Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Shares Sold 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. reduced its holdings in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 3.0% in the first quarter, according to its most recent filing with the 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 comprises 1.3% of Heartland Advisors Inc.'s portfolio, making the stock its 9th biggest position. Heartland Advisors Inc. owned about 1.02% of Seacoast Banking Corporation of Florida worth $22,387,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Royce & Associates LP grew its stake in Seacoast Banking Corporation of Florida by 5.4% in the 1st quarter. Royce & Associates LP now owns 1,135,997 shares of the financial services provider's stock worth $29,229,000 after acquiring an additional 58,601 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Seacoast Banking Corporation of Florida by 343.9% in the first quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 994 shares during the period. Segall Bryant & Hamill LLC grew its stake in Seacoast Banking Corporation of Florida by 3.2% in the first quarter. Segall Bryant & Hamill LLC now owns 1,916,743 shares of the financial services provider's stock worth $49,318,000 after purchasing an additional 58,560 shares in the last quarter. MQS Management LLC purchased a new position in Seacoast Banking Corporation of Florida during the 1st quarter worth $244,000. Finally, CWM LLC raised its position in Seacoast Banking Corporation of Florida by 61.6% during the 1st quarter. CWM LLC now owns 2,635 shares of the financial services provider's stock valued at $68,000 after purchasing an additional 1,004 shares in the last quarter. Hedge funds and other institutional investors own 81.77% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on SBCF. Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Saturday. Hovde Group raised their target price 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. Stephens reduced their price target 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 report on Monday, April 28th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the company an "outperform" rating in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $29.40.

Seacoast Banking Corporation of Florida Stock Down 1.1%

Seacoast Banking Corporation of Florida stock traded down $0.31 during trading hours on Tuesday, reaching $28.90. The stock had a trading volume of 130,834 shares, compared to its average volume of 494,219. Seacoast Banking Corporation of Florida has a 52 week low of $21.36 and a 52 week high of $31.68. The business's 50 day moving average price is $26.98 and its 200-day moving average price is $26.34. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 17.76 and a beta of 0.94.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.52 EPS for the quarter, beating 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 return on equity of 6.65% and a net margin of 16.63%. During the same period last year, the business posted $0.36 earnings per share. Sell-side 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 business also recently disclosed 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 dividend yield of 2.49%. The ex-dividend date of this dividend is Monday, September 15th. Seacoast Banking Corporation of Florida's payout ratio is currently 44.17%.

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.