Russell Investments Group Ltd. Has $14.66 Million Position in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Russell Investments Group Ltd. increased its holdings in Seacoast Banking Corporation by 12.8% during the first quarter, now owning approximately 569,866 shares valued at $14.66 million.
• Seacoast Banking reported $0.52 earnings per share for the last quarter, surpassing the consensus estimate of $0.42 by $0.10, with revenues reaching $151.40 million.
• The company declared a quarterly dividend of $0.18 per share, reflecting a 2.5% annualized yield and a payout ratio of 44.17%.

Russell Investments Group Ltd. boosted its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 12.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 569,866 shares of the financial services provider's stock after acquiring an additional 64,854 shares during the period. Russell Investments Group Ltd. owned about 0.66% of Seacoast Banking Corporation of Florida worth $14,663,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SBCF. HighTower Advisors LLC increased its stake in shares of Seacoast Banking Corporation of Florida by 7.0% in the first quarter. HighTower Advisors LLC now owns 10,149 shares of the financial services provider's stock valued at $261,000 after purchasing an additional 663 shares during the period. Public Sector Pension Investment Board increased its stake in shares of Seacoast Banking Corporation of Florida by 27.5% during the first quarter. Public Sector Pension Investment Board now owns 268,932 shares of the financial services provider's stock valued at $6,920,000 after acquiring an additional 57,931 shares during the period. Nuveen LLC acquired a new position in shares of Seacoast Banking Corporation of Florida during the first quarter valued at approximately $12,454,000. Deutsche Bank AG increased its stake in shares of Seacoast Banking Corporation of Florida by 54.7% during the first quarter. Deutsche Bank AG now owns 114,082 shares of the financial services provider's stock valued at $2,935,000 after acquiring an additional 40,330 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Seacoast Banking Corporation of Florida by 5.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 953,894 shares of the financial services provider's stock valued at $24,544,000 after acquiring an additional 50,417 shares during the period. Institutional investors own 81.77% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on SBCF shares. 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 report 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 report on Tuesday, July 29th. Stephens decreased their price target on shares of Seacoast Banking Corporation of Florida from $28.00 to $26.00 and set an "equal weight" rating on the stock in a research report 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 report on Saturday, July 26th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Seacoast Banking Corporation of Florida currently has an average rating of "Hold" and a consensus price target of $29.40.

Seacoast Banking Corporation of Florida Stock Up 4.8%

Shares of SBCF traded up $1.3990 during mid-day trading on Friday, reaching $30.5690. The company's stock had a trading volume of 317,390 shares, compared to its average volume of 515,123. The business has a fifty day moving average of $28.05 and a 200 day moving average of $26.50. The company has a market cap of $2.69 billion, a price-to-earnings ratio of 18.80 and a beta of 0.98. Seacoast Banking Corporation of Florida has a 1 year low of $21.36 and a 1 year high of $31.68. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.36.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $0.52 earnings per share (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 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 quarter in the prior year, the company earned $0.36 earnings per share. As a group, analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current fiscal year.

Seacoast Banking Corporation of Florida Announces Dividend

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

About Seacoast Banking Corporation of Florida

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.