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 stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 391,929 shares of the financial services provider's stock, valued at approximately $10,084,000. Seacoast Banking Corporation of Florida comprises approximately 1.0% of FJ Capital Management LLC's holdings, making the stock its 29th largest holding. FJ Capital Management LLC owned about 0.46% of Seacoast Banking Corporation of Florida as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Westwood Holdings Group Inc. boosted its position in Seacoast Banking Corporation of Florida by 27.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,869,563 shares of the financial services provider's stock valued at $73,834,000 after buying an additional 622,709 shares during the last quarter. Deprince Race & Zollo Inc. boosted its position in Seacoast Banking Corporation of Florida by 0.7% in the 4th quarter. Deprince Race & Zollo Inc. now owns 2,011,523 shares of the financial services provider's stock valued at $55,377,000 after buying an additional 14,536 shares during the last quarter. Segall Bryant & Hamill LLC boosted its position in Seacoast Banking Corporation of Florida by 3.2% in the 1st quarter. Segall Bryant & Hamill LLC now owns 1,916,743 shares of the financial services provider's stock valued at $49,318,000 after buying an additional 58,560 shares during the last quarter. Royce & Associates LP boosted its position in Seacoast Banking Corporation of Florida by 5.4% in the 1st quarter. Royce & Associates LP now owns 1,135,997 shares of the financial services provider's stock valued at $29,229,000 after buying an additional 58,601 shares during the last quarter. Finally, Aberdeen Group plc boosted its position in Seacoast Banking Corporation of Florida by 7.0% in the 1st quarter. Aberdeen Group plc now owns 989,412 shares of the financial services provider's stock valued at $25,458,000 after buying an additional 65,070 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on SBCF shares. Keefe, Bruyette & Woods increased their price objective on Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the company an "outperform" rating in a research report on Tuesday, July 29th. Hovde Group increased their price target on 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. Zacks Research raised Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 21st. Finally, Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $29.40.

Seacoast Banking Corporation of Florida Trading Up 2.3%

Seacoast Banking Corporation of Florida stock traded up $0.72 during mid-day trading on Thursday, hitting $31.65. 550,964 shares of the company's stock were exchanged, compared to its average volume of 521,421. The firm has a market capitalization of $2.78 billion, a P/E ratio of 19.42 and a beta of 0.98. Seacoast Banking Corporation of Florida has a fifty-two week low of $21.36 and a fifty-two week 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 0.36. The company's 50 day simple moving average is $29.10 and its 200-day simple moving average is $26.61.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.42 by $0.10. The business had revenue of $151.40 million for the quarter, compared to the consensus estimate 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. On average, equities analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Monday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is 44.17%.

Seacoast Banking Corporation of Florida Company 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.