Hsbc Holdings PLC Reduces Position in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Hsbc Holdings PLC has decreased its stake in Seacoast Banking Corporation of Florida by 51.9%, now holding 9,800 shares valued at $250,000.
• Seacoast Banking Corporation reported an EPS of $0.52 for the most recent quarter, exceeding analyst expectations and reflecting a year-over-year increase from $0.36.
• The company announced a quarterly dividend of $0.18 per share, yielding approximately 2.3%, with the ex-dividend date set for September 15th.

Hsbc Holdings PLC lessened its stake in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 51.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,800 shares of the financial services provider's stock after selling 10,557 shares during the period. Hsbc Holdings PLC's holdings in Seacoast Banking Corporation of Florida were worth $250,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SBCF. Opal Wealth Advisors LLC acquired a new stake in Seacoast Banking Corporation of Florida during the 1st quarter valued at approximately $27,000. IFP Advisors Inc lifted its stake in Seacoast Banking Corporation of Florida by 343.9% during the 1st quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 994 shares during the period. GAMMA Investing LLC lifted its stake in Seacoast Banking Corporation of Florida by 38.0% during the 1st quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 460 shares during the period. CWM LLC lifted its stake 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 acquiring an additional 1,004 shares during the period. Finally, Algert Global LLC acquired a new stake in Seacoast Banking Corporation of Florida during the 4th quarter valued at approximately $212,000. Hedge funds and other institutional investors own 81.77% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Hovde Group lifted 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. Zacks Research upgraded shares of Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 21st. 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. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the company an "outperform" rating in a report on Tuesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.40.

Seacoast Banking Corporation of Florida Stock Performance

Shares of NASDAQ:SBCF traded down $0.30 during trading on Friday, hitting $31.35. 755,935 shares of the stock traded hands, compared to its average volume of 569,688. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.36. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 19.23 and a beta of 0.98. The company has a fifty day moving average price of $29.27 and a two-hundred day moving average price of $26.62. Seacoast Banking Corporation of Florida has a 52-week low of $21.36 and a 52-week high of $32.09.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate 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 net margin of 16.63% and a return on equity of 6.65%. During the same quarter in the previous year, the firm earned $0.36 EPS. As a group, equities 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Monday, September 15th. Seacoast Banking Corporation of Florida's payout ratio is presently 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.