Bank of New York Mellon Corp Reduces Position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

Bank of New York Mellon Corp lowered its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 28.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,363,976 shares of the financial services provider's stock after selling 539,090 shares during the quarter. Bank of New York Mellon Corp owned about 1.59% of Seacoast Banking Corporation of Florida worth $35,095,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in Seacoast Banking Corporation of Florida in the first quarter valued at $27,000. GAMMA Investing LLC increased its stake in Seacoast Banking Corporation of Florida by 38.0% in the first quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 460 shares during the last quarter. Sterling Capital Management LLC increased its stake in Seacoast Banking Corporation of Florida by 811.6% in the fourth quarter. Sterling Capital Management LLC now owns 2,662 shares of the financial services provider's stock valued at $73,000 after acquiring an additional 2,370 shares during the last quarter. Algert Global LLC bought a new position in Seacoast Banking Corporation of Florida in the fourth quarter valued at $212,000. Finally, Cibc World Markets Corp bought a new position in Seacoast Banking Corporation of Florida in the fourth quarter valued at $218,000. Institutional investors own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Stock Down 0.2%

Shares of SBCF traded down $0.07 on Friday, hitting $29.14. 31,283 shares of the stock traded hands, compared to its average volume of 482,937. The company has a market capitalization of $2.51 billion, a PE ratio of 19.57 and a beta of 0.94. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.85 and a current ratio of 0.85. The business has a 50 day simple moving average of $26.51 and a 200 day simple moving average of $26.24. Seacoast Banking Corporation of Florida has a one year low of $21.36 and a one year high of $31.68.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.02). The company had revenue of $140.70 million during the quarter, compared to analysts' expectations of $138.41 million. Seacoast Banking Corporation of Florida had a return on equity of 6.11% and a net margin of 15.44%. The business's quarterly revenue was up 12.0% compared to the same quarter last year. As a group, equities analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.18 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.47%. Seacoast Banking Corporation of Florida's dividend payout ratio is currently 48.32%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SBCF shares. Stephens reduced their target price on Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research note on Monday, April 28th. Hovde Group upped their price target on shares of Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the company a "market perform" rating in a research report on Wednesday, June 4th. Wall Street Zen lowered shares of Seacoast Banking Corporation of Florida from a "hold" rating to a "sell" rating in a research report on Friday, May 16th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Seacoast Banking Corporation of Florida from $31.00 to $32.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $29.20.

Seacoast Banking Corporation of Florida Profile

Seacoast Banking Corp. of Florida is a financial holding company, which engages in the provision of integrated financial services. It provides banking and investment services to businesses and consumers, including personal and business deposit products, Internet and mobile banking, personal, commercial and mortgage loans, wealth management services, and treasury management solutions.