Rhumbline Advisers Sells 10,707 Shares of Seacoast Banking Corporation of Florida $SBCF

Key Points

• Rhumbline Advisers reduced its stake in Seacoast Banking Corporation of Florida by 4.2%, holding 245,304 shares worth approximately $6.31 million at the end of the most recent reporting period.
• Several institutional investors, including Opal Wealth Advisors and IFP Advisors Inc, have significantly modified their holdings, reflecting growing interest in Seacoast Banking Corporation.
• Seacoast Banking Corporation reported a quarterly earnings per share of $0.52, beating analyst estimates, and has declared a quarterly dividend of $0.18, marking a **2.3% yield**.

Rhumbline Advisers decreased its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 4.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 245,304 shares of the financial services provider's stock after selling 10,707 shares during the period. Rhumbline Advisers owned about 0.29% of Seacoast Banking Corporation of Florida worth $6,312,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Opal Wealth Advisors LLC purchased a new stake in shares of Seacoast Banking Corporation of Florida in the 1st quarter valued at $27,000. IFP Advisors Inc grew its holdings in 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 worth $33,000 after acquiring an additional 994 shares during the last quarter. GAMMA Investing LLC grew its holdings in Seacoast Banking Corporation of Florida by 38.0% in the 1st 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 during the last quarter. CWM LLC grew its holdings in Seacoast Banking Corporation of Florida by 61.6% in the 1st quarter. CWM LLC now owns 2,635 shares of the financial services provider's stock worth $68,000 after acquiring an additional 1,004 shares during the last quarter. Finally, MQS Management LLC bought a new stake in Seacoast Banking Corporation of Florida in the 1st quarter worth $244,000. Institutional investors own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ SBCF traded up $0.67 during trading hours on Thursday, hitting $31.26. 150,277 shares of the company's stock traded hands, compared to its average volume of 520,803. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.36. Seacoast Banking Corporation of Florida has a 52 week low of $21.36 and a 52 week high of $32.09. The firm has a market capitalization of $2.75 billion, a P/E ratio of 19.16 and a beta of 0.98. The business's fifty day moving average price is $29.56 and its two-hundred day moving average price is $26.78.

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 for the quarter, beating 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 business had revenue of $151.40 million for the quarter, compared to the consensus estimate of $146.08 million. During the same quarter in the previous year, the firm earned $0.36 earnings per share. Equities research analysts predict that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given 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 payout ratio is currently 44.17%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on SBCF shares. Keefe, Bruyette & Woods raised 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. 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 research report on Thursday, August 21st. Finally, Hovde Group lifted their price target on shares of 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. 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 company's stock. According to data from MarketBeat, Seacoast Banking Corporation of Florida presently has a consensus rating of "Moderate Buy" and an average target price of $29.40.

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.