Seacoast Banking Corporation of Florida $SBCF Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced their stake in Seacoast Banking Corporation by 5.8%, now holding approximately 0.44% of the company's shares valued at nearly $9.83 million as of the last reporting period.
• Seacoast Banking Corporation reported earnings of $0.52 per share for the last quarter, surpassing analyst expectations of $0.42, with revenues hitting $151.40 million against an estimate of $146.08 million.
• The company announced a quarterly dividend of $0.18 per share, with an annualized dividend yield of 2.3%, set to be paid on September 30th.

Invesco Ltd. lessened its stake in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 5.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 381,833 shares of the financial services provider's stock after selling 23,667 shares during the quarter. Invesco Ltd. owned approximately 0.44% of Seacoast Banking Corporation of Florida worth $9,825,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Deutsche Bank AG increased its position in Seacoast Banking Corporation of Florida by 54.7% during the 1st quarter. Deutsche Bank AG now owns 114,082 shares of the financial services provider's stock worth $2,935,000 after purchasing an additional 40,330 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Seacoast Banking Corporation of Florida by 5.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 953,894 shares of the financial services provider's stock valued at $24,544,000 after buying an additional 50,417 shares during the period. Westwood Holdings Group Inc. grew its holdings in Seacoast Banking Corporation of Florida by 27.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,869,563 shares of the financial services provider's stock valued at $73,834,000 after buying an additional 622,709 shares during the period. Orca Wealth Management LLC purchased a new stake in Seacoast Banking Corporation of Florida in the 1st quarter valued at about $445,000. Finally, Mackenzie Financial Corp grew its holdings in Seacoast Banking Corporation of Florida by 4.4% in the 1st quarter. Mackenzie Financial Corp now owns 24,159 shares of the financial services provider's stock valued at $622,000 after buying an additional 1,015 shares during the period. Hedge funds and other institutional investors own 81.77% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on SBCF shares. Keefe, Bruyette & Woods lifted their price target on 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. Wall Street Zen upgraded Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Hovde Group lifted their price target on Seacoast Banking Corporation of Florida from $27.00 to $29.00 and gave the company a "market perform" rating in a report on Wednesday, June 4th. Finally, Zacks Research upgraded Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $29.40.

Seacoast Banking Corporation of Florida Trading Up 0.5%

Shares of NASDAQ:SBCF traded up $0.14 during trading on Friday, reaching $31.11. 508,486 shares of the stock were exchanged, compared to its average volume of 672,317. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.85 and a current ratio of 0.85. Seacoast Banking Corporation of Florida has a 12-month low of $21.36 and a 12-month high of $31.68. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 19.09 and a beta of 0.98. The firm's 50-day moving average price is $28.80 and its 200 day moving average price is $26.56.

Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Get Free Report) last issued 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. Seacoast Banking Corporation of Florida had a return on equity of 6.65% and a net margin of 16.63%.The business had revenue of $151.40 million during the quarter, compared to analysts' expectations of $146.08 million. During the same quarter in the previous year, the business earned $0.36 EPS. On average, sell-side analysts anticipate 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 company 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 dividend of $0.18 per share. The ex-dividend date is Monday, September 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.3%. Seacoast Banking Corporation of Florida's 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.