Northern Trust Corp Decreases Stock Position in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Northern Trust Corp reduced its stake in Seacoast Banking Corporation of Florida by 1.4%, now holding 916,868 shares valued at approximately $23.59 million.
• Seacoast Banking's earnings per share for the last quarter was $0.52, exceeding estimates of $0.42, with a total revenue of $151.4 million.
• The company announced a quarterly dividend of $0.18, reflecting an annualized dividend yield of 2.3% with a payout ratio of 44.17%.

Northern Trust Corp trimmed its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 916,868 shares of the financial services provider's stock after selling 12,829 shares during the period. Northern Trust Corp owned 1.07% of Seacoast Banking Corporation of Florida worth $23,591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new position in Seacoast Banking Corporation of Florida during the first quarter worth approximately $27,000. IFP Advisors Inc raised its position in shares of Seacoast Banking Corporation of Florida by 343.9% during the 1st 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 in the last quarter. GAMMA Investing LLC lifted its stake 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 valued at $43,000 after buying an additional 460 shares in the last quarter. CWM LLC grew its position 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 valued at $68,000 after purchasing an additional 1,004 shares in the last quarter. Finally, Algert Global LLC bought a new stake in Seacoast Banking Corporation of Florida in the fourth quarter worth approximately $212,000. Institutional investors and hedge funds own 81.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Hovde Group lifted 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. 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. Zacks Research raised shares of Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 21st. Finally, 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 research report on Tuesday, July 29th. One investment 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's stock. Based on data from MarketBeat.com, Seacoast Banking Corporation of Florida has a consensus rating of "Moderate Buy" and an average price target of $29.40.

Seacoast Banking Corporation of Florida Trading Down 1.3%

NASDAQ SBCF traded down $0.40 on Friday, hitting $31.25. 213,247 shares of the stock were exchanged, compared to its average volume of 519,529. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $2.75 billion, a P/E ratio of 19.13 and a beta of 0.98. The stock has a fifty day moving average price of $29.20 and a two-hundred day moving average price of $26.63. Seacoast Banking Corporation of Florida has a 52-week low of $21.36 and a 52-week high of $32.09.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly 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. Seacoast Banking Corporation of Florida had a return on equity of 6.65% and a net margin of 16.63%.The business 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 posted $0.36 earnings per share. Research analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal 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 paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.3%. The ex-dividend date is Monday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is currently 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.