Jefferies Financial Group Inc. Reduces Position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

Key Points

• Jefferies Financial Group Inc. reduced its stake in Seacoast Banking Corporation of Florida by 72.3%, leaving them with 48,930 shares valued at approximately $1.26 million.
• Recent earnings reported $0.52 EPS for the quarter, surpassing analyst expectations of $0.42 EPS, and total revenue reached $151.40 million.
• The company declared a quarterly dividend of $0.18, with an annualized yield of 2.6%, set to be paid on September 30th.

Jefferies Financial Group Inc. cut its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 72.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,930 shares of the financial services provider's stock after selling 127,805 shares during the quarter. Jefferies Financial Group Inc. owned about 0.06% of Seacoast Banking Corporation of Florida worth $1,259,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SBCF. Opal Wealth Advisors LLC acquired a new position in Seacoast Banking Corporation of Florida in the 1st quarter valued at about $27,000. IFP Advisors Inc boosted its holdings in Seacoast Banking Corporation of Florida by 343.9% in the 1st quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 994 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Seacoast Banking Corporation of Florida by 38.0% in the 1st quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 460 shares during the last quarter. CWM LLC boosted its holdings in Seacoast Banking Corporation of Florida by 61.6% in the 1st quarter. CWM LLC now owns 2,635 shares of the financial services provider's stock valued at $68,000 after purchasing an additional 1,004 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in Seacoast Banking Corporation of Florida by 811.6% in the 4th quarter. Sterling Capital Management LLC now owns 2,662 shares of the financial services provider's stock valued at $73,000 after purchasing an additional 2,370 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SBCF has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Hovde Group boosted 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. Keefe, Bruyette & Woods upped their price objective on shares of 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. Finally, Stephens decreased their price objective 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 report on Monday, April 28th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $29.40.

Seacoast Banking Corporation of Florida Stock Down 0.4%

SBCF traded down $0.12 during trading hours on Thursday, hitting $27.43. 382,126 shares of the company's stock were exchanged, compared to its average volume of 511,291. Seacoast Banking Corporation of Florida has a 12-month low of $21.36 and a 12-month high of $31.68. The firm has a 50 day moving average of $27.42 and a 200 day moving average of $26.41. The firm has a market cap of $2.36 billion, a P/E ratio of 16.83 and a beta of 0.98. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.36.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.10. Seacoast Banking Corporation of Florida had a net margin of 16.63% and a return on equity of 6.65%. The firm had revenue of $151.40 million for the quarter, compared to the consensus estimate of $146.08 million. During the same period in the prior year, the firm earned $0.36 EPS. Analysts predict that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 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.