Principal Financial Group Inc. Decreases Stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Principal Financial Group Inc. lowered its holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 4.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 398,490 shares of the financial services provider’s stock after selling 16,744 shares during the quarter. Principal Financial Group Inc.’s holdings in Seacoast Banking Co. of Florida were worth $10,620,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. GAMMA Investing LLC raised its stake in shares of 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 worth $26,000 after purchasing an additional 412 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in shares of Seacoast Banking Co. of Florida by 0.6% in the second quarter. Texas Permanent School Fund Corp now owns 74,241 shares of the financial services provider’s stock worth $1,755,000 after purchasing an additional 438 shares during the last quarter. Janney Montgomery Scott LLC raised 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 during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Seacoast Banking Co. of Florida by 1.2% in the second quarter. Louisiana State Employees Retirement System now owns 42,300 shares of the financial services provider’s stock worth $1,000,000 after purchasing an additional 500 shares during the last quarter. Finally, Trust Point Inc. raised its stake in shares of Seacoast Banking Co. of Florida by 2.8% in the third quarter. Trust Point Inc. now owns 22,903 shares of the financial services provider’s stock worth $610,000 after purchasing an additional 617 shares during the last quarter. Hedge funds and other institutional investors own 81.77% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on SBCF shares. Stephens upped their price objective on Seacoast Banking Co. of Florida from $25.00 to $26.00 and gave the company an “equal weight” rating in a research report on Monday, October 28th. Truist Financial reduced their price objective on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Hovde Group cut Seacoast Banking Co. of Florida from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $29.00 to $31.00 in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a research report on Wednesday, August 21st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $28.70.

Seacoast Banking Co. of Florida Stock Down 0.4 %

Seacoast Banking Co. of Florida stock opened at $29.50 on Monday. The stock has a fifty day moving average of $27.23 and a 200 day moving average of $25.72. Seacoast Banking Co. of Florida has a one year low of $21.23 and a one year high of $30.78. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $2.52 billion, a PE ratio of 21.38 and a beta of 1.07.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.36. Seacoast Banking Co. of Florida had a return on equity of 5.44% and a net margin of 14.55%. The business had revenue of $130.30 million during the quarter, compared to analyst estimates of $129.20 million. During the same quarter in the previous year, the company posted $0.37 earnings per share. Seacoast Banking Co. of Florida’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, sell-side analysts predict that Seacoast Banking Co. of Florida will post 1.42 EPS for the current year.

Seacoast Banking Co. of Florida Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend is Friday, December 13th. Seacoast Banking Co. of Florida’s dividend payout ratio is presently 52.17%.

Insider Buying and Selling at Seacoast Banking Co. of Florida

In other Seacoast Banking Co. of Florida news, CEO Charles M. Shaffer sold 21,255 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $30.36, for a total transaction of $645,301.80. Following the completion of the sale, the chief executive officer now owns 126,232 shares of the company’s stock, 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 SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

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.