Principal Financial Group Inc. Acquires 11,674 Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF)

Principal Financial Group Inc. lifted its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 2.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 422,306 shares of the financial services provider's stock after acquiring an additional 11,674 shares during the quarter. Principal Financial Group Inc. owned approximately 0.49% of Seacoast Banking Corporation of Florida worth $10,866,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also 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. GAMMA Investing LLC increased its position 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 worth $43,000 after buying an additional 460 shares during the last quarter. Sterling Capital Management LLC increased 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 worth $73,000 after buying an additional 2,370 shares during the last quarter. Algert Global LLC acquired a new position in Seacoast Banking Corporation of Florida during the fourth quarter worth approximately $212,000. Finally, Cibc World Markets Corp acquired a new position in Seacoast Banking Corporation of Florida during the fourth quarter worth approximately $218,000. Institutional investors and hedge funds own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Price Performance

Shares of SBCF stock traded up $0.48 during trading on Thursday, hitting $29.20. The company had a trading volume of 499,517 shares, compared to its average volume of 451,973. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $2.51 billion, a P/E ratio of 19.60 and a beta of 0.94. The stock's 50-day moving average price is $26.51 and its 200 day moving average price is $26.24. Seacoast Banking Corporation of Florida has a one year low of $21.36 and a one year high of $31.68.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.02). The company had revenue of $140.70 million during the quarter, compared to the consensus estimate of $138.41 million. Seacoast Banking Corporation of Florida had a net margin of 15.44% and a return on equity of 6.11%. The company's quarterly revenue was up 12.0% compared to the same quarter last year. Equities analysts expect that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Friday, June 13th. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is currently 48.32%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SBCF shares. Hovde Group boosted their price target 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. Stephens reduced their price objective on Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an "equal weight" rating for the company in a report on Monday, April 28th. Keefe, Bruyette & Woods boosted their price objective on Seacoast Banking Corporation of Florida from $31.00 to $32.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Finally, Wall Street Zen cut Seacoast Banking Corporation of Florida from a "hold" rating to a "sell" rating in a report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Seacoast Banking Corporation of Florida currently has a consensus rating of "Hold" and a consensus price target of $29.20.

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.