Nuveen LLC Buys New Shares in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Nuveen LLC has acquired a new stake in Seacoast Banking Corporation of Florida, purchasing 484,009 shares valued at approximately $12.45 million, bringing its total ownership to about 0.56% of the company.
• Research firms have revised their ratings for SBCF, with Wall Street Zen upgrading it to a "hold" and Keefe, Bruyette & Woods increasing their price target from $32 to $33.
• Seacoast Banking Corporation reported earnings of $0.52 per share in its latest quarter, exceeding analyst expectations, and has declared a quarterly dividend of $0.18 per share, with an annualized yield of 2.5%.

Nuveen LLC purchased a new position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 484,009 shares of the financial services provider's stock, valued at approximately $12,454,000. Nuveen LLC owned approximately 0.56% of Seacoast Banking Corporation of Florida at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC purchased a new stake in Seacoast Banking Corporation of Florida in the 1st quarter worth approximately $27,000. IFP Advisors Inc increased its stake in shares of Seacoast Banking Corporation of Florida by 343.9% in the first quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock worth $33,000 after acquiring an additional 994 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of 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 acquiring an additional 460 shares in the last quarter. CWM LLC boosted 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 during the last quarter. Finally, Sterling Capital Management LLC boosted its position in Seacoast Banking Corporation of Florida by 811.6% during the fourth 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. Institutional investors and hedge funds own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ:SBCF traded up $0.23 during midday trading on Wednesday, reaching $31.19. The stock had a trading volume of 459,274 shares, compared to its average volume of 700,093. Seacoast Banking Corporation of Florida has a 1-year low of $21.36 and a 1-year high of $31.68. The firm's fifty day simple moving average is $28.55 and its 200-day simple moving average is $26.56. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market capitalization of $2.74 billion, a P/E ratio of 19.14 and a beta of 0.98.

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 EPS 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 quarter last year, the firm posted $0.36 EPS. On average, equities 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 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. The ex-dividend date is Monday, September 15th. This represents a $0.72 annualized dividend and a yield of 2.3%. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 44.17%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SBCF. Hovde Group upped their target price on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 4th. 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 shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Keefe, Bruyette & Woods boosted their target price 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 equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $29.40.

About Seacoast Banking Corporation of Florida

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.