Townsquare Capital LLC purchased a new stake in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF – Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 42,459 shares of the financial services provider’s stock, valued at approximately $1,132,000.
A number of other hedge funds and other institutional investors have also modified their holdings of SBCF. F M Investments LLC acquired a new position in Seacoast Banking Co. of Florida during the 2nd quarter valued at about $7,601,000. abrdn plc raised its holdings in Seacoast Banking Co. of Florida by 10.9% during the third quarter. abrdn plc now owns 1,122,478 shares of the financial services provider’s stock worth $29,914,000 after purchasing an additional 110,582 shares in the last quarter. First Eagle Investment Management LLC lifted its position in Seacoast Banking Co. of Florida by 19.9% in the second quarter. First Eagle Investment Management LLC now owns 628,351 shares of the financial services provider’s stock worth $14,854,000 after purchasing an additional 104,400 shares during the period. Ceredex Value Advisors LLC boosted its stake in 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 valued at $12,551,000 after purchasing an additional 91,900 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its position in shares of Seacoast Banking Co. of Florida by 2.8% during the 2nd quarter. Westwood Holdings Group Inc. now owns 3,210,657 shares of the financial services provider’s stock valued at $75,900,000 after purchasing an additional 88,757 shares during the period. 81.77% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have commented on SBCF. Truist Financial reduced their price objective on shares of Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Stephens raised their price objective on shares of Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Monday, October 28th. Finally, 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. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Seacoast Banking Co. of Florida has a consensus rating of “Hold” and an average target price of $28.70.
Seacoast Banking Co. of Florida Stock Performance
SBCF stock opened at $30.05 on Tuesday. The firm has a 50 day simple moving average of $27.89 and a 200 day simple moving average of $26.17. Seacoast Banking Co. of Florida has a 52 week low of $21.90 and a 52 week high of $31.68. The stock has a market cap of $2.57 billion, a P/E ratio of 21.78 and a beta of 1.07. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86.
Seacoast Banking Co. of Florida (NASDAQ:SBCF – Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 EPS for the quarter, meeting the consensus estimate of $0.36. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. The business had revenue of $130.30 million for the quarter, compared to analysts’ expectations of $129.20 million. During the same period in the previous year, the company posted $0.37 EPS. Seacoast Banking Co. of Florida’s revenue was up 5.5% on a year-over-year basis. Research analysts anticipate that Seacoast Banking Co. of Florida will post 1.41 earnings per share for the current fiscal year.
Seacoast Banking Co. of Florida Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Friday, December 13th. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 52.17%.
Insider Activity
In related news, CEO Charles M. Shaffer sold 21,255 shares of the firm’s stock in a transaction that occurred on 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 owns 126,232 shares of the company’s stock, valued at approximately $3,832,403.52. This trade represents a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by corporate insiders.
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.
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