Intech Investment Management LLC Increases Stake in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

Intech Investment Management LLC increased its holdings in Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 176.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,767 shares of the financial services provider’s stock after acquiring an additional 19,643 shares during the quarter. Intech Investment Management LLC’s holdings in Seacoast Banking Co. of Florida were worth $820,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SBCF. GAMMA Investing LLC boosted its stake in shares of Seacoast Banking Co. of Florida by 73.4% during the third quarter. GAMMA Investing LLC now owns 973 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 412 shares in the last quarter. Texas Permanent School Fund Corp boosted its position in Seacoast Banking Co. of Florida by 0.6% during the 2nd quarter. Texas Permanent School Fund Corp now owns 74,241 shares of the financial services provider’s stock valued at $1,755,000 after acquiring an additional 438 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Seacoast Banking Co. of Florida by 1.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 42,300 shares of the financial services provider’s stock valued at $1,000,000 after acquiring an additional 500 shares during the period. Trust Point Inc. raised its position in shares of Seacoast Banking Co. of Florida by 2.8% in the 3rd quarter. Trust Point Inc. now owns 22,903 shares of the financial services provider’s stock worth $610,000 after acquiring an additional 617 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Seacoast Banking Co. of Florida by 1.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 49,698 shares of the financial services provider’s stock worth $1,324,000 after purchasing an additional 659 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on SBCF. Truist Financial cut their target price on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. 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 note on Wednesday, August 21st. Finally, Stephens increased their target price on shares of 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. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $28.70.

Seacoast Banking Co. of Florida Stock Performance

SBCF opened at $30.28 on Friday. The company has a market cap of $2.59 billion, a P/E ratio of 21.94 and a beta of 1.07. 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 firm’s 50-day moving average price is $27.75 and its 200-day moving average price is $26.03. Seacoast Banking Co. of Florida has a 52-week low of $21.90 and a 52-week high of $31.68.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $129.20 million. During the same quarter in the prior year, the business posted $0.37 EPS. Seacoast Banking Co. of Florida’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, equities 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 company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.18 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.38%. Seacoast Banking Co. of Florida’s dividend payout ratio (DPR) is 52.17%.

Insiders Place Their Bets

In related news, CEO Charles M. Shaffer sold 21,255 shares of Seacoast Banking Co. of Florida 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 $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 available through this hyperlink. 1.50% of the stock is currently owned by 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.