Bank of New York Mellon Corp Has $49.92 Million Stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Bank of New York Mellon Corp cut its position in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 3.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,111,765 shares of the financial services provider’s stock after selling 65,461 shares during the quarter. Bank of New York Mellon Corp owned 2.49% of Seacoast Banking Co. of Florida worth $49,922,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Louisiana State Employees Retirement System increased its holdings in Seacoast Banking Co. of Florida by 1.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 42,300 shares of the financial services provider’s stock worth $1,000,000 after purchasing an additional 500 shares in the last quarter. Dakota Wealth Management raised its holdings in Seacoast Banking Co. of Florida by 16.7% in the 2nd quarter. Dakota Wealth Management now owns 10,515 shares of the financial services provider’s stock valued at $249,000 after buying an additional 1,507 shares during the last quarter. Diversified Trust Co raised its holdings in Seacoast Banking Co. of Florida by 8.7% in the 2nd quarter. Diversified Trust Co now owns 14,298 shares of the financial services provider’s stock valued at $338,000 after buying an additional 1,144 shares during the last quarter. SG Americas Securities LLC boosted its position in Seacoast Banking Co. of Florida by 227.5% during the 2nd quarter. SG Americas Securities LLC now owns 33,912 shares of the financial services provider’s stock worth $802,000 after buying an additional 23,558 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in Seacoast Banking Co. of Florida by 3.6% during the 1st quarter. Public Employees Retirement System of Ohio now owns 138,788 shares of the financial services provider’s stock worth $3,524,000 after acquiring an additional 4,850 shares during the last quarter. Institutional investors own 81.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SBCF shares. Truist Financial increased their price target on Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $31.00 price target on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Finally, Hovde Group downgraded shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $29.00 to $31.00 in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $28.50.

Seacoast Banking Co. of Florida Price Performance

Shares of NASDAQ:SBCF opened at $27.36 on Friday. Seacoast Banking Co. of Florida has a fifty-two week low of $19.04 and a fifty-two week high of $29.98. The company’s 50-day moving average is $25.82 and its 200 day moving average is $24.48. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $2.32 billion, a P/E ratio of 19.54 and a beta of 1.10.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.02. The business had revenue of $201.99 million during the quarter, compared to the consensus estimate of $126.00 million. Seacoast Banking Co. of Florida had a return on equity of 5.58% and a net margin of 14.84%. During the same period last year, the business posted $0.37 earnings per share. On average, equities research analysts forecast that Seacoast Banking Co. of Florida will post 1.44 earnings per share for the current year.

Seacoast Banking Co. of Florida Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.63%. The ex-dividend date is Friday, September 13th. Seacoast Banking Co. of Florida’s dividend payout ratio is presently 51.43%.

Insider Transactions at Seacoast Banking Co. of Florida

In related news, Director Dennis S. Hudson III sold 16,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $27.00, for a total transaction of $432,000.00. Following the sale, the director now owns 234,312 shares of the company’s stock, valued at approximately $6,326,424. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.50% of the company’s stock.

About Seacoast Banking Co. of Florida

Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank that provides integrated financial services to retail and commercial customers in Florida. The company offers noninterest and interest-bearing demand deposit, money market, savings, and customer sweep accounts; time certificates of deposit; construction and land development, commercial and residential real estate, and commercial and financial loans; and consumer loans, including installment loans and revolving lines, as well as loans for automobiles, boats, and personal and family purposes.