Public Sector Pension Investment Board Purchases 57,931 Shares of Seacoast Banking Corporation of Florida $SBCF

Key Points

• Public Sector Pension Investment Board increased its stake in Seacoast Banking Corporation by 27.5% during the first quarter, bringing its total shares to 268,932, valued at approximately $6.92 million.
• Several institutional investors, including Westwood Holdings Group and Invesco Ltd., also added to their positions, with total institutional ownership exceeding 81.77% of the company's stock.
• Analysts have mixed opinions on the stock, with a consensus rating of "Hold" and a target price of $29.40 following recent adjustments to price forecasts.

Public Sector Pension Investment Board grew its position in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 27.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 268,932 shares of the financial services provider's stock after buying an additional 57,931 shares during the period. Public Sector Pension Investment Board owned approximately 0.31% of Seacoast Banking Corporation of Florida worth $6,920,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of SBCF. LPL Financial LLC raised its holdings in Seacoast Banking Corporation of Florida by 33.7% in the fourth quarter. LPL Financial LLC now owns 17,086 shares of the financial services provider's stock worth $470,000 after buying an additional 4,304 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Seacoast Banking Corporation of Florida by 16.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 141,840 shares of the financial services provider's stock worth $3,905,000 after acquiring an additional 19,578 shares during the period. Bank of Montreal Can grew its stake in shares of Seacoast Banking Corporation of Florida by 12.2% in the fourth quarter. Bank of Montreal Can now owns 13,956 shares of the financial services provider's stock worth $384,000 after acquiring an additional 1,523 shares during the period. Invesco Ltd. grew its stake in shares of Seacoast Banking Corporation of Florida by 94.5% in the fourth quarter. Invesco Ltd. now owns 405,500 shares of the financial services provider's stock worth $11,163,000 after acquiring an additional 197,067 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Seacoast Banking Corporation of Florida in the fourth quarter worth approximately $6,850,000. 81.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Hovde Group lifted their price target on shares of Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the stock a "market perform" rating in a research note on Wednesday, June 4th. Keefe, Bruyette & Woods lifted their price target on shares of Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 29th. 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 research note on Monday, April 28th. Finally, Wall Street Zen upgraded shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $29.40.

Seacoast Banking Corporation of Florida Stock Performance

NASDAQ SBCF traded up $0.45 during trading hours on Tuesday, hitting $29.41. 539,133 shares of the company's stock traded hands, compared to its average volume of 516,737. The business's fifty day moving average price is $27.86 and its two-hundred day moving average price is $26.45. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.58 billion, a P/E ratio of 18.04 and a beta of 0.98. Seacoast Banking Corporation of Florida has a 52 week low of $21.36 and a 52 week high of $31.68.

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 for the quarter, topping analysts' consensus estimates of $0.42 by $0.10. The business had revenue of $151.40 million during the quarter, compared to analyst estimates of $146.08 million. Seacoast Banking Corporation of Florida had a net margin of 16.63% and a return on equity of 6.65%. During the same period in the prior year, the business posted $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 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Monday, September 15th. Seacoast Banking Corporation of Florida's dividend payout ratio is presently 44.17%.

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.