Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Holdings Lowered by Heartland Advisors Inc.

Key Points

• Heartland Advisors Inc. reduced its stake in Seacoast Banking Corporation of Florida by 3.0%, now owning approximately 1.02% of the company, worth about $22.4 million.
• The company reported earnings of $0.52 per share for the last quarter, exceeding analysts' expectations by $0.10, with revenues reaching $151.4 million.
• Seacoast Banking also announced a quarterly dividend of $0.18 per share, representing an annual yield of 2.50%, with a payout ratio of 48.32%.

Heartland Advisors Inc. trimmed its stake in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 3.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 870,063 shares of the financial services provider's stock after selling 26,968 shares during the period. Seacoast Banking Corporation of Florida makes up 1.3% of Heartland Advisors Inc.'s investment portfolio, making the stock its 9th largest holding. Heartland Advisors Inc. owned about 1.02% of Seacoast Banking Corporation of Florida worth $22,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Seacoast Banking Corporation of Florida in the 1st quarter worth $27,000. 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 worth $33,000 after acquiring an additional 994 shares during the period. GAMMA Investing LLC lifted its stake in shares of 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 period. CWM LLC lifted its stake in shares of 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 period. Finally, Sterling Capital Management LLC lifted its stake in shares of Seacoast Banking Corporation of Florida by 811.6% in the fourth quarter. Sterling Capital Management LLC now owns 2,662 shares of the financial services provider's stock valued at $73,000 after purchasing an additional 2,370 shares during the period. 81.77% of the stock is owned by hedge funds and other institutional investors.

Seacoast Banking Corporation of Florida Stock Performance

Shares of SBCF opened at $28.81 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.26. The stock has a market cap of $2.48 billion, a P/E ratio of 19.34 and a beta of 0.94. The company has a 50-day moving average of $26.85 and a two-hundred day moving average of $26.30. Seacoast Banking Corporation of Florida has a 12-month low of $21.36 and a 12-month high of $31.68.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last announced its earnings results on Thursday, July 24th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.10. The company had revenue of $151.40 million during the quarter, compared to analysts' expectations of $146.08 million. Seacoast Banking Corporation of Florida had a net margin of 15.44% and a return on equity of 6.11%. During the same quarter in the previous year, the business posted $0.36 earnings per share. As a group, research analysts predict that Seacoast Banking Corporation of Florida will post 1.71 EPS for the current fiscal year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Monday, September 15th. Seacoast Banking Corporation of Florida's payout ratio is currently 48.32%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Seacoast Banking Corporation of Florida from $31.00 to $32.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Wall Street Zen cut shares of Seacoast Banking Corporation of Florida from a "hold" rating to a "sell" rating in a research note on Friday, May 16th. Hovde Group raised their price objective 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 note on Wednesday, June 4th. Finally, Stephens reduced their price objective on shares of Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an "equal weight" rating for the company in a research note on Monday, April 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $29.20.

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.

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