Principal Financial Group Inc. Has $13.54 Million Position in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Principal Financial Group Inc. increased its position in Seacoast Banking Co. of Florida (NASDAQ:SBCF – Get Rating) by 14.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 433,997 shares of the financial services provider’s stock after buying an additional 55,291 shares during the period. Principal Financial Group Inc.’s holdings in Seacoast Banking Co. of Florida were worth $13,536,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Cowa LLC acquired a new position in Seacoast Banking Co. of Florida during the third quarter valued at approximately $42,000. FMR LLC grew its holdings in Seacoast Banking Co. of Florida by 24.8% during the second quarter. FMR LLC now owns 1,659 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 330 shares during the last quarter. Fairfield Bush & CO. acquired a new position in Seacoast Banking Co. of Florida during the first quarter valued at approximately $60,000. Allspring Global Investments Holdings LLC grew its holdings in Seacoast Banking Co. of Florida by 72.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,107 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 887 shares during the last quarter. Finally, Captrust Financial Advisors grew its holdings in Seacoast Banking Co. of Florida by 52.1% during the first quarter. Captrust Financial Advisors now owns 2,973 shares of the financial services provider’s stock valued at $104,000 after purchasing an additional 1,018 shares during the last quarter. Institutional investors and hedge funds own 86.92% of the company’s stock.

Insider Transactions at Seacoast Banking Co. of Florida

In other news, CEO Charles M. Shaffer sold 4,697 shares of the firm’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $30.71, for a total transaction of $144,244.87. Following the completion of the sale, the chief executive officer now owns 60,891 shares of the company’s stock, valued at $1,869,962.61. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Charles M. Shaffer sold 4,697 shares of the stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $30.71, for a total transaction of $144,244.87. Following the sale, the chief executive officer now directly owns 60,891 shares of the company’s stock, valued at $1,869,962.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher E. Fogal purchased 2,385 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The shares were bought at an average cost of $20.66 per share, for a total transaction of $49,274.10. Following the completion of the purchase, the director now directly owns 6,875 shares of the company’s stock, valued at $142,037.50. The disclosure for this purchase can be found here. Company insiders own 1.50% of the company’s stock.

Seacoast Banking Co. of Florida Stock Performance

NASDAQ SBCF opened at $21.20 on Thursday. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 14.23 and a beta of 1.08. The company has a 50 day moving average of $22.17 and a 200-day moving average of $28.29. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.24. Seacoast Banking Co. of Florida has a 1-year low of $17.93 and a 1-year high of $36.92.

Seacoast Banking Co. of Florida Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be issued a dividend of $0.18 per share. This is a positive change from Seacoast Banking Co. of Florida’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $0.72 annualized dividend and a dividend yield of 3.40%. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 45.64%.

Analysts Set New Price Targets

Several equities analysts have commented on SBCF shares. StockNews.com started coverage on Seacoast Banking Co. of Florida in a report on Thursday, March 16th. They set a “sell” rating on the stock. TheStreet cut Seacoast Banking Co. of Florida from a “b-” rating to a “c+” rating in a research report on Thursday, April 27th. Hovde Group raised Seacoast Banking Co. of Florida from a “market perform” rating to an “outperform” rating and set a $33.00 price objective for the company in a research report on Friday, March 17th. Piper Sandler reduced their price objective on Seacoast Banking Co. of Florida from $29.00 to $25.00 in a research report on Monday, May 1st. Finally, Raymond James lowered their price target on shares of Seacoast Banking Co. of Florida from $35.00 to $26.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. One analyst has rated the stock with a sell rating and three have assigned a buy rating to the stock. According to MarketBeat, Seacoast Banking Co. of Florida presently has an average rating of “Moderate Buy” and a consensus price target of $28.80.

About Seacoast Banking Co. of Florida

(Get Rating)

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.