Brown Advisory Inc. Sells 255,770 Shares of Seacoast Banking Corporation of Florida $SBCF

Key Points

• Brown Advisory Inc. reduced its stake in Seacoast Banking Corporation of Florida by 21% in the fourth quarter, selling 255,770 shares and leaving it with 964,957 shares worth about $30.3 million.
• Several institutional investors made smaller adjustments to their SBCF holdings, and overall institutional ownership remains high at 81.77%.
• Seacoast Banking recently reported better-than-expected earnings of $0.62 per share, and the company also declared a quarterly dividend of $0.19 per share, yielding about 2.4% annualized.

Brown Advisory Inc. cut its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 21.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 964,957 shares of the financial services provider's stock after selling 255,770 shares during the period. Brown Advisory Inc. owned 0.99% of Seacoast Banking Corporation of Florida worth $30,319,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. World Investment Advisors boosted its holdings in Seacoast Banking Corporation of Florida by 3.6% in the fourth quarter. World Investment Advisors now owns 9,036 shares of the financial services provider's stock valued at $274,000 after acquiring an additional 316 shares during the last quarter. CWM LLC boosted its holdings in Seacoast Banking Corporation of Florida by 3.0% in the fourth quarter. CWM LLC now owns 11,083 shares of the financial services provider's stock valued at $348,000 after acquiring an additional 320 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Seacoast Banking Corporation of Florida by 69.7% in the third quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 352 shares during the last quarter. Salomon & Ludwin LLC boosted its holdings in shares of Seacoast Banking Corporation of Florida by 59.3% during the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock worth $31,000 after buying an additional 356 shares in the last quarter. Finally, Illinois Municipal Retirement Fund boosted its holdings in shares of Seacoast Banking Corporation of Florida by 1.0% during the 4th quarter. Illinois Municipal Retirement Fund now owns 45,543 shares of the financial services provider's stock worth $1,431,000 after buying an additional 471 shares in the last quarter. 81.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Charles M. Shaffer sold 10,367 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $30.88, for a total transaction of $320,132.96. Following the completion of the sale, the chief executive officer directly owned 174,113 shares of the company's stock, valued at $5,376,609.44. This trade represents a 5.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP James C. Stallings III sold 7,552 shares of the firm's stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total value of $235,320.32. Following the sale, the executive vice president directly owned 7,247 shares of the company's stock, valued at approximately $225,816.52. This represents a 51.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SBCF shares. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, March 23rd. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Finally, Piper Sandler cut their price target on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating on the stock in a report on Thursday, April 30th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida has a consensus rating of "Moderate Buy" and a consensus price target of $34.50.

Seacoast Banking Corporation of Florida Trading Down 3.0%

NASDAQ SBCF opened at $31.12 on Tuesday. The firm has a market capitalization of $3.03 billion, a P/E ratio of 20.47 and a beta of 0.86. The business has a fifty day simple moving average of $31.05 and a 200 day simple moving average of $31.80. Seacoast Banking Corporation of Florida has a 12 month low of $24.46 and a 12 month high of $35.55. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.04. The business had revenue of $205.10 million during the quarter, compared to analyst estimates of $205.51 million. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.Seacoast Banking Corporation of Florida's quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. On average, analysts predict that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Monday, June 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 50.00%.

Seacoast Banking Corporation of Florida Profile

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.

Want to see what other hedge funds are holding SBCF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.