Thrivent Financial for Lutherans Trims Stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Thrivent Financial for Lutherans reduced its holdings in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 4.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 69,875 shares of the financial services provider’s stock after selling 3,281 shares during the period. Thrivent Financial for Lutherans owned about 0.08% of Seacoast Banking Co. of Florida worth $1,652,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Innealta Capital LLC purchased a new stake in shares of Seacoast Banking Co. of Florida in the second quarter worth $55,000. Janney Montgomery Scott LLC increased its stake in shares of Seacoast Banking Co. of Florida by 6.0% in 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 in the last quarter. Dakota Wealth Management boosted its position in shares of Seacoast Banking Co. of Florida by 16.7% during the second quarter. Dakota Wealth Management now owns 10,515 shares of the financial services provider’s stock worth $249,000 after acquiring an additional 1,507 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Seacoast Banking Co. of Florida during the first quarter worth $263,000. Finally, Intech Investment Management LLC bought a new position in shares of Seacoast Banking Co. of Florida during the second quarter worth $263,000. 81.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Dennis S. Hudson III sold 16,000 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $27.00, for a total value of $432,000.00. Following the completion of the sale, the director now owns 234,312 shares in the company, valued at approximately $6,326,424. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.50% of the company’s stock.

Seacoast Banking Co. of Florida Price Performance

SBCF stock opened at $25.61 on Thursday. The stock has a market cap of $2.18 billion, a PE ratio of 18.55 and a beta of 1.08. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.13. Seacoast Banking Co. of Florida has a 12 month low of $19.04 and a 12 month high of $29.98. The company has a 50-day moving average price of $26.67 and a 200 day moving average price of $24.86.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. The company had revenue of $201.99 million during the quarter, compared to analysts’ expectations of $126.00 million. Seacoast Banking Co. of Florida had a net margin of 14.84% and a return on equity of 5.58%. During the same period in the previous year, the company earned $0.37 EPS. Equities research analysts anticipate that Seacoast Banking Co. of Florida will post 1.41 earnings per share for the current year.

Seacoast Banking Co. of Florida Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.18 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.72 annualized dividend and a dividend yield of 2.81%. Seacoast Banking Co. of Florida’s dividend payout ratio is currently 51.43%.

Analyst Upgrades and Downgrades

SBCF has been the subject of a number of research reports. Hovde Group lowered shares of Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $29.00 to $31.00 in a research report on Monday, July 29th. Truist Financial upped their target price on shares of Seacoast Banking Co. of Florida from $24.00 to $30.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods restated 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. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $29.88.

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.