Peregrine Capital Management LLC Makes New $4.75 Million Investment in Seacoast Banking Corporation of Florida $SBCF

Peregrine Capital Management LLC bought a new stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 156,890 shares of the financial services provider’s stock, valued at approximately $4,752,000.

Several other institutional investors also recently made changes to their positions in the stock. William Blair Investment Management LLC lifted its stake in shares of Seacoast Banking Corporation of Florida by 4.9% in the fourth quarter. William Blair Investment Management LLC now owns 1,282,535 shares of the financial services provider’s stock valued at $40,297,000 after purchasing an additional 59,780 shares during the period. Deprince Race & Zollo Inc. boosted its holdings in Seacoast Banking Corporation of Florida by 3.5% during the fourth quarter. Deprince Race & Zollo Inc. now owns 2,224,435 shares of the financial services provider’s stock worth $69,892,000 after buying an additional 76,192 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Seacoast Banking Corporation of Florida by 11.1% during the fourth 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 in the last quarter. Legato Capital Management LLC grew its position in Seacoast Banking Corporation of Florida by 159.6% during the fourth quarter. Legato Capital Management LLC now owns 65,599 shares of the financial services provider’s stock worth $2,061,000 after buying an additional 40,334 shares during the period. Finally, UBS Group AG increased its holdings in Seacoast Banking Corporation of Florida by 23.9% in the fourth quarter. UBS Group AG now owns 484,006 shares of the financial services provider’s stock valued at $15,207,000 after buying an additional 93,381 shares in the last quarter. 81.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Dennis S. Hudson III sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $31.41, for a total value of $251,280.00. Following the sale, the director owned 220,854 shares of the company’s stock, valued at approximately $6,937,024.14. This represents a 3.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles M. Shaffer sold 10,367 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $30.88, for a total value of $320,132.96. Following the completion of the transaction, the chief executive officer directly owned 174,113 shares of the company’s stock, valued at approximately $5,376,609.44. This trade represents a 5.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 25,919 shares of company stock worth $806,733 in the last ninety days. Insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

SBCF has been the subject of a number of research 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. Piper Sandler upped their price target on Seacoast Banking Corporation of Florida from $32.50 to $34.00 and gave the stock a “neutral” rating in a report on Monday, June 22nd. Finally, Wall Street Zen raised Seacoast Banking Corporation of Florida from a “sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.00.

Seacoast Banking Corporation of Florida Price Performance

Seacoast Banking Corporation of Florida stock opened at $33.98 on Thursday. The firm has a market capitalization of $3.30 billion, a PE ratio of 22.36 and a beta of 0.85. Seacoast Banking Corporation of Florida has a 52 week low of $27.22 and a 52 week high of $35.55. The firm’s 50-day simple moving average is $31.07 and its 200 day simple moving average is $31.79. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.33.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.04. Seacoast Banking Corporation of Florida had a net margin of 14.42% and a return on equity of 8.23%. The firm had revenue of $205.10 million during the quarter, compared to the consensus estimate of $205.51 million. During the same period last year, the firm posted $0.38 EPS. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, equities research analysts predict that Seacoast Banking Corporation of Florida will post 2.51 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, June 15th. Seacoast Banking Corporation of Florida’s payout ratio is currently 50.00%.

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.