State Street Corp Raises Position in Seacoast Banking Co. of Florida (NASDAQ:SBCF)

State Street Corp lifted its position in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 0.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,239,308 shares of the financial services provider’s stock after acquiring an additional 28,066 shares during the quarter. State Street Corp owned 4.96% of Seacoast Banking Co. of Florida worth $112,978,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SBCF. QSV Equity Investors LLC grew its holdings in Seacoast Banking Co. of Florida by 19.1% during the third quarter. QSV Equity Investors LLC now owns 70,528 shares of the financial services provider’s stock worth $1,880,000 after acquiring an additional 11,308 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Seacoast Banking Co. of Florida during the 3rd quarter worth $178,000. Verition Fund Management LLC acquired a new position in shares of Seacoast Banking Co. of Florida during the 3rd quarter worth $230,000. Hantz Financial Services Inc. increased its holdings in shares of Seacoast Banking Co. of Florida by 0.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 51,132 shares of the financial services provider’s stock valued at $1,363,000 after purchasing an additional 383 shares in the last quarter. Finally, Townsquare Capital LLC purchased a new position in shares of Seacoast Banking Co. of Florida in the 3rd quarter valued at about $1,132,000. 81.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SBCF shares. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $31.00 price objective on shares of Seacoast Banking Co. of Florida in a report on Wednesday, August 21st. Stephens boosted 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 note on Monday, October 28th. Finally, Truist Financial dropped 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 note on Monday, October 28th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $28.70.

Insider Buying and Selling

In related news, CEO Charles M. Shaffer sold 21,255 shares of the 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 transaction, the chief executive officer now directly owns 126,232 shares in the company, valued at approximately $3,832,403.52. This represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is owned by company insiders.

Seacoast Banking Co. of Florida Price Performance

SBCF stock opened at $28.89 on Monday. 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’s 50 day moving average price is $28.51 and its 200 day moving average price is $26.55. The firm has a market cap of $2.47 billion, a P/E ratio of 20.93 and a beta of 1.08. Seacoast Banking Co. of Florida has a 1 year low of $21.90 and a 1 year high of $31.68.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.36 EPS for the quarter, meeting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $129.20 million. During the same quarter last year, the company earned $0.37 earnings per share. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, sell-side analysts expect that Seacoast Banking Co. of Florida will post 1.41 earnings per share for the current fiscal year.

Seacoast Banking Co. of Florida Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend is Friday, December 13th. Seacoast Banking Co. of Florida’s payout ratio is 52.17%.

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.