Orca Wealth Management LLC Invests $445,000 in Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

Key Points

• Orca Wealth Management LLC has invested approximately $445,000 in shares of Seacoast Banking Corporation of Florida, acquiring 17,301 shares in the first quarter.
• A recent earnings report revealed that Seacoast reported $0.52 EPS, surpassing estimates, along with a quarterly revenue of $151.40 million, exceeding the forecast of $146.08 million.
• Several analysts have set new price targets for the stock, with a consensus rating of "Hold" and an average price target of $29.40.

Orca Wealth Management LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 17,301 shares of the financial services provider's stock, valued at approximately $445,000.

A number of other large investors have also recently bought and sold shares of SBCF. JPMorgan Chase & Co. increased its stake in Seacoast Banking Corporation of Florida by 182.3% during the 4th quarter. JPMorgan Chase & Co. now owns 680,337 shares of the financial services provider's stock valued at $18,730,000 after purchasing an additional 439,346 shares in the last quarter. Raymond James Financial Inc. bought a new position in Seacoast Banking Corporation of Florida in the 4th quarter valued at about $6,850,000. Invesco Ltd. boosted its stake in Seacoast Banking Corporation of Florida by 94.5% during the 4th quarter. Invesco Ltd. now owns 405,500 shares of the financial services provider's stock valued at $11,163,000 after purchasing an additional 197,067 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Seacoast Banking Corporation of Florida by 39.1% during the 4th quarter. Nuveen Asset Management LLC now owns 648,144 shares of the financial services provider's stock worth $17,843,000 after purchasing an additional 182,350 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth approximately $4,866,000. 81.77% of the stock is currently owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Price Performance

SBCF stock traded down $0.55 during mid-day trading on Friday, hitting $27.64. 1,058,067 shares of the stock were exchanged, compared to its average volume of 505,494. The business has a fifty day moving average price of $27.18 and a 200 day moving average price of $26.39. Seacoast Banking Corporation of Florida has a 12 month low of $21.36 and a 12 month high of $31.68. 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 $2.38 billion, a price-to-earnings ratio of 16.96 and a beta of 0.94.

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, topping the consensus estimate of $0.42 by $0.10. The business had revenue of $151.40 million during the quarter, compared to analyst estimates 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 in the prior year, the firm earned $0.36 earnings per share. On average, sell-side analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is 44.17%.

Analysts Set New Price Targets

SBCF has been the subject of a number of analyst reports. 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 report on Wednesday, June 4th. Keefe, Bruyette & Woods boosted their price target 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. Stephens reduced their price objective on shares of Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an "equal weight" rating for the company in a research report on Monday, April 28th. Finally, 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. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $29.40.

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.