FJ Capital Management LLC Makes New Investment in Seacoast Banking Corporation of Florida $SBCF

Key Points

• FJ Capital Management LLC has purchased a new stake in Seacoast Banking Corporation of Florida, acquiring 391,929 shares valued at approximately $10.08 million, which represents about 1% of their investment portfolio.
• Seacoast Banking Corporation of Florida recently reported a quarterly earnings per share of $0.52, exceeding analysts' expectations of $0.42, along with revenue of $151.40 million.
• The company has announced a $0.18 quarterly dividend to be paid on September 30th, reflecting a dividend yield of 2.3% with a payout ratio of 44.17%.

FJ Capital Management LLC acquired a new position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 391,929 shares of the financial services provider's stock, valued at approximately $10,084,000. Seacoast Banking Corporation of Florida makes up about 1.0% of FJ Capital Management LLC's investment portfolio, making the stock its 29th biggest holding. FJ Capital Management LLC owned approximately 0.46% of Seacoast Banking Corporation of Florida as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in Seacoast Banking Corporation of Florida by 38.0% during the first quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock worth $43,000 after buying an additional 460 shares during the period. HighTower Advisors LLC lifted its holdings in Seacoast Banking Corporation of Florida by 7.0% during the first quarter. HighTower Advisors LLC now owns 10,149 shares of the financial services provider's stock worth $261,000 after buying an additional 663 shares during the period. Comerica Bank lifted its holdings in Seacoast Banking Corporation of Florida by 2.6% during the fourth quarter. Comerica Bank now owns 37,173 shares of the financial services provider's stock worth $1,023,000 after buying an additional 946 shares during the period. IFP Advisors Inc lifted its holdings in Seacoast Banking Corporation of Florida by 343.9% during the first quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock worth $33,000 after buying an additional 994 shares during the period. Finally, CWM LLC lifted its holdings in Seacoast Banking Corporation of Florida by 61.6% during the first quarter. CWM LLC now owns 2,635 shares of the financial services provider's stock worth $68,000 after buying an additional 1,004 shares during the period. Institutional investors own 81.77% of the company's stock.

Wall Street Analysts Forecast Growth

SBCF has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their target price on Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the stock an "outperform" rating in a report on Tuesday, July 29th. Zacks Research upgraded Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 21st. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Hovde Group increased their price objective on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the company a "market perform" rating in a report on Wednesday, June 4th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.40.

Seacoast Banking Corporation of Florida Stock Down 0.9%

Shares of SBCF traded down $0.30 during midday trading on Friday, hitting $31.35. 755,935 shares of the company's stock traded hands, compared to its average volume of 569,688. Seacoast Banking Corporation of Florida has a 1 year low of $21.36 and a 1 year high of $32.09. The firm's fifty day moving average is $29.27 and its 200-day moving average is $26.64. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 19.23 and a beta of 0.98.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its earnings results on Thursday, July 24th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.10. The company had revenue of $151.40 million during the quarter, compared to analyst estimates of $146.08 million. Seacoast Banking Corporation of Florida had a return on equity of 6.65% and a net margin of 16.63%.During the same quarter last year, the business posted $0.36 EPS. As a group, sell-side analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Monday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is currently 44.17%.

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.