Intech Investment Management LLC Grows Stake in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Intech Investment Management LLC increased its stake in Seacoast Banking Corporation of Florida by 36.5%, now holding 91,340 shares worth approximately $2.35 million.
• Several institutional investors, including Westwood Holdings Group Inc. and Nuveen LLC, have significantly increased their positions in the company during the 1st quarter.
• Seacoast Banking Corporation recently announced a quarterly dividend of $0.18 per share, which reflects a yield of 2.4% and a payout ratio of 44.17%.

Intech Investment Management LLC increased its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 36.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,340 shares of the financial services provider's stock after purchasing an additional 24,408 shares during the period. Intech Investment Management LLC owned approximately 0.11% of Seacoast Banking Corporation of Florida worth $2,350,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SBCF. Westwood Holdings Group Inc. increased its holdings in shares of Seacoast Banking Corporation of Florida by 27.7% during the first quarter. Westwood Holdings Group Inc. now owns 2,869,563 shares of the financial services provider's stock worth $73,834,000 after buying an additional 622,709 shares in the last quarter. Nuveen LLC bought a new stake in shares of Seacoast Banking Corporation of Florida during the first quarter valued at approximately $12,454,000. FJ Capital Management LLC bought a new stake in shares of Seacoast Banking Corporation of Florida during the first quarter valued at approximately $10,084,000. Jane Street Group LLC bought a new stake in shares of Seacoast Banking Corporation of Florida during the first quarter valued at approximately $4,817,000. Finally, Nuveen Asset Management LLC grew its stake in shares of Seacoast Banking Corporation of Florida by 39.1% during the fourth 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. Institutional investors and hedge funds own 81.77% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SBCF. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Keefe, Bruyette & Woods boosted their target price on shares of 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. Zacks Research raised shares of Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 21st. Finally, Hovde Group increased their target price on shares of 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 investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $29.40.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF stock traded down $0.59 during trading hours on Friday, hitting $30.94. 1,680,650 shares of the company's stock were exchanged, compared to its average volume of 547,374. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.36. Seacoast Banking Corporation of Florida has a fifty-two week low of $21.36 and a fifty-two week high of $32.09. The firm has a market cap of $2.72 billion, a P/E ratio of 18.98 and a beta of 0.98. The firm has a 50 day moving average of $29.63 and a two-hundred day moving average of $26.82.

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, beating the consensus estimate of $0.42 by $0.10. Seacoast Banking Corporation of Florida had a return on equity of 6.65% and a net margin of 16.63%.The company had revenue of $151.40 million during the quarter, compared to analysts' expectations of $146.08 million. During the same period in the prior year, the business earned $0.36 EPS. Sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

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