PNC Financial Services Group Inc. Cuts Stock Position in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

PNC Financial Services Group Inc. cut its holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 48,445 shares of the financial services provider’s stock after selling 1,253 shares during the quarter. PNC Financial Services Group Inc. owned 0.06% of Seacoast Banking Co. of Florida worth $1,334,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its stake in Seacoast Banking Co. of Florida by 154.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,120 shares of the financial services provider’s stock worth $31,000 after buying an additional 679 shares during the period. Kestra Investment Management LLC purchased a new position in Seacoast Banking Co. of Florida during the fourth quarter worth $34,000. Venturi Wealth Management LLC purchased a new position in Seacoast Banking Co. of Florida during the fourth quarter worth $76,000. KBC Group NV boosted its stake in Seacoast Banking Co. of Florida by 30.0% during the third quarter. KBC Group NV now owns 3,326 shares of the financial services provider’s stock worth $89,000 after buying an additional 768 shares during the period. Finally, Meeder Asset Management Inc. purchased a new position in Seacoast Banking Co. of Florida during the third quarter worth $121,000. 81.77% of the stock is owned by hedge funds and other institutional investors.

Seacoast Banking Co. of Florida Stock Up 2.0 %

Shares of SBCF opened at $25.95 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $27.58 and a 200-day moving average price of $27.74. The firm has a market capitalization of $2.22 billion, a P/E ratio of 18.15 and a beta of 1.09. Seacoast Banking Co. of Florida has a 12-month low of $21.90 and a 12-month high of $31.68.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.15. Seacoast Banking Co. of Florida had a return on equity of 5.91% and a net margin of 14.95%. Equities research analysts expect that Seacoast Banking Co. of Florida will post 1.71 earnings per share for the current year.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.18 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.72 annualized dividend and a dividend yield of 2.77%. Seacoast Banking Co. of Florida’s payout ratio is currently 50.35%.

Analyst Upgrades and Downgrades

Several research analysts have commented on SBCF shares. Raymond James reaffirmed an “outperform” rating and set a $31.00 price objective (up from $29.00) on shares of Seacoast Banking Co. of Florida in a research note on Wednesday, January 29th. StockNews.com raised shares of Seacoast Banking Co. of Florida from a “sell” rating to a “hold” rating in a research note on Wednesday, January 29th. Finally, Stephens boosted their target price on shares of Seacoast Banking Co. of Florida from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $30.00.

About Seacoast Banking Co. of Florida

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.