Seacoast Banking Corporation of Florida $SBCF Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP trimmed its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) by 7.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,480,829 shares of the financial services provider’s stock after selling 370,129 shares during the period. Wellington Management Group LLP’s holdings in Seacoast Banking Corporation of Florida were worth $148,988,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of SBCF. Vanguard Group Inc. lifted its holdings 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 valued at $222,732,000 after buying an additional 705,554 shares during the period. North Reef Capital Management LP grew its holdings in Seacoast Banking Corporation of Florida by 16.8% during the fourth quarter. North Reef Capital Management LP now owns 5,832,075 shares of the financial services provider’s stock worth $183,244,000 after acquiring an additional 837,075 shares during the period. State Street Corp raised its position in Seacoast Banking Corporation of Florida by 1.4% in the fourth quarter. State Street Corp now owns 4,610,754 shares of the financial services provider’s stock worth $144,870,000 after acquiring an additional 64,986 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Seacoast Banking Corporation of Florida by 4.1% in the first quarter. Dimensional Fund Advisors LP now owns 3,150,592 shares of the financial services provider’s stock worth $95,427,000 after acquiring an additional 123,273 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Seacoast Banking Corporation of Florida by 8.5% in the fourth quarter. Geode Capital Management LLC now owns 2,279,078 shares of the financial services provider’s stock valued at $71,623,000 after acquiring an additional 177,792 shares during the period. 81.77% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Juliette Kleffel sold 14,831 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $34.31, for a total value of $508,851.61. Following the completion of the transaction, the executive vice president owned 78,321 shares in the company, valued at $2,687,193.51. This trade represents a 15.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dennis S. Hudson III sold 8,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $31.41, for a total transaction of $251,280.00. Following the completion of the sale, the director owned 220,854 shares in the company, valued at $6,937,024.14. This represents a 3.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 26,831 shares of company stock valued at $896,132. Company insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

SBCF has been the topic of several research analyst reports. 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. Piper Sandler increased their price target on shares of 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. Finally, Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.50.

Seacoast Banking Corporation of Florida Price Performance

Shares of NASDAQ:SBCF opened at $33.96 on Tuesday. The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of 21.63 and a beta of 0.85. 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 business’s 50 day simple moving average is $33.96 and its 200-day simple moving average is $32.12. Seacoast Banking Corporation of Florida has a 12 month low of $28.58 and a 12 month high of $36.27.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $209.99 million during 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%. As a group, equities analysts forecast that Seacoast Banking Corporation of Florida will post 2.55 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.19 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is currently 48.41%.

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.