State of New Jersey Common Pension Fund D Sells 10,912 Shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 13.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 72,340 shares of the financial services provider’s stock after selling 10,912 shares during the period. State of New Jersey Common Pension Fund D owned 0.09% of Seacoast Banking Co. of Florida worth $1,928,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in SBCF. F M Investments LLC raised its position in shares of Seacoast Banking Co. of Florida by 1.4% during the third quarter. F M Investments LLC now owns 326,027 shares of the financial services provider’s stock worth $8,688,000 after purchasing an additional 4,490 shares during the period. Ceredex Value Advisors LLC increased its holdings in shares of Seacoast Banking Co. of Florida by 24.2% during the 3rd quarter. Ceredex Value Advisors LLC now owns 470,954 shares of the financial services provider’s stock worth $12,551,000 after acquiring an additional 91,900 shares during the last quarter. abrdn plc increased its holdings in shares of Seacoast Banking Co. of Florida by 10.9% during the 3rd quarter. abrdn plc now owns 1,122,478 shares of the financial services provider’s stock worth $29,914,000 after acquiring an additional 110,582 shares during the last quarter. Xcel Wealth Management LLC acquired a new position in shares of Seacoast Banking Co. of Florida during the 3rd quarter worth approximately $223,000. Finally, Wealth Effects LLC boosted its stake in Seacoast Banking Co. of Florida by 10.4% in the 3rd quarter. Wealth Effects LLC now owns 25,550 shares of the financial services provider’s stock valued at $681,000 after purchasing an additional 2,400 shares during the period. Institutional investors and hedge funds own 81.77% of the company’s stock.

Insider Activity at Seacoast Banking Co. of Florida

In other Seacoast Banking Co. of Florida news, CEO Charles M. Shaffer sold 21,255 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $30.36, for a total value of $645,301.80. Following the completion of the sale, the chief executive officer now directly owns 126,232 shares of the company’s stock, valued at $3,832,403.52. This trade represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.50% of the stock is currently owned by company insiders.

Seacoast Banking Co. of Florida Stock Down 0.4 %

Shares of Seacoast Banking Co. of Florida stock opened at $29.50 on Monday. Seacoast Banking Co. of Florida has a one year low of $21.23 and a one year high of $30.78. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. The stock’s 50-day moving average is $27.23 and its 200 day moving average is $25.72. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of 21.38 and a beta of 1.07.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The business had revenue of $130.30 million for the quarter, compared to analyst estimates of $129.20 million. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. The company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.37 earnings per share. Equities research analysts anticipate that Seacoast Banking Co. of Florida will post 1.42 EPS for the current year.

Seacoast Banking Co. of Florida Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Friday, December 13th. Seacoast Banking Co. of Florida’s payout ratio is 52.17%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SBCF shares. Hovde Group downgraded Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $29.00 to $31.00 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $31.00 target price on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Stephens boosted their price target on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the stock an “equal weight” rating in a report on Monday, October 28th. Finally, Truist Financial lowered their target price on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating for the company in a report on Monday, October 28th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $28.70.

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.