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

Intech Investment Management LLC boosted its stake in shares of Seacoast Banking Co. of Florida (NASDAQ:SBCF) by 176.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. F M Investments LLC purchased a new position in shares of Seacoast Banking Co. of Florida during the 2nd quarter valued at approximately $7,601,000. Vanguard Group Inc. increased its holdings in Seacoast Banking Co. of Florida by 4.2% in the first quarter. Vanguard Group Inc. now owns 6,285,087 shares of the financial services provider’s stock valued at $159,578,000 after buying an additional 254,887 shares in the last quarter. abrdn plc raised its position in shares of Seacoast Banking Co. of Florida by 10.9% in the third quarter. abrdn plc now owns 1,122,478 shares of the financial services provider’s stock worth $29,914,000 after acquiring an additional 110,582 shares during the period. First Eagle Investment Management LLC boosted its stake in shares of Seacoast Banking Co. of Florida by 19.9% during the 2nd quarter. First Eagle Investment Management LLC now owns 628,351 shares of the financial services provider’s stock worth $14,854,000 after acquiring an additional 104,400 shares in the last quarter. Finally, Ceredex Value Advisors LLC grew its position in shares of Seacoast Banking Co. of Florida by 24.2% during the 3rd quarter. Ceredex Value Advisors LLC now owns 470,954 shares of the financial services provider’s stock valued at $12,551,000 after acquiring an additional 91,900 shares during the period. 81.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SBCF shares. Truist Financial lowered their price target on Seacoast Banking Co. of Florida from $30.00 to $28.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Stephens increased their target price 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. Finally, Keefe, Bruyette & Woods restated 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 issued a buy rating to the company. According to MarketBeat, Seacoast Banking Co. of Florida currently has a consensus rating of “Hold” and a consensus price target of $28.70.

Seacoast Banking Co. of Florida Stock Performance

Shares of NASDAQ:SBCF opened at $30.28 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.86 and a quick ratio of 0.86. Seacoast Banking Co. of Florida has a 1 year low of $21.90 and a 1 year high of $31.68. The firm has a market capitalization of $2.59 billion, a PE ratio of 21.94 and a beta of 1.07. The business’s 50 day moving average price is $27.75 and its 200-day moving average price is $26.03.

Seacoast Banking Co. of Florida (NASDAQ:SBCF) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36. The company had revenue of $130.30 million for the quarter, compared to analysts’ expectations of $129.20 million. Seacoast Banking Co. of Florida had a net margin of 14.55% and a return on equity of 5.44%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.37 EPS. As a group, equities research 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.18 dividend. The ex-dividend date of this dividend 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 payout ratio is 52.17%.

Insider Buying and Selling at Seacoast Banking Co. of Florida

In other news, CEO Charles M. Shaffer sold 21,255 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $30.36, for a total value of $645,301.80. Following the completion of the sale, the chief executive officer now directly owns 126,232 shares in the company, valued at $3,832,403.52. This represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is owned by 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.