Wellington Management Group LLP Sells 261,136 Shares of Seacoast Banking Corporation of Florida $SBCF

Key Points

• Wellington Management Group LLP reduced its stake in Seacoast Banking Corporation of Florida by 6.6%, holding approximately 3.7 million shares worth $95 million after selling 261,136 shares in the first quarter.
• Seacoast Banking Corporation of Florida reported earnings of $0.52 per share for the last quarter, exceeding analysts' expectations by $0.10, with revenue reaching $151.4 million.
• The company announced a quarterly dividend of $0.18 per share, indicating an annual dividend yield of 2.5%, with a dividend payout ratio of 44.17%.

Wellington Management Group LLP cut its holdings in Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 6.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,695,011 shares of the financial services provider's stock after selling 261,136 shares during the quarter. Wellington Management Group LLP owned about 4.30% of Seacoast Banking Corporation of Florida worth $95,073,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SBCF. Opal Wealth Advisors LLC bought a new stake in Seacoast Banking Corporation of Florida in the first quarter worth about $27,000. IFP Advisors Inc raised its position in shares of Seacoast Banking Corporation of Florida by 343.9% during the first quarter. IFP Advisors Inc now owns 1,283 shares of the financial services provider's stock worth $33,000 after purchasing an additional 994 shares during the period. GAMMA Investing LLC raised its position in shares of Seacoast Banking Corporation of Florida by 38.0% during the first quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock worth $43,000 after purchasing an additional 460 shares during the period. CWM LLC raised its position in shares of Seacoast Banking Corporation of Florida by 61.6% during the first quarter. CWM LLC now owns 2,635 shares of the financial services provider's stock worth $68,000 after purchasing an additional 1,004 shares during the period. Finally, Sterling Capital Management LLC raised its position in shares of Seacoast Banking Corporation of Florida by 811.6% during the fourth quarter. Sterling Capital Management LLC now owns 2,662 shares of the financial services provider's stock worth $73,000 after purchasing an additional 2,370 shares during the period. 81.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on SBCF shares. Wall Street Zen raised Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Zacks Research raised Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 21st. Keefe, Bruyette & Woods boosted their target price on 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. Finally, Hovde Group boosted their target price on 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. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $29.40.

Seacoast Banking Corporation of Florida Stock Up 0.5%

NASDAQ SBCF traded up $0.16 on Wednesday, reaching $31.12. The stock had a trading volume of 93,794 shares, compared to its average volume of 519,786. The business has a 50 day moving average price of $28.43 and a 200 day moving average price of $26.52. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.36. 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 market capitalization of $2.73 billion, a price-to-earnings ratio of 19.10 and a beta of 0.98.

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 EPS for the quarter, beating 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 firm had revenue of $151.40 million for the quarter, compared to the consensus estimate of $146.08 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. On average, analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 EPS 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. Shareholders of record on Monday, September 15th will be paid a $0.18 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.3%. Seacoast Banking Corporation of Florida's payout ratio is 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.