Orca Wealth Management LLC Buys Shares of 17,301 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 position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 17,301 shares of the financial services provider's stock, valued at approximately $445,000.

Several other hedge funds have also recently added to or reduced their stakes in SBCF. Mackenzie Financial Corp lifted its stake in shares of Seacoast Banking Corporation of Florida by 4.4% in the 1st quarter. Mackenzie Financial Corp now owns 24,159 shares of the financial services provider's stock valued at $622,000 after acquiring an additional 1,015 shares during the last quarter. Royce & Associates LP lifted its stake in shares of Seacoast Banking Corporation of Florida by 5.4% in the 1st quarter. Royce & Associates LP now owns 1,135,997 shares of the financial services provider's stock valued at $29,229,000 after acquiring an additional 58,601 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of 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 acquiring an additional 994 shares during the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Seacoast Banking Corporation of Florida by 3.2% in the 1st quarter. Segall Bryant & Hamill LLC now owns 1,916,743 shares of the financial services provider's stock valued at $49,318,000 after acquiring an additional 58,560 shares during the last quarter. Finally, MQS Management LLC bought a new stake in shares of Seacoast Banking Corporation of Florida in the 1st quarter valued at about $244,000. Institutional investors own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Trading Down 2.0%

SBCF traded down $0.55 during midday trading on Friday, reaching $27.64. 1,059,367 shares of the company's stock traded hands, compared to its average volume of 598,751. Seacoast Banking Corporation of Florida has a 52 week low of $21.36 and a 52 week high of $31.68. The firm has a fifty day moving average of $27.25 and a two-hundred day moving average of $26.39. 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 posted its earnings results on Thursday, July 24th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.10. The firm had revenue of $151.40 million for the quarter, compared to the consensus estimate 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 business earned $0.36 EPS. On average, equities analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 earnings per share 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. Investors of record on Monday, September 15th will be paid a $0.18 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.6%. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 44.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SBCF shares. Hovde Group boosted their target price on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the company a "market perform" rating in a research note on Wednesday, June 4th. Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Stephens lowered their price target on 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, Keefe, Bruyette & Woods upped their price target on Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the company an "outperform" rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" 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.