Verition Fund Management LLC Invests $230,000 in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Verition Fund Management LLC purchased a new stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 8,622 shares of the financial services provider’s stock, valued at approximately $230,000.

A number of other hedge funds have also bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of Seacoast Banking Co. of Florida by 73.4% during the 3rd quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 412 shares in the last quarter. Innealta Capital LLC acquired a new stake in Seacoast Banking Co. of Florida during the second quarter worth approximately $55,000. KBC Group NV increased its stake in Seacoast Banking Co. of Florida by 30.0% during the 3rd quarter. KBC Group NV now owns 3,326 shares of the financial services provider’s stock worth $89,000 after acquiring an additional 768 shares during the period. Meeder Asset Management Inc. acquired a new position in Seacoast Banking Co. of Florida in the 3rd quarter valued at $121,000. Finally, FMR LLC lifted its position in shares of Seacoast Banking Co. of Florida by 57.3% during the 3rd quarter. FMR LLC now owns 5,382 shares of the financial services provider’s stock valued at $143,000 after acquiring an additional 1,960 shares during the period. 81.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SBCF has been the topic of a number of recent analyst reports. Stephens raised 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 research report on Monday, October 28th. Truist Financial decreased their target price on shares of Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Finally, Keefe, Bruyette & Woods reaffirmed 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. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $28.70.

Seacoast Banking Co. of Florida Stock Performance

NASDAQ:SBCF opened at $28.89 on Monday. Seacoast Banking Co. of Florida has a twelve month low of $21.90 and a twelve month high of $31.68. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.16. The stock’s 50-day simple moving average is $28.51 and its 200 day simple moving average is $26.55. The firm has a market capitalization of $2.47 billion, a PE ratio of 20.93 and a beta of 1.08.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.36. The company had revenue of $130.30 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 5.5% compared to the same quarter last year. During the same period last year, the company posted $0.37 EPS. On average, analysts anticipate 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 declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued 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 2.49%. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is presently 52.17%.

Insider Activity

In other Seacoast Banking Co. of Florida news, CEO Charles M. Shaffer sold 21,255 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 126,232 shares of the company’s stock, valued at $3,832,403.52. This represents a 14.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is owned by corporate insiders.

Seacoast Banking Co. of Florida Company 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.