CIBC Asset Management Inc Buys Shares of 7,915 Seacoast Banking Co. of Florida (NASDAQ:SBCF)

CIBC Asset Management Inc purchased a new position in Seacoast Banking Co. of Florida (NASDAQ:SBCF) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 7,915 shares of the financial services provider’s stock, valued at approximately $211,000.

A number of other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Seacoast Banking Co. of Florida by 73.4% in the third quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock valued at $26,000 after buying an additional 412 shares during the period. Innealta Capital LLC bought a new position in shares of Seacoast Banking Co. of Florida in the 2nd quarter worth about $55,000. KBC Group NV lifted its stake in shares of Seacoast Banking Co. of Florida by 30.0% in the 3rd quarter. KBC Group NV now owns 3,326 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 768 shares during the period. Algert Global LLC bought a new stake in shares of Seacoast Banking Co. of Florida during the 2nd quarter valued at about $202,000. Finally, Janney Montgomery Scott LLC grew its stake in Seacoast Banking Co. of Florida by 6.0% during the first quarter. Janney Montgomery Scott LLC now owns 8,127 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 460 shares during the period. 81.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Charles M. Shaffer sold 21,255 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $30.36, for a total transaction of $645,301.80. Following the transaction, the chief executive officer now directly owns 126,232 shares in the company, valued at approximately $3,832,403.52. The trade was a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is currently owned by corporate insiders.

Seacoast Banking Co. of Florida Stock Performance

Shares of SBCF stock opened at $30.57 on Friday. Seacoast Banking Co. of Florida has a 12 month low of $21.90 and a 12 month high of $30.78. The firm has a market capitalization of $2.61 billion, a PE ratio of 22.15 and a beta of 1.07. The firm has a fifty day simple moving average of $27.48 and a two-hundred day simple moving average of $25.84. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.16.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. The company had revenue of $130.30 million for the quarter, compared to analyst estimates of $129.20 million. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. The firm’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.37 EPS. Analysts forecast that Seacoast Banking Co. of Florida will post 1.41 EPS for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.72 annualized dividend and a dividend yield of 2.36%. Seacoast Banking Co. of Florida’s payout ratio is 52.17%.

Analysts Set New Price Targets

SBCF has been the topic of several recent analyst reports. Stephens boosted their price target on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the company an “equal weight” rating in a research note on Monday, October 28th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $31.00 target price on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, August 21st. Truist Financial reduced their price target on shares of 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. Finally, Hovde Group cut shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $29.00 to $31.00 in a research report on Monday, July 29th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $28.70.

Seacoast Banking Co. of Florida Profile

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.