Trexquant Investment LP Reduces Holdings in Seacoast Banking Corporation of Florida $SBCF

Key Points

• Trexquant Investment LP reduced its stake in Seacoast Banking Corporation of Florida by 47.5%, holding 24,975 shares valued at $643,000 as of the latest reporting period.
• Seacoast Banking Corporation reported a quarterly earnings per share of $0.52, exceeding estimates, and had a revenue of $151.40 million for the quarter.
• Several analysts have upgraded Seacoast Banking Corporation's rating, with Zacks Research moving it from "hold" to "strong-buy" and establishing a consensus target price of $29.40.

Trexquant Investment LP lowered its position in shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF - Free Report) by 47.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,975 shares of the financial services provider's stock after selling 22,622 shares during the quarter. Trexquant Investment LP's holdings in Seacoast Banking Corporation of Florida were worth $643,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Stifel Financial Corp grew its stake in shares of Seacoast Banking Corporation of Florida by 21.7% during the 4th quarter. Stifel Financial Corp now owns 18,044 shares of the financial services provider's stock worth $497,000 after purchasing an additional 3,213 shares during the period. Northern Trust Corp grew its stake in Seacoast Banking Corporation of Florida by 6.4% in the 4th quarter. Northern Trust Corp now owns 929,697 shares of the financial services provider's stock valued at $25,595,000 after acquiring an additional 55,930 shares during the last quarter. Comerica Bank grew its stake in Seacoast Banking Corporation of Florida by 2.6% in the 4th quarter. Comerica Bank now owns 37,173 shares of the financial services provider's stock valued at $1,023,000 after acquiring an additional 946 shares during the last quarter. Algert Global LLC acquired a new stake in Seacoast Banking Corporation of Florida in the 4th quarter valued at about $212,000. Finally, Cetera Investment Advisers grew its stake in Seacoast Banking Corporation of Florida by 11.0% in the 4th quarter. Cetera Investment Advisers now owns 12,087 shares of the financial services provider's stock valued at $333,000 after acquiring an additional 1,197 shares during the last quarter. Hedge funds and other institutional investors own 81.77% of the company's stock.

Seacoast Banking Corporation of Florida Trading Down 0.2%

Shares of SBCF traded down $0.06 during mid-day trading on Friday, hitting $30.88. The company had a trading volume of 358,521 shares, compared to its average volume of 540,837. The business's 50-day simple moving average is $29.47 and its 200-day simple moving average is $26.72. 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 has a 1-year low of $21.36 and a 1-year high of $32.09. The stock has a market cap of $2.71 billion, a PE ratio of 18.94 and a beta of 0.98.

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, topping the consensus estimate of $0.42 by $0.10. Seacoast Banking Corporation of Florida had a net margin of 16.63% and a return on equity of 6.65%. The business had revenue of $151.40 million for the quarter, compared to analysts' expectations of $146.08 million. During the same period last year, the company earned $0.36 earnings per share. Sell-side analysts forecast that Seacoast Banking Corporation of Florida will post 1.71 earnings per share for the current year.

Seacoast Banking Corporation of Florida Dividend Announcement

The firm 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. The ex-dividend date is Monday, September 15th. This represents a $0.72 annualized dividend and a yield of 2.3%. Seacoast Banking Corporation of Florida's dividend payout ratio (DPR) is presently 44.17%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SBCF shares. Keefe, Bruyette & Woods increased their price objective on shares of Seacoast Banking Corporation of Florida from $32.00 to $33.00 and gave the company an "outperform" rating in a research note on Tuesday, July 29th. Wall Street Zen raised shares of Seacoast Banking Corporation of Florida from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Hovde Group increased 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. Finally, Zacks Research raised shares of Seacoast Banking Corporation of Florida from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $29.40.

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.