It seems like the financial world is always in motion, with moves being made both big and small on a regular basis. June 12, 2023, saw some notable developments in the world of finance, with Neuberger Berman Group LLC announcing that it had trimmed its stake in Seacoast Banking Co. of Florida by an impressive 54.5%. This news came after the firm reported that it had sold 110,533 shares during the previous quarter.
That left Neuberger Berman Group LLC holding just 92,421 shares of Seacoast Banking Co. of Florida’s stock – or about 0.15% – worth $2,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC). This move suggests that Neuberger Berman Group LLC may be losing faith in Seacoast Banking Co.’s future prospects or simply looking to reallocate resources elsewhere.
However, it’s not all doom and gloom for Seacoast Banking Co. insiders also made headlines this year when Director Christopher E. Fogal bought up 2,385 shares of the company’s stock at an average price of $20.66 per share, for a total transaction value of $49,274.10 on May 2nd. Following the transaction’s completion, Fogal reportedly owned 6,875 shares valued at $142,037.50.
The purchase was disclosed via a filing with the SEC’s website; this is also where anyone can do further research as to who owns what percentage of any publicly traded company whose stocks are registered with them through filings such as Form 13F-HR.
Shares of Seacoast Banking Co.’s stock performed quite well during trading hours on June 12th despite earlier rumors about losses from major shareholders like Neuberger Berman Group LLC trimming their stake by over half – however positive insider transactions mitigated these concerns and left investors feeling more optimistic. Seacoast Banking Co.’s stock was up $0.19, trading at $23.68 with a volume of 100,767 shares – a notable achievement for a company with a market cap of $2.00 billion, a P/E ratio of 15.77 and a beta of 1.08.
All in all, while some may interpret these developments as cause for concern regarding the financial backing and investment potential offered by Seacoast Banking Co., others are more likely to take the news with a grain of salt – recognizing that flux is normal in any sector of finance, and also taking into account positive insider moves made such as Fogal’s recent purchase which offset the effects of continued trimming by larger entities like Neuberger Berman Group LLC. Therefore, it is important for investors to stay informed on recent developments when making decisions about buying or selling publicly traded company stocks.
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Seacoast Banking Co. of Florida Sees Changes in Stakeholder Positions and Mixed Ratings from Analysts
Seacoast Banking Co. of Florida (NASDAQ:SBCF), a financial services provider, has seen changes in its stakeholder positions as hedge funds and institutional investors purchased new stakes, increased their holdings, and changed rating opinions. Fairfield Bush and CO. recently bought a new stake worth around $60,000 in the company during the first quarter, while JP Morgan Chase & Co., Raymond James & Associates, American Century Companies Inc., and US Bancorp DE increased their stakes by percentages ranging from 20.1% to 30.8%. Hedge funds and other institutional investors own 86.92% of the company’s stock.
Several equities research analysts have also weighed in on SBCF shares recently. TheStreet downgraded the shares from a “b-” rating to a “c+” rating in late April, while Truist Financial lowered the stock’s price target from $29.00 to $26.00 on May 1st. Piper Sandler lowered their price target to $25.00 from $29.00 in another report released at that time, while Raymond James also decreased Seacoast Banking Co.’s price target but designated an ‘outperform’ rating for the company at $26 per share.
Despite these mixed reviews, Bloomberg.com reports that SBCF’s consensus rating remains ‘Moderate Buy,’ with several analysts believing that the company’s anticipated earnings per share will be around $1.79 for FY2023.
In other news last month regarding Seacoast Banking Co.’s financial standing within the market-space; Director Christopher E Fogal acquired 2,385 shares of SBCF in a transaction on Tuesday May 2nd for an average price of approximately $20.66 per share amounting to totals of approximately $49k traded through this acquisition with leaves him with approximately 6,875 shares he still holds within his investment portfolio.
Seacoast Banking Co. of Florida had previously announced that investors on record will receive a dividend of $0.18 per share on June 30th, an increase from its previous quarterly dividend payout of $0.17, with an annualized payout ratio of 3.04%.
The Q1 earnings result saw the company hit analysts’ consensus estimate of $0.15 earnings per share and report revenue figures at $153.6m during the quarter, though financial commentators anticipate bumpers levels for FY2023. With stakeholders showing enthusiasm through increased stakes to the tune of millions and directorial insider nods towards future performance growth shares within Seacoast Banking Co.’s stock could be ones to watch rather than bearish sell rating’s repeating history as seen in recent reports.