,000. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, September 25th. Raymond James Financial decreased their target price on Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an “outperform” rating for the company in a research note on Tuesday, October 13th. Finally, Piper Sandler boosted their target price on Seacoast Banking Corporation of Florida from $34.00 to $35.50 and gave the stock a “neutral” rating in a research note on Thursday, July 30th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida presently has a consensus rating of “Moderate Buy” and an average price target of $36.50.

Get Our Latest Analysis on SBCF

Insider Activity

In other news, Director Dennis S. Hudson III sold 12,000 shares of the business’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total value of $409,800.00. Following the completion of the sale, the director directly owned 206,869 shares of the company’s stock, valued at approximately $7,064,576.35. The trade was a 5.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Juliette Kleffel sold 14,831 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $34.31, for a total value of $508,851.61. Following the completion of the sale, the executive vice president directly owned 78,321 shares of the company’s stock, valued at approximately $2,687,193.51. This trade represents a 15.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.50% of the company’s stock.

Seacoast Banking Corporation of Florida Trading Down 0.3%

Shares of Seacoast Banking Corporation of Florida stock opened at $33.56 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.35. The company has a fifty day simple moving average of $33.39 and a 200-day simple moving average of $32.61. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 21.38 and a beta of 0.90. Seacoast Banking Corporation of Florida has a 12-month low of $28.69 and a 12-month high of $36.27.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.60 by $0.01. Seacoast Banking Corporation of Florida had a net margin of 15.11% and a return on equity of 8.68%. The firm had revenue of $210.00 million for the quarter, compared to analyst estimates of $209.84 million. On average, equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This is a positive change from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. Seacoast Banking Corporation of Florida’s dividend payout ratio is 50.96%.

Seacoast Banking Corporation of Florida Company Profile

(Free Report)

Seacoast Banking Corporation of Florida is a bank holding company headquartered in Stuart, Florida. It operates primarily through Seacoast National Bank, which provides banking and financial services to individuals, businesses and institutions across Florida.

The company offers checking and savings accounts, certificates of deposit, commercial and residential real estate loans, consumer lending, business financing, treasury management and other deposit services. Through affiliated operations, Seacoast also provides wealth management, investment advisory and mortgage-related services.

Seacoast National Bank traces its roots to 1926 and has expanded its presence throughout Florida, including the Treasure Coast, Central Florida and South Florida.

See Also

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Institutional Ownership by Quarter for Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

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