Bank of New York Mellon Corp Sells 539,090 Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

Bank of New York Mellon Corp decreased its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 28.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,363,976 shares of the financial services provider's stock after selling 539,090 shares during the period. 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.

Several other institutional investors and hedge funds have also recently bought and sold shares of SBCF. JPMorgan Chase & Co. boosted its position in shares of Seacoast Banking Corporation of Florida by 182.3% during the 4th quarter. JPMorgan Chase & Co. now owns 680,337 shares of the financial services provider's stock worth $18,730,000 after acquiring an additional 439,346 shares in the last quarter. Raymond James Financial Inc. bought a new position in Seacoast Banking Corporation of Florida in the 4th quarter valued at approximately $6,850,000. Invesco Ltd. lifted its stake in Seacoast Banking Corporation of Florida by 94.5% in the 4th quarter. Invesco Ltd. now owns 405,500 shares of the financial services provider's stock valued at $11,163,000 after purchasing an additional 197,067 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Seacoast Banking Corporation of Florida by 39.1% in the 4th quarter. Nuveen Asset Management LLC now owns 648,144 shares of the financial services provider's stock valued at $17,843,000 after purchasing an additional 182,350 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in Seacoast Banking Corporation of Florida in the 4th quarter valued at approximately $4,866,000. Institutional investors own 81.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SBCF. Hovde Group raised 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 note on Wednesday, June 4th. Keefe, Bruyette & Woods lifted their price objective on shares of Seacoast Banking Corporation of Florida from $31.00 to $32.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. 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, Stephens dropped their price target on shares of Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research report on Monday, April 28th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $29.20.

Seacoast Banking Corporation of Florida Price Performance

NASDAQ:SBCF traded down $0.03 during mid-day trading on Friday, hitting $29.17. 587,416 shares of the stock traded hands, compared to its average volume of 451,518. The business's 50-day moving average price is $26.60 and its 200 day moving average price is $26.25. The company has a market cap of $2.51 billion, a PE ratio of 19.58 and a beta of 0.94. Seacoast Banking Corporation of Florida has a 12-month low of $21.36 and a 12-month high of $31.68. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.26.

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

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $0.18 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.72 annualized dividend and a yield of 2.47%. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is presently 48.32%.

About Seacoast Banking Corporation of Florida

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.