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

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

Several other institutional investors and hedge funds have also recently modified their holdings of SBCF. Versant Capital Management Inc boosted its holdings in Seacoast Banking Corporation of Florida by 26.7% during the 3rd quarter. Versant Capital Management Inc now owns 2,246 shares of the financial services provider’s stock valued at $71,000 after acquiring an additional 474 shares during the period. Nykredit A S acquired a new position in Seacoast Banking Corporation of Florida in the 2nd quarter valued at about $30,000. Cornerstone National Bank & Trust Co acquired a new position in Seacoast Banking Corporation of Florida in the 3rd quarter valued at about $32,000. The Manufacturers Life Insurance Company grew its position in Seacoast Banking Corporation of Florida by 2.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 44,740 shares of the financial services provider’s stock valued at $1,355,000 after acquiring an additional 1,263 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its stake in Seacoast Banking Corporation of Florida by 244.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,069 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,468 shares during the period. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Seacoast Banking Corporation of Florida Stock Down 0.3%

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

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last released its 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 return on equity of 8.68% and a net margin of 15.11%. The firm had revenue of $210.00 million during the quarter, compared to analysts’ expectations of $209.84 million. As a group, equities analysts predict that Seacoast Banking Corporation of Florida will post 2.55 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, December 15th. This is a boost from Seacoast Banking Corporation of Florida’s previous quarterly dividend of $0.19. Seacoast Banking Corporation of Florida’s dividend payout ratio (DPR) is 50.96%.

Insider Activity

In related news, EVP Juliette Kleffel sold 14,831 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $34.31, for a total transaction of $508,851.61. Following the sale, the executive vice president directly owned 78,321 shares in the company, valued at approximately $2,687,193.51. This represents a 15.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennis S. Hudson III sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $34.15, for a total transaction of $409,800.00. Following the sale, the director owned 206,869 shares in the company, valued at $7,064,576.35. The trade was a 5.48% 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. Company insiders own 1.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SBCF. Raymond James Financial reduced their price target on shares of Seacoast Banking Corporation of Florida from $37.00 to $36.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 13th. Weiss Ratings restated a “buy (b-)” rating on shares of Seacoast Banking Corporation of Florida in a report on Friday, September 25th. Finally, Piper Sandler lifted their price objective 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. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida currently has an average rating of “Moderate Buy” and an average price target of $36.50.

Seacoast Banking Corporation of Florida Company Profile

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.