Seacoast Banking Corporation of Florida $SBCF Shares Sold by Rhumbline Advisers

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 reduced its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 4.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 245,304 shares of the financial services provider's stock after selling 10,707 shares during the period. Rhumbline Advisers owned approximately 0.29% of Seacoast Banking Corporation of Florida worth $6,312,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of SBCF. Westwood Holdings Group Inc. lifted its stake in shares of Seacoast Banking Corporation of Florida by 27.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,869,563 shares of the financial services provider's stock valued at $73,834,000 after purchasing an additional 622,709 shares in the last quarter. Nuveen LLC acquired a new position in Seacoast Banking Corporation of Florida during the 1st quarter worth approximately $12,454,000. FJ Capital Management LLC acquired a new position in Seacoast Banking Corporation of Florida during the 1st quarter worth approximately $10,084,000. Jane Street Group LLC acquired a new position in Seacoast Banking Corporation of Florida during the 1st quarter worth approximately $4,817,000. Finally, Nuveen Asset Management LLC lifted its position 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 acquiring an additional 182,350 shares in the last quarter. 81.77% of the stock is owned by institutional investors and hedge funds.

Seacoast Banking Corporation of Florida Stock Down 1.4%

SBCF stock traded down $0.42 during midday trading on Monday, hitting $30.46. 495,130 shares of the company's stock were exchanged, compared to its average volume of 524,417. 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 12-month low of $21.36 and a 12-month high of $32.09. The firm has a 50 day moving average price of $29.50 and a 200-day moving average price of $26.72. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 18.69 and a beta of 0.98.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.10. The business had revenue of $151.40 million for 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 period in the prior year, the company posted $0.36 EPS. On average, analysts anticipate that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current year.

Seacoast Banking Corporation of Florida Announces Dividend

The company 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 dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is currently 44.17%.

Analysts Set New Price Targets

Several research firms recently commented on SBCF. 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. Zacks Research raised Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 21st. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the stock an "outperform" rating in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target 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.