Royce & Associates LP Sells 231,060 Shares of Seacoast Banking Corporation of Florida $SBCF

Key Points

• Royce & Associates LP cut its stake in Seacoast Banking Corporation of Florida by 18.6% in the fourth quarter, selling 231,060 shares and ending with 1,011,225 shares valued at about $31.8 million.
• Analyst sentiment is mixed: several firms adjusted ratings and targets, but the stock still carries an average “Moderate Buy” rating with a consensus price target of $33.13.
• Seacoast reported better-than-expected quarterly EPS of $0.62 and announced a quarterly dividend of $0.19 per share, implying a 2.5% yield.

Royce & Associates LP reduced its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 18.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,011,225 shares of the financial services provider's stock after selling 231,060 shares during the quarter. Royce & Associates LP owned 1.03% of Seacoast Banking Corporation of Florida worth $31,773,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its stake in Seacoast Banking Corporation of Florida by 69.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 857 shares of the financial services provider's stock worth $26,000 after acquiring an additional 352 shares during the last quarter. Salomon & Ludwin LLC increased its stake in Seacoast Banking Corporation of Florida by 59.3% in the 4th quarter. Salomon & Ludwin LLC now owns 956 shares of the financial services provider's stock worth $31,000 after acquiring an additional 356 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new position in Seacoast Banking Corporation of Florida in the 3rd quarter worth about $33,000. Advisory Services Network LLC bought a new position in Seacoast Banking Corporation of Florida in the 3rd quarter worth about $45,000. Finally, Smartleaf Asset Management LLC increased its position in shares of Seacoast Banking Corporation of Florida by 41.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,642 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 478 shares during the last quarter. 81.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SBCF has been the topic of several recent research reports. Keefe, Bruyette & Woods increased their price objective on Seacoast Banking Corporation of Florida from $36.00 to $38.00 and gave the company an "outperform" rating in a research report on Monday, February 2nd. Weiss Ratings upgraded Seacoast Banking Corporation of Florida from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 23rd. Piper Sandler reduced their price objective on Seacoast Banking Corporation of Florida from $33.50 to $32.50 and set a "neutral" rating on the stock in a research report on Thursday, April 30th. Finally, Wall Street Zen lowered Seacoast Banking Corporation of Florida from a "hold" rating to a "sell" rating in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $33.13.

Insider Buying and Selling

In related news, EVP Joseph M. Forlenza sold 12,635 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $32.90, for a total transaction of $415,691.50. Following the completion of the sale, the executive vice president directly owned 42,392 shares in the company, valued at $1,394,696.80. This represents a 22.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James C. Stallings III sold 7,552 shares of the stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $31.16, for a total value of $235,320.32. Following the sale, the executive vice president owned 7,247 shares of the company's stock, valued at $225,816.52. This represents a 51.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 38,554 shares of company stock valued at $1,221,865. 1.50% of the stock is owned by insiders.

Seacoast Banking Corporation of Florida Price Performance

Shares of Seacoast Banking Corporation of Florida stock opened at $30.49 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $2.97 billion, a PE ratio of 20.06 and a beta of 0.88. The business's 50-day moving average price is $30.86 and its 200-day moving average price is $31.79. Seacoast Banking Corporation of Florida has a 12 month low of $24.04 and a 12 month high of $35.55.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.58 by $0.04. The firm had revenue of $205.10 million for the quarter, compared to analyst estimates of $205.51 million. Seacoast Banking Corporation of Florida had a return on equity of 8.23% and a net margin of 14.42%.The company's revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.38 EPS. Sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 2.49 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.19 per share. The ex-dividend date is Monday, June 15th. This represents a $0.76 annualized dividend and a yield of 2.5%. Seacoast Banking Corporation of Florida's dividend payout ratio is currently 50.00%.

Seacoast Banking Corporation of Florida Profile

Seacoast Banking Corporation of Florida operates as a bank holding company through its principal subsidiary, Seacoast National Bank. Headquartered in Stuart, Florida, Seacoast National Bank provides a full range of commercial and retail banking services across the coastal region of Florida. Its network of branches serves customers from Martin County through Miami-Dade County, offering deposit accounts, lending solutions, cash management and payment services to individuals, small businesses and middle-market companies.

In addition to traditional banking, Seacoast offers specialized mortgage lending and wealth management services.

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